Sunnyvale
,
Calif. - November 12, 2008 -- NetApp
(NASDAQ: NTAP) today reported results for the second fiscal quarter
of 2009. Revenues for the second fiscal quarter of 2009 were $912
million, an increase of 15% compared to revenues of $792 million
for the same period a year ago.
For the second fiscal quarter of 2009, GAAP
net income was $49 million, or $0.15 per share1,
compared to GAAP net income of $84 million, or $0.23 per share for
the same period in the prior year. Non-GAAP2 net income
for the second fiscal quarter of 2009 was $92 million, or $0.28 per
share, compared to non-GAAP net income of $116 million, or $0.32
per share for the same period a year ago.
Revenues for the first six months of the
current fiscal year totaled $1.78 billion, compared to revenues of
$1.48 billion for the first six months of the prior year, an
increase of 20% year over year.
GAAP net income for the first six months of
the current fiscal year totaled $87 million, or $0.26 per share,
compared to GAAP net income of $118 million, or $0.32 per share for
the first six months of the prior fiscal year. Non-GAAP net income
for the first six months of the current fiscal year totaled $168
million, or $0.50 per share, compared to non-GAAP net income of
$192 million, or $0.52 per share for the first six months of the
prior fiscal year.
"NetApp produced solid revenue and earnings
results despite a challenging economic environment," said Dan
Warmenhoven, chairman and CEO. "More and more customers are turning
to NetApp to drive down their storage costs by increasing their
storage utilization. We expect NetApp's unique storage efficiency
offerings to resonate well with customers, particularly during
periods of constrained IT spending."
Outlook
Given the reduced visibility caused by the recent changes in the
macroeconomic environment, NetApp will not be providing formal
revenue guidance for the third quarter of fiscal year 2009.
- NetApp estimates non-GAAP gross margins for the third quarter
of fiscal year 2009 to be substantially the same level as reported
in the second quarter of fiscal year 2009.
- NetApp estimates non-GAAP operating expenses for the third
quarter of fiscal year 2009 to be roughly flat from the operating
expenses reported in the second quarter of fiscal year 2009.
Quarterly Highlights
In the second quarter of fiscal year 2009, NetApp introduced new
solutions that continue to help customers transform their data
center architectures through higher efficiencies and asset
utilization, greater power and space savings, and innovative data
management techniques. NetApp also received many industry awards
that recognize its leadership in quality, innovation, and service
in the storage market.
NetApp launched a global program that offers
customers a guarantee3 that they will use 50% less
storage in their virtual environments with NetApp® compared to
traditional storage. NetApp wants to assure customers who choose
NetApp and leverage its unique storage efficiency technologies that
they will reduce their overall storage usage while improving
performance.
During the second quarter, NetApp announced
that it will be the first storage vendor to offer native Fibre
Channel over Ethernet (FCoE) SAN storage solutions. FCoE support
extends NetApp's unified storage architecture, enabling customers
to address changing business needs and opportunities with flexible
data access across all protocols.
NetApp announced the availability of
deduplication on NetApp Virtual Tape Library (VTL) systems,
enabling customers to lower the disk capacity required to back up
any storage system, including EMC and HP, up to
95%.4
During the quarter, NetApp announced the
NetApp GetSuccessful™ Partner Enablement Program to help
partners maximize strategic opportunities and distinguish
themselves with their customers. The program is a new benefit of
NetApp's current VIP Partner Program and complements the Authorized
Professional Service Provider and the Virtualization Specialization
programs announced earlier this year.
NetApp continues to receive industry
recognition from third parties. During the quarter, NetApp received
the following awards:
- Diogenes Labs' Storage Magazine Quality Awards for the
Enterprise Arrays category (Storage)
- 2008 InformationWeek 500 (InformationWeek)
- Penton Media's Windows IT Pro® 2008 Community Choice
Awards (Windows IT Pro)
- Service Management Achievement Award for Executive Stewardship
(Aberdeen Group)
- 2008 Rising Star Award (Global Technology Distribution
Council), Learning in Practice Awards (Chief Learning
Officer magazine)
- "Best Places to Work" in Research Triangle Park 2008
(Triangle Business Journal)
Webcast and Conference Call
Information
- The NetApp quarterly results conference call will be broadcast
live on the Internet at http://investors.netapp.com on Wednesday,
November 12, 2008, at 2:00 p.m. Pacific Time. This press release
and any other information related to the call will also be posted
on the Web site at that location.
