comments via bloomberg. in particular:
"Chief Executive Dan Warmenhoven said the company would have earned 14 cents a share if currency valuations hadn't hurt profits from overseas sales."
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Network Appliance 4th-Qtr Net Jumps 70%; Sales Surge
Santa Clara, California, May 18 (Bloomberg) -- Network Appliance Inc. said its fiscal fourth-quarter earnings jumped 70 percent on surging U.S. sales of its equipment used to store data on computer networks.
Net income rose to $10.7 million, or 13 cents a share, for the quarter ended April 30, from $6.3 million, or 9 cents, a year earlier. That 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. Revenue rose 80 percent to $90.8 million from $50.4 million, helped by strong sales of its software and its most- expensive machines. ''Demand for their high-end product was extremely strong,'' said Thomas Mancino, an analyst with Pacific Growth Equities who rates the company ''strong buy.''
Chief Executive Dan Warmenhoven said the company would have earned 14 cents a share if currency valuations hadn't hurt profits from overseas sales.
U.S. sales contributed 74 percent of total revenue, up from 59 percent in the previous quarter. European sales made up 17 percent and Asian sales 9 percent.
Although Network Appliance's revenue growth accelerated during each quarter of the 1999 fiscal year, it's unlikely to sustain that pace, Warmenhoven said. ''Around 70 percent is a reasonable expectation,'' for revenue growth in fiscal 2000, he said in an interview.
Share of Santa Clara, California-based Network Appliance rose 5 to 53 7/8. It released results after the close of regular U.S. trading. |
