Network Appliance Continues Revenue Surge

 
 
By eweek  |  Posted 2003-02-11 Print this article Print
 
 
 
 
 
 
 

The storage company increased its revenue for the fifth consecutive quarter.

Network Appliance Inc. increased its revenue for the fifth consecutive quarter, at $228.5 million, with income of $19.7 million, the network-attached storage specialist announced Tuesday. That compares to revenues of $215.2 million last quarter and $198.3 million a year ago, with income of $15.8 million last quarter and just $7 million a year ago. Despite the numbers, the best news for the Sunnyvale, Calif., company in the third quarter was its product success. "The FAS900 series products continue to experience outstanding customer acceptance," CEO Dan Warmenhoven said, in a conference call. Almost half of NAS revenue came from the new model, he said. Also, customers have installed four petabytes of Network Appliances ATA-based NearStore product, he said.
Network Appliance found growth in the manufacturing, energy, high technology, and telecommunications markets, but declined in the life sciences and Internet markets, said Warmenhoven. Its highlight for the quarter was a licensing deal with Hitachi Ltd., of Tokyo.
The company finished the quarter with $538 million in cash and investments and with 2,375 employees, officials said. The companys main high-end competitor is Hopkinton, Mass.s EMC Corp., while it competes against several Windows-based NAS products in the midrange.
 
 
 
 
 
 
 
 
 
 
 

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