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F5 Reports Q2

SEATTLE -- For the second quarter of fiscal 2007, F5 Networks (Nasdaq:FFIV) announced revenue of $127.6 million, up 6 percent from $120.0 million in the prior quarter and 36 percent from $94.1 million in the second quarter of fiscal 2006. Net income was $20.0 million ($0.47 per diluted share), compared to $22.4 million ($0.53 per diluted share) in the prior quarter, which included a one-time tax benefit of $0.04 per share. Net income was $16.1 million ($0.39 per diluted share) in the second quarter a year ago.

The companys solid revenue gains reflect the continuing strength of its core application delivery networking business, which grew 8 percent during the quarter and accounted for 92 percent of total revenue. John McAdam, F5 president and chief executive officer, said the strength of the company’s core business relative to its WAN optimization and security offerings was no surprise and further validated the company’s plans to port WANJet and FirePass to TMOS and integrate their functionality into its application delivery networking solutions. TMOS-based versions of both products are scheduled for delivery in late summer.

“In the meantime, the rich functionality of BIG-IP’s TMOS-based solution set, coupled with the flexibility of iRules and the high-performance of our integrated hardware platforms, is continuing to open new market opportunities,” McAdam said. “Along with growing demand in large enterprises, changes in the technology landscape are driving telecommunications companies and internet service providers to look for new and better ways to manage the complex array of data, information and services they are attempting to provide their customers. From the perspective of both functionality and performance, our family of BIG-IP products offers these organizations the widest array of fully-integrated solutions to meet their needs, and we are continuing to invest in all areas of our business to take advantage of these opportunities.”

F5 Networks Inc.