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NetApp Q3 Profit Triples

Network Appliance Inc. (Nasdaq: NTAP), late Tuesday announced its third-quarter net income tripled from a year earlier and attributed the growth to its FAS 900 unified storage and NearStore backup products (see NetApp Posts Higher Q3 Profit and NetApp Has 100 NearStore Users).

For the quarter ended Jan. 24, NetApp reported net income of $19.7 million, or six cents a share, compared with $7 million, or two cents a share, a year earlier. Revenue jumped 15 percent to $228.5 million from $198.3 million.

Our accelerating growth rate demonstrates the success we've achieved in expanding our customer base, strengthening our partnerships, and the strong market reception of our unified storage and NearStore families," said Dan Warmenhoven, CEO of Network Appliance, on a conference call Tuesday evening (see HDS OEMs NetApp: Big Deal?).

Almost 50 percent of filer revenue in the quarter came from the FAS 900 unified SAN/NAS system which continued its “outstanding acceptance” in the industry, said Warmenhoven. “It’s the fastest takeup of any product in our history."

The FAS 900 is a storage array that supports both SAN-attached and network-attached storage in a single system (see NetApp Does the Storage Two-Step).

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