Juniper Networks, Inc. Reports Q1'04 Financial Results
Q1'04 Net Revenue $224.1M; GAAP EPS $0.08; Non-GAAP EPS $0.09
Complete Q1'04 Earnings Results
Sunnyvale, CA - April 21, 2004 - Juniper Networks, Inc. (NASDAQ: JNPR) today reported its results for the quarter ending March 31, 2004.
Net revenues for the first quarter were $224.1 million, compared with $157.2 million for the same period last year, an increase of 43 percent.
GAAP net income for the first quarter was $33.5 million or $0.08 per share, compared with a GAAP net income of $3.7 million or $0.01 per share in the first quarter of 2003. Non-GAAP net income, which excludes the amortization of purchased intangibles and deferred compensation and the gain on the sale of investments, was $36.4 million or $0.09 per share, compared with non-GAAP net income of $6.3 million or $0.02 per share in the first quarter of 2003.
Cash provided by operations was $72.8 million for the first quarter, compared to cash provided by operations of $12.4 million for the same period last year. Capital expenditures and depreciation during the first quarter were $7.6 million and $8.6 million, respectively.
NetScreen Technologies, which was acquired by Juniper Networks on April 16, 2004, had net revenues for the quarter ending March 31, 2004 of $93.5 million, compared with $58.3 million for the same period last year, an increase of 60 percent. GAAP net loss for the quarter was $3.0 million or $0.03 per share, compared with a GAAP net income of $5.9 million or $0.07 per share in the same quarter of 2003. Non-GAAP net income, which excludes the amortization of purchased intangibles and deferred compensation and merger related costs, was $15.3 million or $0.15 per share, compared with non-GAAP net income of $13.0 million or $0.15 per share in the same quarter of 2003. Certain amortization of purchased intangible assets and deferred stock compensation was reclassed from cost of revenues to operating expenses to conform the presentation of NetScreen's Statements of Operations to Juniper Networks' presentation. Cash flow provided by operations for the quarter ended March 31, 2004 was $29.5 million, compared to cash provided by operations of $20.4 million for the quarter ended March 31, 2003.
"The results posted by both Juniper and NetScreen as separate companies in the first quarter were strong in all areas," said Scott Kriens, chairman and CEO of Juniper Networks. "The strategy behind the decision to make this acquisition is to leverage the strength of both companies, and these results are a key step in executing our plan to extend Juniper's leadership position in the industry."
Juniper Networks transforms the business of networking by creating competitive advantage for our customers with superior networking and security solutions. Juniper Networks is dedicated to customers who derive strategic value from their networks, including global network operators, enterprises, government agencies and research and educational institutions. Juniper Networks' portfolio of networking and security solutions supports the complex scale, security and performance requirements of the world's most demanding mission critical networks. Additional information can be found at www.juniper.net.
Juniper Networks, the Juniper Networks logo, NetScreen, NetScreen Technologies, the NetScreen logo, NetScreen-Global Pro, ScreenOS, and GigaScreen are registered trademarks of Juniper Networks, Inc. in the United States and other countries.
Statements in this release concerning Juniper Network's business outlook, future financial and operating results, and overall future prospects are forward looking statements that involve a number of uncertainties and risks. 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 Form S-4 and most recent Form 10K filed with the Securities and Exchange Commission. Information regarding NetScreen Technologies, Inc's independent financial results for the quarter ended March 31, 2004 and for prior periods is provided for informational purposes only. Historical NetScreen information relates to periods prior to our acquisition and does not comprise a part of Juniper's financial results for the quarter ended March 31, 2004. The financial results of NetScreen from and after April 16, 2004, the date of the acquisition, will be combined with and included in our financial results, beginning with the quarter ending June 30, 2004. All statements made in this press release are made only as of the date set forth at the beginning of this release. Juniper Networks undertakes no obligation to update the information in this release in the event facts or circumstances subsequently change after the date of this press release.