Milano, 17 Novembre, 2005 -- Network
Appliance, Inc. (NASDAQ: NTAP), the leader in advanced networked
storage solutions, today reported results for the second quarter of
fiscal year 2006. Revenues for the second fiscal quarter were
$483.1 million, an increase of 29% compared to revenues of $375.2
million for the same period a year ago and an increase of 8%
compared to $448.4 million in the prior quarter.
For the second fiscal quarter, GAAP net income was $70.7 million,
or $0.18 per share1 compared to GAAP net income of $55.3 million,
or $0.15 per share for the same period in the prior year. Non-GAAP2
net income for the second fiscal quarter was $79.1 million, or
$0.21 per share, compared to non-GAAP net income of $58.4 million,
or $0.16 per share for the same period a year ago.
Revenues for the first six months of the current fiscal year
totaled $931.5 million, compared to revenues of $733.6 million for
the first six months of the prior fiscal year, an increase of 27%
year over year.
For the first six months of the current fiscal year, GAAP net
income increased 28% to $130.8 million, or $0.34 per share,
compared with GAAP net income of $102.2 million, or $0.27 per share
for the same period in the prior year. Non-GAAP net income for the
first six months of the current fiscal year totaled $141.3 million,
or $0.37 per share, compared to non-GAAP net income of $108.2
million, or $0.29 per share for the first six months of the prior
fiscal year.
"We achieved significant growth in revenue and profitability during
the quarter driven by the compelling value proposition of our new
FAS3000 midrange product line," said Dan Warmenhoven, CEO of
Network Appliance. "NetApp provides customers with the best storage
utilization rates in the industry, allowing them to decrease their
total cost of ownership and increase their return on
investment."
Outlook
Network Appliance estimates that year-over-year growth in revenue
for the third quarter of fiscal year 2006 will be in the range of
25% to 28%.
The company expects third quarter GAAP earnings per share to finish
between $0.17 and $0.18 per share. Network Appliance expects third
quarter non-GAAP earnings per share to be in the range of $0.20 to
$0.21 per share.
For the full fiscal year, Network Appliance estimates that revenues
will finish in the range of 26% to 28% higher than fiscal year
2005.
The company expects GAAP earnings per share for fiscal year 2006 to
be between $0.70 and $0.73 per share. Network Appliance estimates
full-year non-GAAP earnings per share to be in the range of $0.77
to $0.80 per share.
Quarterly Highlights
During the second quarter of fiscal year 2006, Network Appliance
solidified its leadership in data security with the completion of
the Decru acquisition; demonstrated growth in iSCSI, NAS, and SAN;
and expanded its operations in Research Triangle Park, North
Carolina.
This quarter, NetApp maintained its position as market leader in
iSCSI, grew its capacity market share lead in NAS, and grew the
fastest among vendors tracked in the Fibre Channel (FC) SAN arena.
According to IDC's Worldwide Quarterly Disk Storage Systems Tracker
Q2 2005, NetApp demonstrated continued leadership in its core NAS
market, with a 44.6% capacity share, up almost three (3) percentage
points over Q1. NetApp also maintained its strong lead in the iSCSI
storage market, with number-one share positions in capacity shipped
(45.2%), revenue (41.6%), and units (36%). NetApp was also the
fastest growing of the vendors tracked in iSCSI revenue, with a
year-over-year growth rate of 120.9%. Finally, of the vendors
tracked, NetApp posted the strongest year-over-year increase in FC
SAN revenue, with a growth rate of 130.2%.
Also according to IDC, NetApp experienced the fastest growth among
the top five vendors in storage software with 49.4% year-over-year
growth from Q2 2004 to Q2 2005 versus a market growth rate of 11.8%
for the same period. Total NetApp market share in storage software
grew from 5% in Q2 2004 to 6.6% in Q2 2005. Additional details are
available in IDC's Worldwide Quarterly Storage Software Tracker Q2
2005.
During the quarter, NetApp completed the acquisition of Decru, a
privately held company based in Redwood City, California. The
acquisition of Decru allows NetApp to offer the strongest security
option in the industry. Decru is a clear market leader in storage
security, helping enterprise and government customers address
requirements including regulatory compliance, privacy, secure
consolidation, and outsourcing. Decru DataFort
TM
appliances protect the core of the storage network by seamlessly
inserting a layer of data encryption, authentication, key
management, and compartmentalization.
