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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 https://www.juniper.net.

Juniper Networks is registered in the U.S. Patent and Trademark Office and in other countries as a trademark of Juniper Networks, Inc. Broadband Cable Processor, ERX, ESP, G1, G10, G-series, Internet Processor, JUNOS, JUNOScript, M5, M10, M20, M40, M40e, M160, M-series, NMC-RX, SDX, ServiceGuard, T320, T640, T-series, UMC, and Unison are trademarks of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks are 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
     
Assets
Current assets:    
  Cash and cash equivalents
$ 563,005
$ 158,043
  Short-term investments 581,738 187,915
  Accounts receivable, net 176,535 23,950
  Prepaid expenses and other current assets 27,269 7,925
     
    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
     
   Total Assets
$ 2,103,129
$ 513,378
     
 
Liabilities and Stockholders' Equity    
Current liabilities:    
  Accounts payable
$ 72,347
$ 15,368
  Other accrued liabilities 109,436 21,025
  Deferred revenue 34,625 19,270
     
    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)
     
   Total Liabilities and Stockholders' Equity
$ 2,103,129
$ 513,378
     


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

(In thousands, except per share amounts)

    Three Months Ended
December 31,
  Year Ended
December 31,
     
  2000   1999 2000   1999
     
  (unaudited)  
 
Net revenues
$ 295,386
 
$ 45,442
$ 673,501
 
$ 102,606
 
Cost of revenues 101,410 18,390 237,554 45,272
     
 
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
     
    Total operating expenses 75,680 26,469 198,038 67,668
     
 
Operating income/(loss) 118,296 583 237,909 (10,334)
 
Interest income, net 8,127 6,086 36,283 8,011
     
 
Income/(loss) before income taxes 126,423 6,669 274,192 (2,323)
 
Provision for income taxes 41,823 1,900 90,156 2,425
     
 
Net income/(loss)
$ 84,600
$ 4,769
$ 184,036
$ (4,748)
     
 
Basic net income/(loss) per share
$ 0.27
$ 0.02
$ 0.60
$ (0.03)
     
Shares used in computing basic
net income/(loss) per share
312,423 287,810 304,381 189,322
     
 
Diluted net income/(loss) per share
$ 0.24
$ 0.01
$ 0.53
$ (0.03)
     
Shares used in computing diluted
net income/(loss) per share
349,505 343,652 347,858 189,322
     
 
(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,
     
  2000   1999 2000   1999
     
  (unaudited)  
 
Net revenues
$ 295,386
 
$ 45,442
$ 673,501
 
$ 102,606
 
Cost of revenues 101,410 18,390 237,554 45,272
     
 
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 -
     
    Total operating expenses 102,523 28,158 241,858 71,954
     
 
Operating income/(loss) 91,453 (1,106) 194,089 (14,620)
 
Interest income, net 8,127 6,086 36,283 8,011
     
 
Income/(loss) before income taxes 99,580 4,980 230,372 (6,609)
 
Provision for income taxes 37,423 1,900 82,456 2,425
     
 
Net income/(loss)
$ 62,157
$ 3,080
$ 147,916
$ (9,034)
     
 
Basic net income/(loss) per share
$ 0.20
$ 0.01
$ 0.49
$ (0.05)
     
Shares used in computing basic
net income/(loss) per share
312,423 287,810 304,381 189,322
     
 
Diluted net income/(loss) per share
$ 0.18
$ 0.01
$ 0.43
$ (0.05)
     
Shares used in computing diluted
net income/(loss) per share
349,505 343,652 347,858 189,322