NetApp Reports Q3

SUNNYVALE, Calif. -- NetApp (NASDAQ: NTAP), the leader in advanced networked storage solutions, today reported results for the third quarter of fiscal year 2008. Revenues for the third fiscal quarter were $884.0 million, an increase of 21% compared to revenues of $729.3 million for the same period a year ago and an increase of 12% compared to $792.2 million in the prior quarter.

For the third fiscal quarter, GAAP net income was $101.8 million, or $0.29 per share1 compared to GAAP net income of $66.5 million, or $0.17 per share for the same period in the prior year. Non-GAAP2 net income for the third fiscal quarter was $131.7 million, or $0.37 per share, compared to non-GAAP net income of $111.1 million, or $0.29 per share for the same period a year ago.

Revenues for the first nine months of the current fiscal year totaled $2.4 billion, compared to revenues of $2.0 billion for the first nine months of the prior fiscal year, an increase of 18% year over year.

GAAP net income for the first nine months of the current fiscal year totaled $219.9 million, or $0.60 per share, compared to GAAP net income of $208.1 million, or $0.53 per share for the first nine months of the prior fiscal year. Non-GAAP net income for the first nine months of the current fiscal year totaled $324.1 million, or $0.89 per share, compared to non-GAAP net income of $316.5 million, or $0.81 per share for the first nine months of the prior fiscal year.

"By providing customers with the best value in the industry, NetApp again achieved record financial results this quarter," said Dan Warmenhoven, chief executive officer. "Through our efforts to increase our field coverage, expand our product portfolio and diversify our revenue streams, NetApp continues to grow significantly faster than the markets we serve."Network Appliance Inc.