The first new products from Decru since the completion of the
acquisition occurred during the quarter with the unveiling of
next-generation storage security platforms. The new 10-port and
SCSI models of Decru DataFort appliances, DataFort FC1020 and
DataFort S115, deliver increased enterprise-class scalability
native support for legacy tape environments, simplified management,
and greater price/performance.
Also this quarter, NetApp announced that it plans to join IBM as
one of 10 founding members in a new open-source community,
initially working under the project name Aperi, to give customers
more choices for deploying open-standards-based storage
infrastructure software. The organization plans to develop a common
storage software management platform that will give customers
greater flexibility in the way they manage their storage
environments.
Earlier this quarter, NetApp introduced NetApp®
SnapManager® for Oracle® Database environments, which
leverages the unique power of NetApp Snapshot
TM
technology and is a tightly integrated disk-based backup and
granular recovery solution for Oracle customers using Oracle
Automatic Storage Management technology. The solution provides
customers with continuous uptime for online backups. NetApp
SnapManager turns a multi-step backup and restore process into two
simple commands from a single host machine.
On the partner front, NetApp unveiled several new solution
enhancements and partner offerings with Bus-Tech Inc., Cisco,
NeoPath Networks, Network Intelligence, NuView, Oracle, SAP, and
Symantec to address a variety of data concerns, including
management and monitoring of enterprise grid environments, data
replication, enterprise compliance, ILM management, data analysis,
file storage management and utilization, mainframe tape
replacement, storage virtualization, and consolidation of remote
office/branch office (ROBO) data.
Also this quarter, NetApp and Kazeon, a leading provider of
information classification and management solutions for the
enterprise, signed an OEM, development, and marketing agreement to
integrate the intelligent data classification and search
capabilities of Kazeon's Information Server with Network
Appliance
TM storage systems. Additionally, NetApp will
resell Kazeon's Information Server as part of a jointly marketed
solution.
In corporate news, NetApp expanded to a new facility in Research
Triangle Park, North Carolina. The company currently employs 360
employees in the Kit Creek Road facility and operates a 24x7 global
service and support center in addition to a state-of-the-art data
center with a capacity of multiple petabytes.
Conference Call and Webcast Information
The NetApp quarterly results conference call will be broadcast live
via the Internet at
http://investors.netapp.com on
Wednesday, November 16, 2005, at 2:00 p.m. Pacific Time. This press
release and any other information related to the call will also be
posted to the Web site at that location. The conference call will
also be available live in a listen-only format at (800) 299-7089 in
the United States and (617) 801-9714 outside the United States. The
passcode for both numbers is 19259021.
A replay will be available for seven days following completion of
the live call by dialing (888) 286-8010 in the United States and
(617) 801-6888 outside the United States, with replay code
51378149. The Webcast replay will be posted on our Web site for at
least one year.
A proposito di Network Appliance
Network Appliance è leader mondiale nelle soluzioni storage
unificate, rivolte alle aziende caratterizzate da un utilizzo
intensivo dei dati. Sin dal suo ingresso nel mercato nel 1992,
Network Appliance fornisce soluzioni in termini di tecnologia,
prodotto e partnership, che continuano a guidare l'evoluzione dello
storage. Ulteriori informazioni sulle soluzioni e i servizi Network
Appliance sono disponibili al sito:
www.netapp.com/it.
"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 2006 and for all of fiscal 2006,
statements regarding the anticipated benefits our FAS3000 product
line, Decru network storage platforms, the Aperi open source
community, our partner offerings and solution enhancements and our
OEM, development and marketing agreement with Kazeon. 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 general economic and industry
conditions, including expenditure trends for storage-related
products; 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; 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 with strategic partners; our ability to successfully
acquire and integrate complementary businesses and technologies;
foreign currency exchange rate fluctuations; and other important
factors as described in Network Appliance, Inc.'s 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.
1Earnings per share represent the diluted number of shares for all
periods presented.
2 Non-GAAP results of operations exclude amortization of intangible
assets, in process research and development, stock compensation,
restructuring charges/recoveries, net gain/loss on investments and
the related effects on income taxes, as well as certain discrete
GAAP provision for income tax matters recognized ratably for
non-GAAP purposes.
NetApp and SnapManager are registered trademarks and Network
Appliance and Snapshot are trademarks of Network Appliance Inc. in
the United States and other countries. Decru DataFort is a
trademark of Decru Inc., a Network Appliance company, in the United
States and other countries. Oracle is a registered trademark of
Oracle Corporation. All other trademarks belong to their respective
owners and should be treated as such.
Network Appliance 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. In addition, 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.
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