NetApp Posts Q4

SUNNYVALE, Calif. -- NetApp (NASDAQ:NTAP), today reported results for the fourth quarter of fiscal year 2008. Revenues for the fourth fiscal quarter were $938 million, an increase of 17% compared to revenues of $801 million for the same period a year ago and an increase of 6% compared to $884 million in the prior quarter.
For the fourth fiscal quarter, GAAP net income was $90 million, or $0.26 per share1 compared to GAAP net income of $90 million, or $0.23 per share for the same period in the prior year. Non-GAAP2 net income for the fourth fiscal quarter was $131 million, or $0.38 per share, compared to non-GAAP net income of $114 million, or $0.30 per share for the same period a year ago.

Revenues for fiscal year 2008 totaled $3.3 billion, an increase of 18% compared to revenues of $2.8 billion for fiscal year 2007. For fiscal year 2008, GAAP net income increased 4% to $310 million, or $0.86 per share, compared to GAAP net income of $298 million, or $0.77 per share for fiscal year 2007. Non-GAAP net income for fiscal year 2008 increased 6% to $455 million, or $1.26 per share, compared to non-GAAP net income of $431 million, or $1.11 per share for fiscal year 2007.

NetApp posted a strong finish to the fiscal year, ending the fourth quarter with 17% growth in revenue and 23% growth in storage systems,” said Dan Warmenhoven, chairman and chief executive officer. “With solid performance from most areas around the world, customers continue to validate that NetApp provides them with comprehensive storage and data management solutions at the lowest cost of ownership in the industry.”

NetApp Inc.