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Juniper Networks, Inc. Reports Q1'01 Financial Results Net Revenue $332.1M, up 420%; Pro forma EPS $0.25

Sunnyvale, CA - April 12, 2001 - 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, 2001.

Net revenues for the first quarter were $332.1 million, compared with $63.9 million for the same period last year, an increase of 420%. Pro forma net income was $85.4 million or $0.25 per share, compared with pro forma net income of $10.5 million or $0.03 per share for the first quarter of 2000.

Actual net income for the first quarter, which includes amortization of goodwill and other purchased intangibles of $12.3 million and amortization of deferred compensation of $24.3 million, was $58.6 million or $0.17 per share, compared with net income of $8.1 million or $0.02 per share in the first quarter of 2000.

"We are particularly pleased to report the continued growth and execution of Juniper Networks, especially given the challenges of today's economy," said Scott Kriens, Chairman and CEO of Juniper Networks. "These results reflect not only the strength of the company, our products, and our global customer base, but also our continued focus on the financial fundamentals."

Juniper Networks will have a conference call Webcast at https://www.juniper.net/conferencecall to discuss these results on Thursday, April 12, 2001 beginning at 5:00 A.M. Pacific Time.

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 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)
    March 31,
2001
  December 31,
2000
     
Assets (unaudited) (1)
Current assets:    
  Cash and cash equivalents
$ 557,742
$ 563,005
  Short-term investments 504,872 581,738
  Accounts receivable, net 193,169 176,535
  Prepaid expenses and other current assets 26,131 27,269
     
    Total current assets 1,281,914 1,348,547
Property and equipment, net 250,702 36,440
Long-term investments 447,756 450,568
Other long-term assets 248,600 267,574
     
   Total Assets
$ 2,228,972
$ 2,103,129
     
 
Liabilities and Stockholders' Equity    
Current liabilities:    
  Accounts payable
$ 86,074
$ 72,347
  Other accrued liabilities 134,272 109,436
  Deferred revenue 25,506 34,625
     
    Total current liabilities 245,852 216,408
Convertible subordinated notes 1,152,356 1,156,719
 
Common stock and additional paid-in capital 756,006 735,103
Deferred stock compensation (87,569) (111,813)
Accumulated other comprehensive income 8,012 10,963
Retained earnings 154,315 95,749
     
   Total Liabilities and Stockholders' Equity
$ 2,228,972
$ 2,103,129
     
 
(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,
  2001   2000
     
  (unaudited)
 
Net revenues
$ 332,105
$ 63,886
 
Cost of revenues 113,741 25,101
     
 
Gross profit 218,364 38,785
 
Operating expenses:  
  Research and development 42,991 15,990
  Sales and marketing 41,322 11,505
  General and administrative 10,468 3,014
     
    Total operating expenses 94,781 30,509
     
 
Operating income 123,583 8,276
 
Interest income, net 1,992 6,636
     
 
Income before income taxes 125,575 14,912
 
Provision for income taxes 40,183 4,450
     
 
Net income
$ 85,392
$ 10,462
     
 
Basic net income per share
$ 0.27
$ 0.04
     
Shares used in computing basic
net income per share
315,571 295,554
     
 
Diluted net income per share
$ 0.25
$ 0.03
     
Shares used in computing diluted
net income per share
344,918 350,290
     
 
(i) The statements exclude the impact of the amortization of goodwill, other purchased intangibles, 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,
  2001   2000
     
  (unaudited)
 
Net revenues
$ 332,105
$ 63,886
 
Cost of revenues 113,741 25,101
     
 
Gross profit 218,364 38,785
 
Operating expenses:
  Research and development 42,991 15,990
  Sales and marketing 41,322 11,505
  General and administrative 10,468 3,014
  Goodwill, purchased intangibles,
  and deferred stock compensation
36,583 2,391
     
    Total operating expenses 131,364 32,900
     
 
Operating income 87,000 5,885
 
Interest income, net 1,992 6,636
     
 
Income before income taxes 88,992 12,521
 
Provision for income taxes 30,426 4,450
     
 
Net income
$ 58,566
$ 8,071
     
 
Basic net income per share
$ 0.19
$ 0.03
     
Shares used in computing basic
net income per share
315,571 295,554
     
 
Diluted net income per share
$ 0.17
$ 0.02
     
Shares used in computing diluted
net income per share
344,918 350,290