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NetApp Announces Earnings

SUNNYVALE, Calif. -- Network Appliance, Inc. (NASDAQ:NTAP), the leader in advanced networked storage solutions, today reported results for the second quarter of fiscal year 2008. Revenues for the second fiscal quarter were $792.2 million, an increase of 21% compared to revenues of $652.5 million for the same period a year ago and an increase of 15% compared to $689.2 million in the prior quarter.

For the second fiscal quarter, GAAP net income was $83.8 million, or $0.23 per share1 compared to GAAP net income of $86.9 million, or $0.22 per share for the same period in the prior year. Non-GAAP2 net income for the second fiscal quarter was $116.4 million, or $0.32 per share, compared to non-GAAP net income of $108.9 million, or $0.28 per share for the same period a year ago.

Revenues for the first six months of the current fiscal year totaled $1.48 billion, compared to revenues of $1.27 billion for the first six months of the prior year, an increase of 16% year over year.

GAAP net income for the first six months of the current fiscal year totaled $118.1 million, or $0.32 per share, compared to GAAP net income of $141.6 million, or $0.36 per share for the first six months of the prior fiscal year. Non-GAAP net income for the first six months of the current fiscal year totaled $192.4 million, or $0.52 per share, compared to non-GAAP net income of $205.4 million, or $0.53 per share for the first six months of the prior fiscal year.

The NetApp team delivered an outstanding quarter, with a combination of high revenue growth and good expense management,” said Dan Warmenhoven, chief executive officer. “The revenue growth was driven by strength in U. S. Federal and much of Europe and Asia, and largely offset the continued sluggishness in U.S. enterprise spending. Our innovative solutions provide customers with higher utilization, simpler operations, and reduced costs, and those advantages enable us to continue to gain share in a more constrained spending environment.”

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