Network Appliance 3rd-Qtr Earnings Meet Forecasts
Santa Clara, California, Feb. 17 (Bloomberg) -- Network Appliance Inc. said fiscal third-quarter earnings rose 69 percent, meeting forecasts, on strong overseas sales of its equipment used to store data on computer networks.
Net income for the quarter ended Jan. 29 rose to $9.39 million, or 12 cents a share, from $5.56 million, or 8 cents, a year earlier. The results met the average estimate of analysts polled by First Call Corp. The year-ago figures are adjusted for a 2 for 1 stock split in December.
Network Appliance's equipment lets corporations and Internet service providers quickly access frequently used data on their networks. Its third-quarter revenue surged 72 percent to $75.6 million from $44 million on overseas and new product sales.
''We had a blowout quarter in Europe,'' Chief Executive Dan Warmenhoven said in an interview.
European sales rose to 33 percent of total revenue from 19 percent in the company's fiscal second quarter, Warmenhoven said.
Warmenhoven said he expects the first product from its partnership with Dell Computer Corp. to begin shipping in April or May.
Santa Clara, California-based Network Appliance's shares fell 4 1/16 to 41 7/8. It released earnings after the close of regular U.S. trading.
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