About Juniper

Press Releases

Navigation
Juniper Networks, Inc. Reports Q1'00 Financial Results Net Revenue $63.9M; Pro forma EPS $0.066

Mountain View, CA - April 13, 2000 - Juniper Networks, Inc. (Nasdaq:JNPR), a leading provider of next-generation IP infrastructure systems, today reported its first quarter results for the period ending March 31, 2000.

Net revenues for the first quarter were $63.9 million, compared with $45.4 million for the fourth quarter, an increase of 41%. Pro forma net income, which excludes the amortization of goodwill of $1.9 million and the deferred compensation charge of $0.5 million, was $10.5 million or $0.06 per share, compared with a pro forma net income of $4.8 million or $0.03 per share in the fourth quarter of 1999.

Actual net income for the first quarter, including the above-mentioned amortization of goodwill and deferred compensation charge, was $8.1 million or $0.05 per share, compared with an income of $3.1 million or $0.02 per share in the fourth quarter of 1999.

In addition, the Board of Directors authorized a two-for-one stock split. Shares resulting from the split are expected to be distributed by the transfer agent on June 15, 2000.

"We continue to see growth in the IP infrastructure market," said Scott Kriens, Chairman and CEO of Juniper Networks. "During the quarter we diversified our customer base, broadened our geographic coverage and expanded the product portfolio. As these results demonstrate, we remain focused on the consistent execution necessary to build a long-term franchise," 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 Mountain View, California.

Juniper Networks is a registered trademark of Juniper Networks, Inc. JUNOS, 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)
    March 31,
2000
  December 31,
1999
     
Assets (unaudited) (1)
Current assets:    
  Cash and cash equivalents
$ 1,068,529
$ 158,043
  Short-term investments 281,475 187,915
  Accounts receivable, net 29,964 23,950
  Prepaid expenses and other current assets 11,844 7,925
     
    Total current assets 1,391,812 377,833
Property and equipment, net 16,694 12,416
Long-term investments 214,545 97,201
Other long-term assets 71,834 25,928
     
   Total Assets
$ 1,694,885
$ 513,378
 
Liabilities and Stockholders' Equity    
Current liabilities:    
  Accounts payable
$ 18,100
$ 15,368
  Other accrued liabilities 36,902 21,025
  Deferred revenue 19,448 19,270
Current portion of obligations under capital leases - -
     
    Total current liabilities 74,450 55,663
  Convertible subordinated notes 1,150,000 -
 
Preferred stock, common stock and additional paid- in capital 517,922 513,698
Deferred stock compensation (2,468) (3,001)
Accumulated other comprehensive loss (923) (815)
Accumulated deficit (44,096) (52,167)
     
   Total Liabilities and Stockholders' Equity
$ 1,694,885
$ 513,378
     
 
(1) Derived from audited financial statements


JUNIPER NETWORKS, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (i)

(In thousands, except per share amounts)
    Three Months Ended
March 31,
  2000   1999
     
  (unaudited)
 
Net revenues
$ 63,886
$ 10,044
 
Cost of revenues 25,101 6,347
     
 
Gross profit 38,785 3,697
 
Operating expenses:  
  Research and development 15,990 6,181
  Sales and marketing 11,505 2,603
  General and administrative 3,014 776
     
    Total operating expenses 30,509 9,560
     
 
Operating income/(loss) 8,276 (5,863)
 
Interest income, net 6,636 112
     
 
Income/(loss) before income taxes 14,912 (5,751)
 
Provision for income taxes 4,450 20
     
 
Net income/(loss)
$ 10,462
$ (5,771)
     
 
Basic net income/(loss) per share
$ 0.07
$ (0.13)
     
Shares used in computing basic
net income/(loss) per share
147,772 44,970
     
 
Diluted net income/(loss) per share
$ 0.06
$ (0.13)
     
Shares used in computing diluted
net income/(loss) per share
175,145 44,970
     
 
(i) The statements exclude the impact of the amortization of goodwill and deferred stock compensation in both periods.


JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)
    Three Months Ended
March 31,
  2000   1999
     
  (unaudited)
 
Net revenues
$ 63,886
$ 10,044
 
Cost of revenues 25,101 6,347
     
 
Gross profit 38,785 3,697
 
Operating expenses:
  Research and development 15,990 6,181
  Sales and marketing 11,505 2,603
  General and administrative 3,014 776
  Goodwill and deferred stock compensation 2,391 904
     
    Total operating expenses 32,900 10,464
     
 
Operating income/(loss) 5,885 (6,767)
 
Interest income, net 6,636 112
     
 
Income/(loss) before income taxes 12,521 (6,655)
 
Provision for income taxes 4,450 20
     
 
Net income/(loss)
$ 8,071
$ (6,675)
     
 
Basic net income/(loss) per share
$ 0.05
$ (0.15)
     
Shares used in computing basic
net income/(loss) per share
147,772 44,970
     
 
Diluted net income/(loss) per share
$ 0.05
$ (0.15)
     
Shares used in computing diluted
net income/(loss) per share
175,145 44,970
     
Pro forma basic and diluted net loss per share (i)  
$ (0.06)
     
Shares used in computing pro forma basic
and diluted net loss per share (i)
  117,903
     
 
(i) Pro forma basic and diluted shares outstanding include convertible preferred stock using the if-converted method from the original date of issuance. The calculation excludes common stock equivalents, as their effect would be anti-dilutive.