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F5 Reports Q1

SEATTLE -- For the first quarter of fiscal 2007, F5 Networks (Nasdaq:FFIV) announced revenue of $120.0 million, up 7 percent from $111.7 million in the prior quarter and 36 percent from $88.1 million in the first quarter of fiscal 2006. Net income was $22.4 million ($0.53 per diluted share), compared to $17.8 million ($0.43 per diluted share) in the prior quarter and $15.2 million ($0.37 per diluted share) in the first quarter a year ago.

According to F5 president and chief executive officer John McAdam, the companys revenue growth during the quarter was driven primarily by strong enterprise sales in North America. “Including Central and South America, revenue for the Americas grew 13 percent sequentially, and 39 percent year over year. Growth in Europe was solid while Asia-Pacific revenue was down slightly from the prior quarter. Japan revenue was also down sequentially but was consistent with the seasonal pattern we’ve seen there during the past three years.

“In addition to solid growth in our core business, which accounted for 90% of total revenue, security and WAN optimization revenue grew sequentially. As FirePass and WANJet become available on TMOS at the end of fiscal 2007, we believe the integration of these products will add further impetus to sales of our core products,” McAdam said.

F5 Networks Inc.