Juniper Networks, Inc. Reports Q1'01 Financial Results; Net Revenue $332.1M,
up 420%; Pro forma EPS $0.25 vs $25c
$17c + "good will " ...hehe
SUNNYVALE, Calif., Apr 12, 2001 (BUSINESS WIRE) -- Juniper Networks, Inc.
(Nasdaq:JNPR), a leading provider of next-generation IP infrastructure systems,
today reported its first quarter results for the period ending March 31, 2001.
Net revenues for the first quarter were $332.1 million, compared with $63.9
million for the same period last year, an increase of 420%. Pro forma net income
was $85.4 million or $0.25 per share, compared with pro forma net income of
$10.5 million or $0.03 per share for the first quarter of 2000.
Actual net income for the first quarter, which includes amortization of goodwill
and other purchased intangibles of $12.3 million and amortization of deferred
compensation of $24.3 million, was $58.6 million or $0.17 per share, compared
with net income of $8.1 million or $0.02 per share in the first quarter of 2000.
"We are particularly pleased to report the continued growth and execution of
Juniper Networks, especially given the challenges of today's economy," said
Scott Kriens, Chairman and CEO of Juniper Networks. "These results reflect not
only the strength of the company, our products, and our global customer base,
but also our continued focus on the financial fundamentals."
Juniper Networks will have a conference call web cast at
www.juniper.net/conferencecall to discuss these results on Thursday, April 12,
2001 beginning at 5:00 a.m. Pacific Time.
About Juniper Networks(R)
Juniper Networks, Inc. is a leading provider of purpose-built systems that meet
the scalability, performance, density, and compatibility requirements of rapidly
evolving, optically enabled IP networks. The company's systems provide new IP
infrastructure solutions for the world's leading service providers. Juniper
Networks service, manufacturing teams, and IP engineers work closely with
customers to build and support customer networks. The company is headquartered
in Sunnyvale, California. For more information, please visit the Web site at
juniper.net.
Actual results could differ materially from those anticipated in forward-looking
statements in this release as a result of certain factors, including those set
forth in the risk factors described in the Company's SEC filings, including its
recent Form 10K.
Note to Editors: Juniper Networks is a registered trademark of Juniper Networks,
Inc. Internet Processor II, JUNOS, M5, M10, M20, M40, and M160 are trademarks of
Juniper Networks, Inc. All other trademarks, service marks, registered
trademarks, or registered service marks may be the property of their respective
owners.
JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2001 2000
--------- ---------
(unaudited) (1)
Current assets:
Cash and cash equivalents $ 557,742 $ 563,005
Short-term investments 504,872 581,738
Accounts receivable, net 193,169 176,535
Prepaid expenses and other
current assets 26,131 27,269
--------- ---------
Total current assets 1,281,914 1,348,547
Property and equipment, net 250,702 36,440
Long-term investments 447,756 450,568
Other long-term assets 248,600 267,574
--------- ---------
Total Assets $ 2,228,972 $ 2,103,129
========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 86,074 $ 72,347
Other accrued liabilities 134,272 109,436
Deferred revenue 25,506 34,625
--------- ---------
Total current liabilities 245,852 216,408
Convertible subordinated notes 1,152,356 1,156,719
Common stock and additional
paid-in capital 756,006 735,103
Deferred stock compensation (87,569) (111,813)
Accumulated other
comprehensive income 8,012 10,963
Retained earnings 154,315 95,749
--------- ---------
Total Liabilities and
Stockholders' Equity $ 2,228,972 $ 2,103,129
========= =========
(1) Derived from audited financial statements
JUNIPER NETWORKS, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (i)
(In thousands, except per share amounts)
Three Months Ended
March 31,
2001 2000
--------- ---------
(unaudited)
Net revenues $ 332,105 $ 63,886
Cost of revenues 113,741 25,101
--------- ---------
Gross profit 218,364 38,785
Operating expenses:
Research and development 42,991 15,990
Sales and marketing 41,322 11,505
General and administrative 10,468 3,014
--------- ---------
Total operating expenses 94,781 30,509
--------- ---------
Operating income 123,583 8,276
Interest income, net 1,992 6,636
--------- ---------
Income before income taxes 125,575 14,912
Provision for income taxes 40,183 4,450
--------- ---------
Net income $ 85,392 $ 10,462
========= =========
Basic net income per share $ 0.27 $ 0.04
========= =========
Shares used in computing basic
net income per share 315,571 295,554
========= =========
Diluted net income per share $ 0.25 $ 0.03
========= =========
Shares used in computing
diluted net income per share 344,918 350,290
========= =========
(i) The statements exclude the impact of the amortization of goodwill,
other purchased intangibles and deferred stock compensation in
both periods.
JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
March 31,
2001 2000
--------- ---------
(unaudited)
Net revenues $ 332,105 $ 63,886
Cost of revenues 113,741 25,101
--------- ---------
Gross profit 218,364 38,785
Operating expenses:
Research and development 42,991 15,990
Sales and marketing 41,322 11,505
General and administrative 10,468 3,014
Goodwill, purchased
intangibles and deferred
stock compensation 36,583 2,391
--------- ---------
Total operating expenses 131,364 32,900
--------- ---------
Operating income 87,000 5,885
Interest income, net 1,992 6,636
--------- ---------
Income before income taxes 88,992 12,521
Provision for income taxes 30,426 4,450
--------- ---------
Net income $ 58,566 $ 8,071
========= =========
Basic net income per share $ 0.19 $ 0.03
========= =========
Shares used in computing basic
net income per share 315,571 295,554
========= =========
Diluted net income per share $ 0.17 $ 0.02
========= =========
Shares used in computing
diluted net income per share 344,918 350,290
========= =========
CONTACT: Juniper Networks, Inc., Sunnyvale
Investor Relations Contacts:
Randi Paikoff Feigin, 408/745-2371
randi@juniper.net
Michelle Levine, 408/747-4856
mlevine@juniper.net
Public Relations Contacts:
Adam Stein, 408/747-4879
adam@juniper.net
Kathy Durr, 408/745-5058
kdurr@juniper.net
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