Network Appliance Announces Fourth Quarter Results
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Network Appliance today announced results for the fourth quarter and fiscal year 2001. Revenues for the fourth fiscal quarter were $225.8 million, an increase of 13% compared to revenues of $200.0 million for the same period a year ago.
According to the company, revenues for the fiscal year 2001 totaled $1.0 billion, an increase of 74% compared to revenue of $579.3 million for the fiscal year 2000. For fiscal year 2001, pro forma net income increased 56% to $116.4 million, or $0.32 per share, compared to pro forma net income of $74.8 million, or $0.22 per share for the fiscal year 2000. Pro forma net income per share for the fiscal year 2001 increased approximately 49% from the fiscal year 2000. Actual net income for the fiscal year 2001 was $74.8 million, or $0.21 per share, compared with $73.8 million, or $0.21 for the same period a year ago.
Dan Warmenhoven, CEO of Network Appliance, said "reaching the $1 billion annual revenue mark is an important accomplishment for Network Appliance. It is a validation of our appliance business strategy, innovative technology and our vision for the revolution of storage networking. While the fourth quarter was challenging, Network Appliance is strategically positioned for consistent, long term future growth."