NetApp releases Q3 results
NetApp releases Q3 results
Network Appliance has announced its results for the third quarter of fiscal year 2003. Following similar results from Veritas and Quantum, the figures from Network Appliance were healthy.
Revenues for the third quarter were US$228.5 million, which is an increase of 15 per cent when compared to the revenues of $198.3 million for the same period a year ago and a six per cent increase compared to $215.2 million in the prior quarter.
The generally accepted accounting principles (GAAP) net income increased by 182 per cent to $19.7 million, which is $0.06 per share. Pro forma net income for the third quarter increased by 47 per cent to $22.7 million, which also $0.06 per share.
Revenues for the first nine months of the current fiscal year totalled $650.5 million, up from revenues of $593.5 million for the same period in the prior year.
GAAP net income for the first nine months was $51.6 million. For the last fiscal year NetApp made a lost of $4.7 million. Pro forma net income for the nine months totalled $58.3 million, up from $27.8 million for the nine months of the previous year.
Speaking about the good results the CEO of NetApp Dan Warmenhoven said; "Our accelerating growth rate demonstrates the success we've achieved in expanding our customer base, strengthening our partnerships and a strong market reception." Amongst the highlights which helped NetApp were the new partnerships with Hitachi and Microsoft.
Head of the local branch office of American based NetApp Micahel Burnie said locally the branch office had had a good quarter and he believes the market is 50 per cent better than it was this time a year ago.
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