NetApp Revenue Up

By eweek  |  Posted 2003-11-19
Network Appliance Inc. earned $48.4 million on $275.6 million in revenue for its second fiscal quarter of 2004, officials said Tuesday.

Both figures are significantly better than the prior quarters numbers of $27.1 million on $260.5 million and the year-ago quarters $15.8 million on $215.2 million.

"I am very pleased with our results and our continued growth," CEO Dan Warmenhoven said, in a prepared statement.

"We achieved a significant milestone this quarter with regards to capacity, shipping 11 and a half petabytes of storage. This is the first time weve shipped more than 10 petabytes of storage in a single quarter," he added, in a conference call.

Network Appliance in the quarter launched new software to support iSCSI and made its SnapLock vaulting software compliant to federal e-mail archiving regulations, Warmenhoven noted, in Sunnyvale, Calif.

At the quarters close, the company had 2,430 employees and $722 million in cash and investments, CFO Steve Gomo said. Revenue for the third quarter will rise three-to-seven percent, he predicted.

Network Appliance in Jan. 2004 will finalize its recently announced $300 million acquisition of storage clustering specialist Spinnaker Networks Inc., based in Pittsburgh, he said.

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