12 de febrero de 2009.-
NetApp (NASDAQ: NTAP) today reported results for the third fiscal
quarter of 2009. Including the impact of a $128 million accrual to
value a contingency related to a dispute with the General Services
Administration (GSA), GAAP revenues for the third fiscal quarter of
2009 totaled $746 million compared to GAAP and Non-GAAP revenues of
$884 million for the same period a year ago. Non-GAAP
revenues1 for the third fiscal quarter, excluding the
impact of the $128 million GSA accrual, totaled $874 million.
GAAP net loss for the third quarter of fiscal year 2009 was $75
million, or $0.23 per share2 compared to GAAP net income
of $102 million, or $0.29 per share for the same period in the
prior year. Non-GAAP net income3 for the third fiscal
quarter of 2009 was $93 million, or $0.28 per share, compared to
non-GAAP net income of $132 million, or $0.37 per share for the
same period a year ago.
GAAP revenues for the first nine months of the current fiscal year
totaled $2.5 billion compared to GAAP and non-GAAP revenues of $2.4
billion for the first nine months of the prior year, an increase of
7% year over year. Non-GAAP revenues for the first nine months of
the current fiscal year, excluding the impact of the $128 million
GSA accrual, totaled $2.7 billion.
GAAP net income for the first nine months of the current fiscal
year totaled $11 million, or $0.03 per share, compared to GAAP net
income of $220 million, or $0.60 per share for the first nine
months of the prior fiscal year. Non-GAAP net income for the first
nine months of the current fiscal year totaled $262 million, or
$0.78 per share, compared to non-GAAP net income of $324 million,
or $0.89 per share for the first nine months of the prior fiscal
year.
"Business levels softened in January as many customers' budgets
contracted, resulting in lower revenues than we had expected. At
the same time, our storage efficiency value proposition resonates
in challenging economic times, and we gained a record number of new
customers during the quarter," said Dan Warmenhoven, chairman and
CEO. "Operationally, the NetApp team also did a stellar job,
decreasing non-GAAP operating expenses by $30 million in one
quarter. However, we needed to make further reductions in order to
optimize our resource allocation for our strategic growth
initiatives. Therefore, we have implemented a restructuring that
unfortunately includes the elimination of approximately 6% of our
global workforce. While this was a very difficult decision, we
believe our actions will best position the company for additional
market share gains in the future."
Outlook
Given the reduced visibility caused by the recent changes in the
macroeconomic environment, NetApp will not be providing formal
revenue guidance for the fourth quarter of fiscal year 2009.
- NetApp estimates non-GAAP gross margins for the fourth quarter
of fiscal year 2009 to be approximately 60%.
- NetApp estimates non-GAAP operating expenses for the fourth
quarter of fiscal year 2009 to increase by about $5 million to $10
million from the third quarter of fiscal year 2009.
- NetApp estimates the company will incur approximately $30
million to $35 million in GAAP severance and other charges
associated with a business restructuring in the fourth fiscal
quarter.
Quarterly Highlights
In the third quarter of fiscal year 2009, NetApp introduced several
new solutions to help customers transform their data center
architectures through greater storage efficiency, greater power and
space savings, and innovative data management techniques. The
company also received industry recognition for its environmental,
product, and operational excellence.
During the quarter, NetApp was ranked number one by
FORTUNE magazine on the "100 Best Companies to Work For"
list. This is the second year it has achieved a top-10 ranking and
the third consecutive year it has been named in the top 15. An
egalitarian culture, competitive salaries, unique benefits, and a
down-to-earth management style are attributes that have catapulted
the company to the number-one spot for 2009. In addition, The
Boston Globe named NetApp as one of the Top Places to Work in
Massachusetts.
This quarter, NetApp extended its 50% Virtualization
Guarantee4 Program, previously available only for
VMware, to Citrix and Microsoft virtual environments. As part of
the program, NetApp is offering a guarantee that customers will use
50% less storage with NetApp compared to traditional storage in
Citrix XenServer and Microsoft Windows Server Hyper-V virtual
environments.
Also this quarter, NetApp announced the availability of the FAS3160
and V3160, strengthening its current series of midrange storage
offerings. Additionally, the company announced availability of
SANscreen® 5.0, a new addition to the award-winning SANscreen
product suite that provides customers increased storage management
capabilities for improved cost savings and data center
efficiencies. NetApp also introduced SnapManager® 3.0 for
Oracle, providing customers who have Oracle Database environments
running on NetApp® enterprise storage systems significant
improvements in backup, restore, and cloning capabilities.
NetApp was also recognized by the following third parties for its
environmental, product and operational excellence:
- Pacific Gas and Electric Company (PG&E)
presented NetApp with a rebate of $1.4 million under PG&E's
Non-Residential New Construction Program, which encourages
PG&E's commercial, industrial, high-technology, and
agricultural customers to implement energy-efficient building and
process design and construction.
- Citrix Systems, Inc. honored NetApp with the
Citrix Ready Solution of the Year award, which recognizes a company
that excels in providing application delivery and virtualization
solutions that are complementary to Citrix and drive Citrix
adoption.
- Baseline Magazine and
Business Technology Management Corporation (BTM) presented
NetApp with the Baseline/BTM 500 Award and recognized
Marina Levinson, NetApp CIO, for Outstanding Technology Management
at NetApp.
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, February 11, 2009, 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 (800) 561-2693 in the United States and (617)
614-3523 outside the United States. The pass code for both numbers
is 14751884.
- 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 87373458. 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/es.
"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 fourth quarter of fiscal year 2009, our $128 million
contingency for resolution of the GSA dispute and statements
regarding our future market share. 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 and that are expected to persist throughout
calendar 2009, the final outcome of our GSA dispute with the
federal government, 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.
1 Non-GAAP revenues excludes the
impact of the GSA accrual.
2 Earnings per share is calculated using the diluted
number of shares for all periods presented except for the third
quarter of fiscal 2009, which is calculated using the basic number
of shares.
3 Non-GAAP results of operations exclude the reserve
for the GSA accrual, restructuring charges, amortization of
intangible assets, stock-based compensation expenses, asset
impairment, 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 and
the tax effect on sale of investments.
4 This guarantee and related program are limited to the
terms set forth in the Program Guide and Acknowledgement for 50%
Virtualization Guarantee Program. Please visit
http://www.netapp.com/es/solutions/infrastructure/virtualization/guarantee-es.html
for more information.
NetApp, the NetApp logo Go further, faster,
SANscreen, and SnapManager are trademarks or registered trademarks
of NetApp, Inc. in the United States and/or other countries. All
other brands or products are trademarks or registered trademarks of
their respective holders and should be treated as such.
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. Non-GAAP revenues excludes the impact of the GSA
accrual. These non-GAAP results of operations exclude the reserve
for the GSA contingency, restructuring charges, amortization of
intangible assets, stock-based compensation expenses, asset
impairment, 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 and the tax effect on sale of investments. 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.
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