News Column

F5 Networks Announces Results for First Quarter of Fiscal 2014

February 6, 2014



By a News Reporter-Staff News Editor at Computer Weekly News -- For the first quarter of fiscal 2014, ended December 31, F5 Networks, Inc. (NASDAQ: FFIV) announced revenue of $406.5 million, up 3 percent from $395.3 million in the prior quarter and 11 percent from $365.5 million in the first quarter of fiscal 2013.

GAAP net income was $68.0 million ($0.87 per diluted share), compared to $76.2 million ($0.97 per diluted share) in the prior quarter and $69.5 million ($0.88 per diluted share) in the first quarter a year ago.

Excluding the impact of stock-based compensation and amortization of purchased intangible assets, non-GAAP net income was $94.8 million ($1.22 per diluted share), compared to $99.2 million ($1.26 per diluted share) in the prior quarter and $90.6 million ($1.14 per diluted share) in the first quarter of last year.

A reconciliation of GAAP net income to non-GAAP net income is included on the attached Consolidated Statements of Operations.

"During the first quarter, increasing demand for the new hardware and software products we introduced in fiscal 2013 continued to drive product revenue, which increased 3 percent from the prior quarter and 7 percent year over year," said John McAdam, F5 president and chief executive officer. "Strong sales across all geographic regions reflected both demand for the new products and positive customer response to our 'Good, Better, Best' pricing model we introduced in early November.

"In addition to delivering a broad array of new products and solutions, we have continued to partner with industry leaders to ensure that our products complement theirs to optimize the security, performance and availability of applications. During the November rollout of our new Synthesis framework for software-defined application services, we highlighted a number of partnerships with the leading developers of software-defined networking technology (SDN). As SDN begins to gain traction, we believe these partnerships will open up new and expanding market opportunities for our products.

"Reflecting our confidence in the company's near-term prospects and our determination to continue investing in our long-term growth, we added another 165 employees during the first quarter of fiscal 2014. We remain confident that the momentum we saw in the last two quarters will continue through the current quarter and into the back half of the year.

"For the current quarter, ending March 31, we have set a revenue goal of $408 million to $418 million with a GAAP earnings target of $0.87 to $0.90 per diluted share and a non-GAAP earnings target of $1.23 to $1.26 per diluted share."

Keywords for this news article include: Software, F5 Networks Inc..

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Source: Computer Weekly News


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