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Technology Stocks : Network Appliance -- Ignore unavailable to you. Want to Upgrade?

To: Uncle Frank who wrote (10324)	11/12/2002 4:10:03 PM
From: Uncle Frank	Read Replies (2) \| Respond to of 10934

Network Appliance Announces Results for Second Quarter Fiscal Year 2003 Tuesday November 12, 4:06 pm ET SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 12, 2002--Network Appliance, Inc. (Nasdaq:NTAP - News) today announced results for the second quarter of fiscal year 2003. Revenues for the second quarter were $215.2 million, compared to revenues of $194.7 million for the same period a year ago, and $206.8 million in the prior quarter. For the second quarter, GAAP net income was $15.8 million, or $0.05 per share, compared to net loss of $11.2 million, or $0.03 net loss per share for the same period in the prior year. Pro forma net income for the second quarter was $17.5 million, compared with $7.7 million for the same period a year ago. Pro forma earnings per share for the second quarter was $0.05 per share compared with $0.02 per share for the same period a year ago. Revenues for the first six months of the current fiscal year totaled $422.0 million, compared to revenue of $395.1 million for the first six months of the prior fiscal year. For the first six months of the current fiscal year, GAAP net income was $32.0 million, or $0.09 per share, compared with net loss of $11.7 million, or $0.04 net loss per share for the same period in the prior year. Pro forma net income for the first six months of the current fiscal year totaled $35.5 million, or $0.10 per share, compared to pro forma net income of $12.4 million, or $0.04 per share for the first six months of the prior fiscal year. "We are encouraged by our growth during this quarter despite constrained IT spending. In October, we expanded our solutions portfolio by announcing the first unified storage platform, the FAS900 series, establishing Network Appliance as one of the leading full-line storage vendors," said Dan Warmenhoven, CEO of Network Appliance. "Key initiatives through partnerships, programs, and services also enabled us to broaden our enterprise customer base within our target vertical markets."