Sunnyvale, CA - October 11, 2002 - Juniper Networks, Inc. (NASDAQ: JNPR), a leading provider of trusted IP infrastructures for the New Public Network, today reported its third quarter results for the period ending September 30, 2002.
Net revenues for the third quarter were $152.0 million, compared with $201.7 million for the same period last year, a decrease of 25%. Pro forma net loss was $8.4 million or $0.02 per share, compared with pro forma net income of $32.5 million or $0.10 per share for the third quarter of 2001.
Actual net loss for the third quarter, which includes amortization of purchased intangibles and deferred stock compensation, in-process research and development, restructuring and other operating costs, integration costs, gain on debt extinguishment and losses on equity investment write-downs, was $88.3 million or $0.24 per share, compared with a net loss of $29.7 million or $0.09 per share in the third quarter of 2001.
Net revenues for the first nine months of 2002 were $391.3 million, compared with $736.0 million for the same nine-month period in 2001. Pro forma net loss for the first nine months of 2002 was $7.5 million or $0.02 per share, compared with pro forma net income of $154.0 million or $0.45 per share during the same nine-month period in 2001. Actual net loss for the first nine months of 2002 was $128.1 million or $0.37 per share, compared with actual net loss of $8.3 million or $0.03 per share during the same nine-month period in 2001.
As announced on July 2, 2002, Juniper Networks completed the acquisition of Unisphere Networks, which included $375M in cash and 36.5 million shares of Juniper Networks common stock. All results for the three-month period ending September 30, 2002, reflect the completion of the Unisphere Networks acquisition.
'Given the tough market conditions and the integration of our recent acquisition, we are pleased to have met the goals we set for the company for the third quarter,' said Scott Kriens, Chairman and CEO of Juniper Networks. 'We continue to expand our market success with the largest and most important customers in the industry.'
About Juniper Networks
Juniper Networks leads the industry in turning network innovation into the reliable delivery of core, edge, mobile and cable Internet services at scale for the New Public Network. Headquartered in Sunnyvale, California, Juniper Networks offers additional information on its product and service offerings at http://www.juniper.net.
Juniper Networks is registered in the U.S. Patent and Trademark Office and in other countries as a trademark of Juniper Networks, Inc. Broadband Cable Processor, ERX, ESP, G1, G10, G-series, Internet Processor, JUNOS, JUNOScript, M5, M10, M20, M40, M40e, M160, M-series, NMC-RX, SDX, ServiceGuard, T320, T640, T-series, UMC, and Unison are trademarks of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.
Actual results could differ materially from those anticipated in forward-looking statements in this release as a result of certain factors, including those set forth in the risk factors described in the Company's SEC filings, including its recent Form 10K.
More information: http://www.juniper.net/news/pressreleases/2002/pr-021010.html
Investor Relations Contact
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