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Technology Stocks : Network Appliance

NTAP 106.25

-0.1%

Nov 19 3:59 PM EST

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To: DownSouth who wrote (354)	8/18/1998 11:03:00 PM
From: Fortney Veeble	Read Replies (1) of 10934

Network Appliance has turned in another excellent quarter. While the earnings beat the consensus by a penny per share, overall numbers appear to be pretty much in line with expectations. NTAP is establishing a reputation for meeting (or just slightly beating) the consensus. It is relatively safe for an analyst to follow NTAP's guidance, and from the small dispersion around the mean, that seems to be exactly what most of the analysts are doing. Looking at the numbers in terms of percentages of revenues, we find: The gross margin is holding steady at almost 60% (actually 59.5%), while sales & marketing increased slightly to 26% (from 25.4%, same quarter last year), and R&D also bumped up slightly to 10.6% from 10.2%. General & Administrative expenses have dropped as a percentage from 4.1% to 3.3% - a nice trend. Good job, NetApp. Now let's see if the stock price drops as it often does after they report good results.

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