Juniper Networks, Inc. Reports Q4'00 and Year End 2000 Financial Results Q4'00 Net Revenue $295.4M; Pro forma EPS $0.24 2000 Net Revenue $673.5M; Pro forma EPS $0.53
Sunnyvale, CA - January 16, 2001 — Juniper Networks, Inc. (Nasdaq: JNPR), a leading provider of next-generation IP infrastructure systems, today reported its fourth quarter results for the period ending December 31, 2000.
Net revenues for the fourth quarter were $295.4 million, compared with $201.2 million for the third quarter, an increase of 47%. Pro forma net income was $84.6 million or $0.24 per share, compared with pro forma net income of $60.3 million or $0.17 per share in the third quarter of 2000.
Actual net income for the fourth quarter, which includes amortization of goodwill and other purchased intangibles of $5.3 million, amortization of deferred compensation of $11.5 million and in-process research and development of $10.0 million, was $62.2 million or $0.18 per share, compared with $58.1 million or $0.17 per share in the third quarter of 2000.
Net revenues for the year ended December 31, 2000 were $673.5 million, compared with $102.6 million for the year ended December 31, 1999. Pro forma net income for 2000 was $184.0 million or $0.53 per share, compared with pro forma net loss of $4.7 million or $(0.03) per share during 1999. Actual net income for 2000 was $147.9 million or $0.43 per share, compared with actual net loss of $9.0 million or $(0.05) per share during 1999.
"Our fourth quarter, as well as our full-year results, underscore the value of Juniper's commitment to focus and execution," said Scott Kriens, Chairman and CEO of Juniper Networks. "This commitment will continue and intensify in 2001 as we expand our delivery of networked services worldwide."
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 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 is a registered trademark of Juniper Networks, Inc. Internet Processor II, JUNOS, M5, M10, M20, M40, and M160 are trademarks of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks may be the property of their respective owners.
Actual results could differ materially from those anticipated in forward-looking statements in this release as a result of certain factors, including those set forth in the risk factors described in the Company's SEC filings, including its recent Form 10K.
JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands) |
| | | December 31,
2000 | | December 31,
1999 |
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| Assets |
| Current assets: | | |
| Cash and cash equivalents | | |
| Short-term investments | 581,738 | 187,915 |
| Accounts receivable, net | 176,535 | 23,950 |
| Prepaid expenses and other current assets | 27,269 | 7,925 |
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| Total current assets | 1,348,547 | 377,833 |
| Property and equipment, net | 36,440 | 12,416 |
| Long-term investments | 450,568 | 97,201 |
| Other long-term assets | 267,574 | 25,928 |
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| Total Assets | | |
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| Liabilities and Stockholders' Equity | | |
| Current liabilities: | | |
| Accounts payable | | |
| Other accrued liabilities | 109,436 | 21,025 |
| Deferred revenue | 34,625 | 19,270 |
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| Total current liabilities | 216,408 | 55,663 |
| Convertible subordinated notes and other long-term liabilities | 1,156,719 | - |
| |
| Common stock and additional paid-in capital | 735,103 | 513,698 |
| Deferred stock compensation | (111,813) | (3,001) |
| Accumulated other comprehensive income (loss) | 10,963 | (815) |
| Retained earnings/(Accumulated deficit) | 95,749 | (52,167) |
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| Total Liabilities and Stockholders' Equity | | |
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JUNIPER NETWORKS, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (i)
(In thousands, except per share amounts)
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| | | Three Months Ended
December 31, | | Year Ended
December 31, |
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| | 2000 | | 1999 | 2000 | | 1999 |
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| | (unaudited) | |
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| Net revenues | | | | | | |
| |
| Cost of revenues | 101,410 | 18,390 | 237,554 | 45,272 |
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| Gross profit | 193,976 | 27,052 | 435,947 | 57,334 |
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| Operating expenses: | |
| Research and development | 30,243 | 15,819 | 87,833 | 41,502 |
| Sales and marketing | 36,892 | 8,869 | 89,029 | 20,931 |
| General and administrative | 8,545 | 1,781 | 21,176 | 5,235 |
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| Total operating expenses | 75,680 | 26,469 | 198,038 | 67,668 |
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| Operating income/(loss) | 118,296 | 583 | 237,909 | (10,334) |
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| Interest income, net | 8,127 | 6,086 | 36,283 | 8,011 |
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| Income/(loss) before income taxes | 126,423 | 6,669 | 274,192 | (2,323) |
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| Provision for income taxes | 41,823 | 1,900 | 90,156 | 2,425 |
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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 | 312,423 | 287,810 | 304,381 | 189,322 |
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| Diluted net income/(loss) per share | | | | |
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Shares used in computing diluted
net income/(loss) per share | 349,505 | 343,652 | 347,858 | 189,322 |
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| (i) The statements exclude the impact of the amortization of goodwill, deferred stock compensation, in-process R&D and charitable contribution charges in all periods. |
JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
|
| | | Three Months Ended
December 31, | | Year Ended
December 31, |
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| | 2000 | | 1999 | 2000 | | 1999 |
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| | (unaudited) | |
| |
| Net revenues | | | | | | |
| |
| Cost of revenues | 101,410 | 18,390 | 237,554 | 45,272 |
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| |
| Gross profit | 193,976 | 27,052 | 435,947 | 57,334 |
| |
| Operating expenses: |
| Research and development | 30,243 | 15,819 | 87,833 | 41,502 |
| Sales and marketing | 36,892 | 8,869 | 89,029 | 20,931 |
| General and administrative | 8,545 | 1,781 | 21,176 | 5,235 |
 Goodwill, purchased intangibles, and deferred stock compensation | 16,843 | 1,689 | 23,820 | 4,286 |
| In-process research and development | 10,000 | - | 10,000 | - |
| Charitable contribution | - | - | 10,000 | - |
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| Total operating expenses | 102,523 | 28,158 | 241,858 | 71,954 |
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| Operating income/(loss) | 91,453 | (1,106) | 194,089 | (14,620) |
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| Interest income, net | 8,127 | 6,086 | 36,283 | 8,011 |
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| Income/(loss) before income taxes | 99,580 | 4,980 | 230,372 | (6,609) |
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| Provision for income taxes | 37,423 | 1,900 | 82,456 | 2,425 |
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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 | 312,423 | 287,810 | 304,381 | 189,322 |
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| Diluted net income/(loss) per share | | | | |
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Shares used in computing diluted
net income/(loss) per share | 349,505 | 343,652 | 347,858 | 189,322 |
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