NTAP looking a little better AH @$39 ...CC just about ready to begin...EMC bidding up a bit to
Network Appliance Announces Revenues Up 91% and Pro Forma Net Income Up 95%
in Third Fiscal Quarter
SUNNYVALE, Calif., Feb 8, 2001 (BUSINESS WIRE) --
Network
Appliance, Inc. (Nasdaq:NTAP), today reported revenues of $288.4
million for the third fiscal quarter ended January 26, 2001, an
increase of 91% compared to revenues of $151.3 million for the same
period a year ago.
Pro forma net income for the quarter increased 95% to $38.9
million, or $0.11 per share, compared to pro forma net income of $20.0
million, or $0.06 per share for the same period a year ago. Pro forma
net income was up 6% from the $36.6 million reported in the second
quarter of fiscal year 2001. Actual net income for the quarter was
$34.1 million, or $0.09 per share, compared with $19.8 million, or
$0.06 per share for the same period a year ago.
Revenues for the first nine months of the current fiscal year
totaled $780.3 million, an increase of 106% compared to revenue of
$379.3 million for the first nine months of the prior fiscal year. For
the first nine months of the current fiscal year, pro forma net income
increased 117% to $108.4 million, or $0.30 per share, compared to pro
forma net income of $49.9 million, or $0.15 per share for the first
nine months of the prior fiscal year. Pro forma net income per share
for the first nine months of the current fiscal year increased
approximately 105% from the first nine months of the prior fiscal
year. Actual net income for the nine months of the current fiscal year
was $74.4 million, or $0.21 per share, compared with $49.3 million, or
$0.14 for the same period a year ago.
"During the quarter, Network Appliance continued to execute on its
business strategy to fundamentally change the way companies architect
their enterprise storage and content delivery systems," said Dan
Warmenhoven, CEO of Network Appliance. "Storage is a strategic IT
investment and remains a priority for today's leading corporations. We
are clearly encouraged by the enterprise penetration of our new
high-end systems."
Quarterly Highlights
The company completed the acquisition of WebManage in November,
enhancing NetApp's overall center-to-edge solutions and product
offerings.
During the quarter, Network Appliance was again ranked number one
in the fast growing network attached storage (NAS) market by
International Data Corporation. Network Appliance has been ranked by
IDC as the market share leader in NAS since 1998.
Strategic enterprise account wins this quarter included: Airbus
Industrie, BT Ignite, Deutsche Telekom, Oracle, Texas Instruments and
Vignette. The Powered By Network Appliance initiative grew during the
quarter and today 143 companies have joined the program to utilize
NetApp(R) solutions for their e-business.
Product and Technology Highlights
Network Appliance(TM) filers and NetCache(TM) products both set
industry milestones during the quarter. The F800 scalable storage
network posted 120,206 SPECsfs97v3 ops per second with an overall
response time of 1.87 milliseconds, as measured by the Standard
Performance Evaluation Corporation (SPEC) SFS97 benchmark.
The NetCache C6100 demonstrated its capability to deliver 27,000
streams of video from a single appliance without a loss in frame rate
or packet loss, based on streaming media performance tests conducted
by eTesting Labs.
During the quarter, NetApp added support for IBM's DB2 Universal
Database(R), enhancing the scope of leading commercial systems and
database application environments supported by Network Appliance.
NetApp also completed evaluation tests that establish NetApp
filers as a storage platform for IBM OS/390 deployments, adding
mainframe connectivity to Network Appliance systems. In addition,
NetApp launched ApplianceWatch(TM) for Tivoli Enterprise, a new
systems management software tool for NetApp filers and NetCache
appliances.
And, Network Appliance became the first company to have NAS
systems included on the Microsoft(R) hardware compatibility list
(HCL), opening up new opportunities in the Windows NT external storage
market.
Pro forma results exclude the impact of amortization of
intangible assets, acquired in-process research and development
expenses and stock compensation expense.
Diluted earnings per share and the number of shares used in the
per share calculation of all periods presented reflect the two-for-one
stock splits that were effective December 20, 1999 and March 22, 2000.
About Network Appliance
Network Appliance, Inc., a leader in network storage and content
delivery, has been providing data access solutions since 1992, and is
a member of both the S&P 500 and NASDAQ 100 index. Major c
OTHER INCOME, net 7,184 2,909 17,075 7,153
-------- -------- -------- --------
INCOME BEFORE INCOME
TAXES 53,725 30,696 130,358 76,456
PROVISION FOR INCOME
TAXES 19,654 10,897 55,952 27,142
-------- -------- -------- --------
NET INCOME $ 34,071 $ 19,799 $ 74,406 $ 49,314
======== ======== ======== ========
NET INCOME PER SHARE (1):
BASIC $ 0.11 $ 0.07 $ 0.23 $ 0.17
======== ======== ======== ========
DILUTED $ 0.09 $ 0.06 $ 0.21 $ 0.14
======== ======== ======== ========
SHARES USED IN PER SHARE
CALCULATION (1):
BASIC 322,727 300,922 318,161 296,588
======== ======== ======== ========
DILUTED 361,599 350,336 361,804 340,632
======== ======== ======== ========
(1) Share and per share amounts have been adjusted to reflect the
two-for-one stock splits which were effective December 20, 1999
and March 22, 2000.
CONTACT: Network Appliance, Inc.
Adam Trunkey, 408/822-6314
atrunkey@netapp.com
Billie Fagenstrom, 408/822-6428 (Investor Contact)
billief@netapp.com
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