Juniper Networks, Inc. Reports Q2 '00 Financial Results Net Revenue $113.0M; Pro forma EPS $0.08
Juniper Networks, Inc. Reports Q2 '00 Financial Results Net Revenue $113.0M; Pro forma EPS $0.08 Sunnyvale, CA - July 13, 2000 - Juniper Networks, Inc. (Nasdaq:JNPR), a leading provider of next-generation IP infrastructure systems, today reported its second quarter results for the period ending June 30, 2000.
Net revenues for the second quarter were $113.0 million, compared with $63.9 million for the first quarter, an increase of 77%. Pro forma net income, which excludes the amortization of goodwill of $1.9 million, the deferred compensation charge of $458,000 and a one time charitable contribution charge of $10.0 million, was $28.6 million or $0.08 per share, compared with a pro forma net income of $10.5 million or $0.03 per share in the first quarter of 2000.
Actual net income for the second quarter, including the above-mentioned amortization of goodwill, deferred compensation and charitable contribution charges, was $19.6 million or $0.06 per share, compared with $8.1 million or $0.02 per share in the first quarter of 2000.
Net revenues for the first six months of 2000 were $176.9 million, compared with $27.6 million for the same six month period in 1999. Pro forma net income for the first six months of 2000 was $39.1 million or $0.11 per share, compared with pro forma net loss of $8.7 million or $(0.09) per share during the same six month period in 1999. Actual net income for the first six months of 2000 was $27.7 million or $0.08 per share, compared with actual net loss of $10.5 million or $(0.11) per share during the same six month period in 1999.
The net income per share and number of shares used in the per-share calculation for all periods presented reflect the two-for-one stock split that was effective June 16, 2000.
"As we continue towards the next milestone in building Juniper Networks into a franchise, we remain focused on relentless execution," said Scott Kriens, Chairman and CEO of Juniper Networks. "Our results this quarter are representative of the opportunity we see to build the global IP infrastructure," Kriens said.
About Juniper Networks, Inc.
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 purpose-built 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 http://www.juniper.net.
JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands) |
| | | June 30,
2000 | | December 31,
1999 |
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| Assets | (unaudited) | (1) |
| Current assets: | | |
| Cash and cash equivalents | | |
| Short-term investments | 384,764 | 187,915 |
| Accounts receivable, net | 60,733 | 23,950 |
| Prepaid expenses and other current assets | 15,792 | 7,925 |
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| Total current assets | 1,258,414 | 377,833 |
| Property and equipment, net | 28,397 | 12,416 |
| Long-term investments | 412,374 | 97,201 |
| Other long-term assets | 131,167 | 25,928 |
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| Total Assets | | |
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| Liabilities and Stockholders' Equity | | |
| Current liabilities: | | |
| Accounts payable | | |
| Other accrued liabilities | 67,044 | 21,025 |
| Deferred revenue | 30,872 | 19,270 |
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| Total current liabilities | 135,830 | 55,663 |
| Convertible subordinated notes and other long-term liabilities | 1,165,725 | - |
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| Common stock and additional paid-in capital | 530,157 | 513,698 |
| Deferred stock compensation | (2,010) | (3,001) |
| Accumulated other comprehensive income (loss) | 25,129 | (815) |
| Accumulated deficit | (24,479) | (52,167) |
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| Total Liabilities and Stockholders' Equity | | |
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| (1) Derived from audited financial statements |
JUNIPER NETWORKS, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (i)
(In thousands, except per share amounts)
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| | | Three Months Ended
June 30, | | Six Months Ended
June 30, |
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| | 2000 | | 1999 | 2000 | | 1999 |
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| | (unaudited) | (unaudited) |
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| Net revenues | | | | | | |
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| Cost of revenues | 40,752 | 8,046 | 65,853 | 14,393 |
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| Gross profit | 72,276 | 9,510 | 111,061 | 13,207 |
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| Operating expenses: | |
| Research and development | 18,000 | 7,991 | 33,990 | 14,172 |
| Sales and marketing | 17,247 | 3,849 | 28,752 | 6,452 |
| General and administrative | 4,171 | 977 | 7,185 | 1,753 |
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| Total operating expenses | 39,418 | 12,817 | 69,927 | 22,377 |
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| Operating income/(loss) | 32,858 | (3,307) | 41,134 | (9,170) |
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| Interest income, net | 9,876 | 448 | 16,512 | 560 |
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| Income/(loss) before income taxes | 42,734 | (2,859) | 57,646 | (8,610) |
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| Provision for income taxes | 14,102 | 102 | 18,552 | 122 |
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| Net income/(loss) | | | | |
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| Basic net income/(loss) per share | | | | |
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Shares used in computing basic
net income/(loss) per share | 301,879 | 107,292 | 298,712 | 98,616 |
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| Diluted net income/(loss) per share | | | | |
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Shares used in computing diluted
net income/(loss) per share | 346,411 | 107,292 | 346,102 | 98,616 |
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| (i) The statements exclude the impact of the amortization of goodwill and deferred stock compensation and charitable contribution charges in all periods. |
JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
|
| | | Three Months Ended
June 30, | | Six Months Ended
June 30, |
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| | 2000 | | 1999 | 2000 | | 1999 |
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| | (unaudited) | (unaudited) |
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| Net revenues | | | | | | |
| |
| Cost of revenues | 40,752 | 8,046 | 65,853 | 14,393 |
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| Gross profit | 72,276 | 9,510 | 111,061 | 13,207 |
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| Operating expenses: |
| Research and development | 18,000 | 7,991 | 33,990 | 14,172 |
| Sales and marketing | 17,247 | 3,849 | 28,752 | 6,452 |
| General and administrative | 4,171 | 977 | 7,185 | 1,753 |
 Goodwill and deferred stock compensation | 2,315 | 891 | 4,706 | 1,795 |
| Charitable contribution | 10,000 | - | 10,000 | - |
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| Total operating expenses | 51,733 | 13,708 | 84,633 | 24,172 |
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| Operating income/(loss) | 20,543 | (4,198) | 26,428 | (10,965) |
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| Interest income, net | 9,876 | 448 | 16,512 | 560 |
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| Income/(loss) before income taxes | 30,419 | (3,750) | 42,940 | (10,405) |
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| Provision for income taxes | 10,802 | 102 | 15,252 | 122 |
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| Net income/(loss) | | | | |
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| Basic net income/(loss) per share | | | | |
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Shares used in computing basic
net income/(loss) per share | 301,879 | 107,292 | 298,712 | 98,616 |
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| Diluted net income/(loss) per share | | | | |
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Shares used in computing diluted
net income/(loss) per share | 346,411 | 107,292 | 346,102 | 98,616 |
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