SEATTLE -- F5 Networks, Inc. (NASDAQ: FFIV) today announced revenue of $165.6 million for the first quarter of fiscal 2009, down 3.3 percent from $171.3 million in the prior quarter and up 7.4 percent from $154.2 million in the first quarter of fiscal 2008.
GAAP net income for the first quarter was $21.4 million ($0.27 per diluted share) compared to $19.7 million ($0.24 per diluted share) in the fourth quarter of 2008 and $17.8 million ($0.21 per diluted share) in the first quarter a year ago.
Excluding the impact of stock-based compensation, non-GAAP net income for the first quarter was $32.3 million ($0.40 per diluted share), compared to $33.4 million ($0.41 per diluted share) in the prior quarter and $28.8 million ($0.33 per diluted share) in the first quarter of fiscal 2008.
A reconciliation of GAAP net income to non-GAAP net income is included on the attached Consolidated Statements of Operations.
As we announced on January 6th, the primary reason for the revenue shortfall was a sudden fall-off in North American sales during the last week of December, said John McAdam, F5 president and chief executive officer. Our current analysis indicates that most of these deals were pushed into our second or third quarter of 2009 due to budget constraints. However, several were postponed indefinitely as customers evaluate their expense budgets in light of the continued recession.
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