SUNNYVALE, CA - (Marketwired - Jan 13, 2014) - Juniper Networks (NYSE: JNPR) the industry leader in network innovation, today commented on the filing of a Schedule 13D made by Elliott Management Corp. ("Elliott") stating that Elliott-related funds beneficially own 6.2% of Juniper in stock and options.
The Company issued the following statement:
Juniper welcomes open communications with its shareholders and values their input.
Juniper continues to deliver improved financial and operational performance as evidenced by five consecutive quarters of year-over-year revenue growth and our continued efforts to streamline the Company's cost base. We have a proven record of generating and returning cash to shareholders having returned approximately 105% of Juniper's free cash flow to shareholders in the last three years (fourth quarter of 2010 through third quarter of 2013) representing a total return of approximately $1.7 billion. Juniper continues to focus on returning capital to our shareholders. We believe Juniper has an innovative and robust product portfolio and is well positioned to deliver enhanced shareholder value and we are optimistic about the growth opportunities in the key markets we serve.
The Elliott presentation was received this morning and we have not had any discussions with Elliott with respect to its content. The Company intends to review it carefully.
Wilson Sonsini Goodrich & Rosati is acting as Juniper's legal counsel and Goldman, Sachs & Co. is acting as financial advisor.
About Juniper Networks
Juniper Networks (NYSE: JNPR) delivers innovation across routing, switching and security. From the network core down to consumer devices, Juniper Networks' innovations in software, silicon and systems transform the experience and economics of networking. Additional information can be found at Juniper Networks (www.juniper.net) or connect with Juniper on Twitter and Facebook.
Juniper Networks and Junos are registered trademarks of Juniper Networks, Inc. in the United States and other countries. The Juniper Networks and Junos logos are trademarks of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.
Statements in this press release concerning Juniper Networks' prospects, future products and prospective benefits to customers are forward-looking statements that involve a number of uncertainties and risks. Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of certain factors, including delays in scheduled product availability, the company's failure to accurately predict emerging technological trends, and other factors listed in Juniper Networks' most recent reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission. All statements made in this press release are made only as of the date of this press 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. Any future product, feature, enhancement or related specification that may be referenced in this press release are for information purposes only, are subject to change at any time without notice and are not commitments to deliver any future product, feature, enhancement or related specification. The information contained in this press release is intended to outline Juniper Networks' general product direction and should not be relied on in making a purchasing decision.