NTAP beat consensus by 2 cents; announces stock split.
And the stock hit an all-time high today.
netapp.com
portion follows:
Network Appliance Announces Second Quarter Revenues Up 71%; Company Announces 2-FOR-1 Stock Split
Santa Clara, CA - November 17, 1998 -- Network Appliance, Inc. (NASDAQ: NTAP) today reported revenues of $65.6 million for the fiscal second quarter ended October 30, 1998, an increase of 71% compared to revenues of $38.4 million for the same period last year.
Net income for the quarter increased 71% to $8.4 million, or $0.22 per share, compared to net income of $4.9 million, or $0.14 per share for the same period a year ago. Earnings per share for the quarter increased 62% from the same period a year ago.
Revenues for the first six months of the current fiscal year totaled $123.0 million, an increase of 71% compared to revenue of $71.8 million for the first six months of the prior fiscal year. For the first six months of the current fiscal year, net income increased 70% to $15.5 million, or $0.41 per share, compared to net income of $9.1 million, or $0.26 per share for the first six months of the prior fiscal year. Earnings per share for the first six months increased 61% from the first six months of the prior fiscal year.
The Company also announced a two-for-one stock split of the Company's common stock to be distributed on or about December 21, 1998 to holders of record on December 11, 1998. After the split, the Company will have approximately 68,300,000 shares of its common stock outstanding based on shares outstanding at October 30, 1998.
Commenting on the second fiscal quarter results, President and Chief Executive Officer Dan Warmenhoven said, "Our performance for the quarter reflects continued strong demand for our products and technology. "During the second fiscal quarter we successfully completed the launch of the F700 Filer product family, which represented over 50% of new filer systems sold. After the quarter, we announced second generation NetCache™ products, further expanding our performance leadership in the Web-caching market. We also announced significant OEM agreements with Dell Computer and Fujitsu Limited that position the company for new market opportunities worldwide in the future." |
