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(EMAILWIRE.COM, May 24, 2008 ) HONG KONG – NetApp (NASDAQ: NTAP) reported results for the fourth quarter of fiscal year 2008. Revenues for the fourth fiscal quarter were US$938 million, an increase of 17 per cent compared to revenues of
US$801 million for the same period a year ago and an increase of 6 per cent compared to US$884 million in the prior quarter.
For the fourth fiscal quarter, GAAP net income was US$90 million, or
US$0.26 per share1 compared to GAAP net income of US$90 million, or US$0.23 per share for the same period in the prior year. Non-GAAP2 net income for the fourth fiscal quarter was US$131 million, or US$0.38 per share, compared to non-GAAP net income of US$114 million, or US$0.30 per share for the same period a year ago.
Revenues for fiscal year 2008 totaled US$3.3 billion, an increase of 18 per cent compared to revenues of US$2.8 billion for fiscal year 2007. For fiscal year 2008, GAAP net income increased 4 per cent to US$310 million, or US$0.86 per share, compared to GAAP net income of US$298 million, or
US$0.77 per share for fiscal year 2007. Non-GAAP net income for fiscal year
2008 increased 6 per cent to US$455 million, or US$1.26 per share, compared to non-GAAP net income of US$431 million, or US$1.11 per share for fiscal year 2007.
"NetApp posted a strong finish to the fiscal year, ending the fourth quarter with 17 per cent growth in revenue and 23 per cent 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."
Outlook
- NetApp estimates revenue for the first quarter of fiscal year 2009 to be between US$845 million and US$875 million.
- NetApp estimates that the first quarter fiscal year 2009 GAAP earnings per share will be approximately US$0.09 to US$0.13 per share. NetApp estimates first quarter fiscal year 2009 non-GAAP earnings per share to be approximately US$0.20 to US$0.23 per share.
- As presented at their analyst day in March 2008, NetApp reiterates estimated revenue for the full fiscal year to be between US$3.79 billion and US$3.95 billion.
- As presented at their analyst day in March 2008, NetApp reiterates estimated GAAP earnings per share for the full fiscal year to be approximately US$0.92 to US$0.98 per share and non-GAAP earnings per share to be approximately US$1.40 to US$1.46 per share.
Quarterly Highlights
In the fourth quarter of fiscal year 2008, NetApp launched a new brand identity that makes a bold statement about NetApp's strength in the marketplace and is designed to drive greater understanding of NetApp.
NetApp also continued to help customers transform their data center architectures through higher efficiencies and asset utilisation, greater power, space savings, and innovative data center design and data management techniques.
During the fourth quarter, NetApp unveiled the NetApp Kilo Client, a large testing environment that is designed to exceed the most scalable and extreme performance conditions that most enterprises experience in their data centers.
Also during the quarter, NetApp introduced new products and capabilities as part of the NetApp Manageability Software Family. These new products (SnapManager for Virtual Infrastructure, SnapManager Compatibility with VMware Virtualisation Software, and Provisioning Manager) enable customers to transform their data center architectures. NetApp is providing customers a proven storage platform for virtualised environments to achieve increased service levels, higher asset utilisation, and greater data center power, space, and cooling efficiencies.
NetApp was recognised for its green initiatives with three separate awards for its innovative data center design and its advanced data management techniques to reduce power consumption. IDG's Computerworld, the "Voice of IT Management," selected NetApp as one of the top Green-IT Companies for 2008. IDG's InfoWorld, the leading integrated media brand for IT decision makers, named NetApp a winner in InfoWorld's inaugural Green 15 awards.
NetApp was also named a winner of the prestigious 2008 Green Enterprise IT Award from the Uptime Institute, a leading research-based think-tank and corporate advisory on the business and technology issues related to critical computing environment reliability and energy efficiency.
NetApp continued to gain momentum in the storage software market, growing the fastest among the top five leading storage software providers in 2007.
According to IDC's Worldwide Quarterly Storage Software Tracker Q4 20073, NetApp grew more than three times faster than the storage software market in 2007 and gained share in each market segment in which it provides offerings. This marks the fifth consecutive year that NetApp grew faster than both the storage software market and the market leader.
During this quarter, Gartner, Inc., positioned NetApp in the "Leaders"
quadrant for Enterprise NAS. In a recently released research note, "Magic Quadrant for Midrange and High-End NAS Solutions, 1H08,"4 Gartner asserts, "An enterprise NAS storage vendor in the Leaders quadrant has the market share, credibility, and marketing and sales capabilities needed to drive the acceptance of new technologies. It demonstrates understanding of market needs, is an innovator and thought leader, and has well-articulated plans that customers and prospects can use when designing their storage infrastructures and strategies."
