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Juniper Networks, Inc. Reports Q1'05 Financial Results

Q1'05 Net Revenue $449.1M; GAAP EPS $0.13; Non-GAAP EPS $0.16

Complete Q1'05 Financial Results

Sunnyvale, CA - April 19, 2005 - Juniper Networks, Inc. (NASDAQ: JNPR) today reported its results for the quarter ended March 31, 2005.

Net revenues for the quarter were $449.1 million, compared to $224.1 million for the same period last year, an increase of 100%.

GAAP net income for the quarter was $75.4 million or $0.13 per share, compared to a GAAP net income of $33.5 million or $0.08 per share in the first quarter of 2004. Non-GAAP net income was $91.9 million or $0.16 per share, compared to non-GAAP net income of $36.4 million or $0.08 per share in the first quarter of 2004. See the table at the bottom of the Non-GAAP Condensed Consolidated Statements of Operations for a reconciliation of the non-GAAP net income to the GAAP net income.

Cash provided by operations was $134.4 million for the quarter, compared to cash provided by operations of $72.8 million for the same period last year. Capital expenditures and depreciation during the quarter were approximately $22.5 million and $11.7 million, respectively.

"We are once again pleased with the results behind a solid quarter of growth in both our financial metrics as well as our marketplace progress," said Scott Kriens, chairman and CEO of Juniper Networks. "The themes behind our success remain the same - innovation, focus, execution - all of which makes the delivery of our continued growth possible and expands our leadership presence in the industry".

Juniper Networks is focusing on leveraging its traffic processing expertise to deliver secure and assured networking to help our customers in numerous ways and across different geographies.

  • Juniper Networks is enabling its service provider customers to enhance their businesses through the delivery of higher-margin content and network-based services. With the recently announced acquisition of Kagoor Networks the company is extending the value offered to these customers, allowing them to deliver rich services such as Voice-over-IP with security and assurance.
  • An increasing number of service providers worldwide are offering both network and customer premise equipment (CPE) -based managed SSL VPN services based on our market leading products. These solutions enable them to deliver flexibility, security, and performance assurances to their customers across a range of operating environments and usage conditions.
  • Juniper Networks is delivering solutions to secure intranets and extranets by rebuilding trust in the network. This includes enabling customers to identify and address not only who is on the network, and what device they are using, but also what they are trying to do on the network.
  • In addition, Juniper Networks is seeing the robustness and quality of the portfolio extending into the enterprise through our J-series and M-series platforms. These platforms are being deployed by service providers, either as managed CPE offerings to upgrade premium managed services and deliver end-to-end quality of service, or by large distributed enterprises for whom centralized management, MPLS and robust software are key in supporting their mission critical business functions.

Juniper Networks will host a conference call web cast today, April 19, 2005 at 1:45 p.m. (Pacific Time), to be broadcasted live over the Internet https://www.juniper.net/company/investor/conferencecall.html. The conference call will be archived on the Juniper Networks website until May 19, 2005. A replay will be accessible by telephone after 3:00 p.m. Pacific Time through April 26th, 2005 by dialing 800-633-8284 (or 402-977-9140), reservation number, 21238298. The replays will be available 24 hours/day, including weekends.

About Juniper Networks, Inc.

Juniper Networks is the leader in enabling secure and assured communications over a single IP network. The company's purpose-built, high performance IP platforms enable customers to support many different services and applications at scale. Service providers, enterprises, governments and research and education institutions worldwide rely on Juniper Networks to deliver products for building networks that are tailored to the specific needs of their users, services and applications. Juniper Networks' portfolio of proven networking and security solutions supports the complex scale, security and performance requirements of the world's most demanding 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 Networks' 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 those forward-looking statements as a result of certain factors, including: general economic conditions globally or regionally; business and economic conditions in the networking industry; changes in overall technology spending; the network capacity requirements of communication service providers; increases in competition; the timing of orders and their fulfillment; availability and cost of key parts and supplies; ability to establish and maintain relationships with distributors and resellers; variations in the expected mix of products sold; changes in customer mix; customer and industry analyst perceptions of Juniper Networks and its technology, products and future prospects; delays in scheduled product availability; market acceptance of our products and services; rapid technological and market change; adoption of regulations or standards affecting our products, services or industry; the ability to successfully acquire, integrate and manage businesses and technologies; product defects, returns or vulnerabilities; the ability to recruit and retain key personnel; currency fluctuations; litigation; and other factors listed in our most recent report on Form 10-K filed with the Securities and Exchange Commission. 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.

Complete Q1'05 Financial Results