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Juniper Reports Strong Earnings, Promises More

Ascending for the first time into the rarefied air of billion-dollar companies, Juniper Networks reported financial results on Tuesday for the quarter and annual periods ended Dec. 31, 2004.

The results largely exceeded analysts' projections. Net revenues for fiscal year 2004 were $1,336.0 million, 90 percent higher than last year's $701.4 million. Net revenues for the fourth quarter were $430.1 million, up 108 percent over the $207.0 million for the same period last year.

"We had a very strong quarter on revenue and many other metrics," says Juniper CEO Scott Kriens. "Over the past year, we've retooled the systems and processes behind any of our tools, and now we're seeing the results of the changes we made."

GAAP net income for the fourth quarter was $66.0 million or $0.11 per share, compared to $14.7 million or $0.03 per share in the fourth quarter last year. Non-GAAP net income was $85.9 million or $0.15 per share, compared to $27.7 million or $0.06 per share in the fourth quarter of 2003.

GAAP net income for calendar year 2004 was $135.7 million or $0.25 per share, compared to $39.2 million or $0.09 per share during 2003. Non-GAAP net income for 2004 was $238.6 million or $0.44 per share, compared to $59.0 million or $0.14 per share during 2003. Cash provided by operations was $142.5 million for the fourth quarter, compared to cash provided by operations of $62.9 million for the same period last year. Cash provided by operations for 2004 was $439.4 million, up from $178.6 million in 2003. Capital expenditures and depreciation during the fourth quarter were $18.5 million and $11.5 million, respectively.

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