FFIV reports blowout numbers:
(Estimate: -0.17, actual: -0.10)
Tuesday July 20, 4:00 pm Eastern Time
Company Press Release
F5 Networks Announces Record Third Quarter Results
SEATTLE--(BUSINESS WIRE)--July 20, 1999--F5 Networks, Inc. (Nasdaq:FFIV - news), a leading provider of integrated Internet traffic management solutions, today announced its results of operations for the quarter ended June 30, 1999.
For the third quarter of fiscal 1999, F5 reported net revenues of $7.605 million, an increase of 565% from $1.144 million in the third quarter of 1998. For the first nine months of fiscal 1999, the Company reported net revenues of $14.063 million, up 372% from $2.981 million for the same period of fiscal 1998.
The net loss for the quarter was $1.519 million or ($0.10) per share, compared to a net loss of $1.252 million or ($0.11) per share for the same period of the previous year. The net loss for the first nine months was $6.678 million or ($0.45) per share, compared to a net loss of $2.298 million or ($0.20) per share for the same period of the previous year. All per share amounts are computed on a pro forma basis assuming conversion of the preferred stock outstanding prior to the Company's initial public offering to common as of the date of issuance.
In June 1999, F5 successfully completed its initial public offering of 3,000,000 shares of common stock. The Company expects to use the net proceeds of approximately $25,500,000 for general corporate purposes, including increased expenditures for sales and marketing, research and development, and professional services and technical support.
''We are pleased with our sales growth across all product and service lines as well as the success of our initial public offering in the third quarter,'' said Jeffrey S. Hussey, Chairman, President and Chief Executive Officer. ''We now have the financial strength and momentum to continue growing our distinguished and wide-ranging customer base which today includes Internet service providers, content providers, e-commerce companies and other organizations that rely on the Internet as a fundamental component of their business. In coming periods, we plan to expand our worldwide sales and marketing efforts, and make additional investments in product development and corporate infrastructure. We will also continue to build key strategic relationships with major players within the Internet services and infrastructure industry.
''We expect significant growth in business-to-business Internet communications and e-commerce. We intend to expand our suite of products to provide more complete and integrated Internet management solutions that are complementary to our core technology. Our fundamental goal is to help organizations optimize the availability and performance of their network servers, and cost-effectively manage their Internet infrastructure.''
About F5 Networks, Inc.
F5 is a leading provider of integrated Internet traffic management solutions designed to improve the availability and performance of mission-critical Internet-based servers and applications. These products monitor and manage local and geographically dispersed servers and devices, intelligently directing traffic to the server best able to handle a user's request. F5's solutions help prevent system failure, provide timely responses to user requests and data flow, and cost-effectively manage an organization's Internet infrastructure. The company is headquartered in Seattle, Washington, and has offices in San Francisco, Los Angeles, Dallas, Chicago, Boston, New York, Atlanta, Washington, D.C., England, Germany, Singapore and Australia. F5 is located on the web at www.f5.com.
Except for the historical information contained herein, this press release contains forward-looking statements, including statements containing the words, ''believes,'' ''anticipates,'' ''expects'' and similar words. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others: the Company's limited operating history; variability of operating results; market acceptance of the Company's Internet traffic management products; the Company's timely development of new products and features; the Company's ability to manage its growth; the Company's ability to maintain and develop distribution relationships; competition in the Internet traffic market; and other risk factors referenced in the Company's public filings with the Securities and Exchange Commission (SEC). In particular, see the section entitled ''Risk Factors'' in the Company's registration statement on Form S-1 (File No. 333-75817) filed with the SEC on April 7, 1999.
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