NetApp unveiled a new brand identity and changed the official name of the company from Network Appliance to NetApp. The new brand identity was designed to achieve a broader and deeper awareness of the company and to communicate a consistent promise on a global basis to customers, partners, and employees. The NetApp brand is strongly grounded in NetApp's "create a model company" spirit which is based on the core values of the company, including trust and integrity, leadership, simplicity, teamwork and synergy, and going beyond.
About NetApp
NetApp creates innovative storage and data management solutions that help you accelerate business breakthroughs and achieve outstanding cost efficiency. Discover our passion for helping companies around the world go further, faster at NetApp.com.
"Safe Harbor" Statement Under U.S. Private Securities Litigation Reform Act of 1995This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include all of the statements under the Outlook section relating to our forecasted operating results and metrics for the first quarter fiscal year 2009 and for fiscal year 2009, and statements regarding the performance and breadth of our product and service offerings, relative to our competitors' product and service offerings. These forward-looking statements involve risks and uncertainties, and actual results could vary.
Important factors that could cause actual results to differ materially from those in the forward-looking statements include our ability to build non-deferred backlog to levels consistent with our past results and to increase our revenue over the next several quarters; general economic and industry conditions, including expenditure trends for storage-related products; risks associated with the anticipated growth in network storage and content delivery markets; our ability to deliver new product architectures and enterprise service offerings; competition risks, including our ability to design products and services that compete effectively from a price and performance perspective; risks with new product introductions; our reliance on a limited number of suppliers; our ability to accurately forecast demand for our products and successfully manage our relationships with our contract manufacturers; our ability to expand our direct sales operations and reseller distribution channels; our ability to develop, maintain, and strengthen our relationships and product offerings with strategic partners; risks associated with international operations; our ability to successfully acquire and integrate complementary businesses and technologies; foreign currency exchange rate fluctuations; and other important factors as described in NetApp reports and documents filed from time to time with the Securities and Exchange Commission, including the factors described under the sections captioned "Risk Factors"
in our most recently submitted 10-K and 10-Q. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
1 Earnings per share is calculated using the diluted number of shares for all periods presented.2 Non-GAAP results of operations exclude amortisation of intangible assets, stock-based compensation expenses, acquisition-related retention costs, net gain on sale of investments, gain of sale on assets, restructuring charges/recoveries, prior acquisition-related costs, and the related effects on income taxes as well as certain discrete GAAP provisions for income tax matters recognised ratably for non-GAAP purposes.
3 IDC Worldwide Quarterly Storage Software Tracker Q4 2007.
4 Gartner Magic Quadrant for Midrange and High-End NAS Solutions, 1H08.
Network Appliance Usage of Non-GAAP FinancialsThe Company refers to the non-GAAP financial measures cited above in making operating decisions because they provide meaningful supplemental information regarding the Company's operational performance. These non-GAAP results of operations exclude amortisation of intangible assets, stock-based compensation expenses, acquisition-related retention costs, net gain on sale of investments, gain on sale of assets, restructuring charges/recoveries, prior acquisition-related costs, and the related effects on income taxes as well as certain discrete GAAP provisions for income tax matters recognised ratably for non-GAAP purposes. We have excluded these items in order to enhance investors' understanding of our ongoing operations. The use of these non-GAAP financial measures has material limitations because they should not be used to evaluate our company without reference to their corresponding GAAP financial measures. As such, we compensate for these material limitations by using these non-GAAP financial measures in conjunction with GAAP financial measures.
These non-GAAP financial measures facilitate management's internal comparisons to the Company's historical operating results and comparisons to competitors' operating results. We include these non-GAAP financial measures in our earnings announcement because we believe they are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making, such as employee compensation planning. In addition, we have historically reported similar non-GAAP financial measures to our investors and believe that the inclusion of comparative numbers provides consistency in our financial reporting at this time.
Issued on behalf of NetApp by EBA Communications
For further information please contact:
Emma Jenkins/ Andy Wong (EBA): (852) 2537 8022 Email:Emma.Jenkins@ebacomms.com/andy.wong@ebacomms.com
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NetApp
Howard Jones
(852) 2537 8022
howard.Jones@ebacomms.com 
Source: EmailWire.com
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