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NetApp Announces Q4 Results

SUNNYVALE, Calif. -- Network Appliance, Inc. (NASDAQ:NTAP - News), the leader in advanced networked storage solutions, today reported results for the fourth quarter and fiscal year 2007. Revenues for the fourth fiscal quarter were $801.2 million, an increase of 34% compared to revenues of $598.0 million for the same period a year ago and an increase of 10% compared to $729.3 million in the prior quarter.

For the fourth fiscal quarter, GAAP net income increased 51% to $89.6 million, or $0.23 per share(1) compared to GAAP net income of $59.2 million, or $0.15 per share for the same period in the prior year. Non-GAAP(2) net income for the fourth fiscal quarter increased 28% to $114.2 million, or $0.30 per share, compared to non-GAAP net income of $89.3 million, or $0.23 per share for the same period a year ago.

Revenues for fiscal year 2007 totaled $2.8 billion, an increase of 36% compared to revenues of $2.07 billion for fiscal year 2006.

For fiscal year 2007, GAAP net income increased 12% to $297.7 million, or $0.77 per share, compared to GAAP net income of $266.5 million, or $0.69 per share for fiscal year 2006. Non-GAAP net income for fiscal year 2007 increased 37% to $430.7 million, or $1.11 per share, compared to non-GAAP net income of $315.3 million, or $0.81 per share for fiscal year 2006.

"Network Appliance had a great finish to a great year. With 36% annual growth, NetApp clearly provides to customers the best value in the industry," said Dan Warmenhoven, chief executive officer. "And while we weren't immune from the March macroeconomic spending slowdown, our competitive differentiation and business fundamentals have never been stronger."

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