- The conference call will also be available live in a
listen-only format at (866) 831-6270 in the United States and (617)
213-8858 outside the United States. The pass code for both numbers
is 96289060.
- A replay will be available for 72 hours following the
completion of the live call by dialing (888) 286-8010 in the United
States and (617) 801-6888 outside the United States, using replay
code 76798622. The Webcast replay will be posted on our Web site
for at least one year.
About NetApp
NetApp creates innovative storage and data management solutions
that accelerate business breakthroughs and deliver outstanding cost
efficiency. Discover NetApp's passion for helping companies around
the world go further, faster at www.netapp.com.
"Safe Harbor" Statement Under U.S.
Private Securities Litigation Reform Act of 1995
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements include all of the statements
under the Outlook section relating to our forecasted operating
results and metrics for the third quarter of fiscal year 2009 and
statements regarding our product and service offerings. These
forward-looking statements involve risks and uncertainties, and
actual results could vary. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements include the material and adverse global
economic and market conditions that currently exist (particularly
in the credit markets) and that are expected to persist well into
calendar 2009; our ability to build nondeferred backlog to levels
consistent with our past results and to increase our revenue over
the next several quarters; risks associated with the anticipated
growth in network storage and content delivery markets; our ability
to deliver new product architectures and enterprise service
offerings; competition risks, including our ability to design
products and services that compete effectively from a price and
performance perspective; risks with new product introductions; our
reliance on a limited number of suppliers; our ability to
accurately forecast demand for our products and successfully manage
our relationships with our contract manufacturers; our ability to
expand our direct sales operations and reseller distribution
channels; our ability to develop, maintain, and strengthen our
relationships and product offerings with strategic partners; risks
associated with international operations; our ability to
successfully acquire and integrate complementary businesses and
technologies; foreign currency exchange rate fluctuations; and
other important factors as described in NetApp reports and
documents filed from time to time with the Securities and Exchange
Commission, including the factors described under the sections
captioned "Risk Factors" in our most recently submitted 10-K and
10-Q. We disclaim any obligation to update information contained in
these forward-looking statements whether as a result of new
information, future events, or otherwise.
NetApp Usage of Non-GAAP
Financials
The Company refers to the non-GAAP financial
measures cited above in making operating decisions because they
provide meaningful supplemental information regarding the Company's
operational performance. These non-GAAP results of operations
exclude amortization of intangible assets, stock-based compensation
expenses, acquisition-related retention costs, prior
acquisition-related costs , net gain or loss on investments, and
the related effects on income taxes as well as certain discrete
GAAP provisions for income tax matters recognized ratably for
non-GAAP purposes. We have excluded these items in order to enhance
investors' understanding of our ongoing operations. The use of
these non-GAAP financial measures has material limitations because
they should not be used to evaluate our company without reference
to their corresponding GAAP financial measures. As such, we
compensate for these material limitations by using these non-GAAP
financial measures in conjunction with GAAP financial
measures.
These non-GAAP financial measures facilitate management's internal
comparisons to the Company's historical operating results and
comparisons to competitors' operating results. We include these
non-GAAP financial measures in our earnings announcement because we
believe they are useful to investors in allowing for greater
transparency with respect to supplemental information used by
management in its financial and operational decision making, such
as employee compensation planning. In addition, we have
historically reported similar non-GAAP financial measures to our
investors and believe that the inclusion of comparative numbers
provides consistency in our financial reporting at this
time.
NetApp Use of Corporate Web
Site
In accordance with SEC guidance published on
August 22, 2008 (Release No. 34-58288), NetApp will begin to
disseminate material information about the company through its
corporate Web site within the next several fiscal quarters. NetApp
intends to designate a separate portion of its corporate Web site
for purposes of these disclosures and will include a prominent link
on its Web site to allow visitors to locate this material
information, which will be routinely updated. The Web site will
supplement, rather than replace, NetApp's current existing channels
of information distribution.
1Earnings per share is
calculated using the diluted number of shares for all periods
presented.
2Non-GAAP results of operations exclude amortization of
intangible assets, stock-based compensation expenses,
acquisition-related retention costs, prior acquisition related
costs, net gain or loss on investments, and the related effects on
income taxes as well as certain discrete GAAP provisions for income
tax matters recognized ratably for non-GAAP purposes.
3The description of the guarantee program in this press
release is a summary and does not purport to be complete. For a
full description of the terms and conditions of the program, go to
www.netapp.com/guarantee. The
description of the guarantee program is not incorporated by
reference into this press release.
4Based on NetApp internal testing, October 2008.
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