Rubrik: World-wide News/Products & News

Juniper Networks: Q1'04 Financial Results

Net Revenues for the First Quarter Were 224.1 Million Dollar

(30.04.04) - Juniper Networks, Inc. (NASDAQ: JNPR) reported its results for the quarter ending March 31, 2004. Net revenues for the first quarter were 224.1 million Dollar, compared with 157.2 million Dollar for the same period last year, an increase of 43 percent. GAAP net income for the first quarter was 33.5 million Dollar or 0.08 Dollar per share, compared with a GAAP net income of 3.7 million Dollar or 0.01 Dollar per share in the first quarter of 2003. Non-GAAP net income, which excludes the amortization of purchased intangibles and deferred compensation and the gain on the sale of investments, was 36.4 million Dollar or 0.09 Dollar per share, compared with non-GAAP net income of 6.3 million Dollar or 0.02 Dollar per share in the first quarter of 2003.

Cash provided by operations was 72.8 million Dollar for the first quarter, compared to cash provided by operations of 12.4 million Dollar for the same period last year. Capital expenditures and depreciation during the first quarter were 7.6 million Dollar and 8.6 million Dollar , respectively.

NetScreen Technologies, which was acquired by Juniper Networks on April 16, 2004, had net revenues for the quarter ending March 31, 2004 of 93.5 million Dollar, compared with 58.3 million Dollar for the same period last year, an increase of 60 percent. GAAP net loss for the quarter was 3.0 million Dollar or 0.03 per share, compared with a GAAP net income of 5.9 million Dollar or 0.07 per share in the same quarter of 2003. Non-GAAP net income, which excludes the amortization of purchased intangibles and deferred compen-sation and merger related costs, was 15.3 million Dollar or 0.15 per share, compared with non-GAAP net income of 13.0 million Dollar or 0.15 per share in the same quarter of 2003. Certain amortization of purchased intangible assets and deferred stock compensation was reclassed from cost of revenues to operating expenses to conform the presentation of NetScreen's Statements of Operations to Juniper Networks' presentation. Cash flow provided by operations for the quarter ended March 31, 2004 was 29.5 million Dollar, compared to cash provided by operations of 20.4 million Dollar for the quarter ended March 31, 2003.

"The results posted by both Juniper and NetScreen as separate companies in the first quarter were strong in all areas," said Scott Kriens, chairman and CEO of Juniper Networks. "The strategy behind the decision to make this acquisition is to leverage the strength of both companies, and these results are a key step in executing our plan to extend Juniper's leadership position in the industry." (ma)

Juniper Networks

Kontakt: Kathy Durr

Tel. (001-408) 745-5058

E-Mail: kdurr@juniper.net

Web: www.juniper.net