Sunnyvale, CA - July 10, 2003 - Juniper Networks, Inc. (NASDAQ: JNPR) today reported its second quarter results for the period ending June 30, 2003.
Net revenues for the second quarter were $165.1 million, compared with $117.0 million for the same period last year, an increase of 41 percent.
GAAP net income for the second quarter was $13.6 million or $0.03 per share, compared with a GAAP net income of $6.2 million or $0.02 per share in the second quarter of 2002. Non-GAAP net income, which excludes an adjustment to the purchase price of an acquisition, the amortization of purchased intangibles and deferred compensation, the gain on the sale of investments and the gain on the partial retirement of the convertible subordinated notes was $10.3 million or $0.03 per share, compared with non-GAAP net income of $0.4 million or $0.00 per share in the second quarter of 2002.
Net revenues for the six months ended June 30, 2003 were $322.3 million, compared with $239.3 million for the same period last year, an increase of 35 percent.
GAAP net income for the six months ended June 30, 2003 was $17.3 million or $0.04 per share, compared with a GAAP net loss of $39.8 million or
$0.12 per share for the same period last year. Non-GAAP net income, which excludes an adjustment to the purchase price of an acquisition, the amortization of purchased intangibles and deferred compensation, the gain on the sale of investments, the write-down of investments and the gain on the partial retirement of the convertible subordinated notes was $16.6 million or $0.04 per share, compared with non-GAAP net income of $0.8 million or $0.00 per share for the same period last year.
Cash provided by operations was $60.3 million for the second quarter, which brings cash provided by operations for the six months ended June 30, 2003 to $72.7 million, compared to cash provided by operations of $39.9 million for the six months ended June 30, 2002.
'The second quarter was strong,' said Scott Kriens, chairman and CEO of Juniper Networks. 'We continue to be encouraged by both the broadband momentum around the world as well as the sound financial footing of Juniper Networks in the marketplace.'
About Juniper Networks, Inc.
Juniper Networks transforms the business of networking by converting a commodity - bandwidth - into a dependable, secure, and highly valuable corporate asset. Founded in 1996 to meet the stringent demands of service providers, Juniper Networks is now relied upon by the world's leading network operators, government agencies, research and education institutions, and information-intensive enterprises as the foundation for uncompromising networks. Juniper Networks is headquartered in Sunnyvale, California. Additional information can be found at www.juniper.net.
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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 most recent Form 10K.
View q2'03 financial results at
http://www.juniper.net/company/presscenter/pr/2003/pr-030710.html
Media Relations/Analyst Contact
Juniper Networks
Niek van Bemmel
Phone: 06 1272 3713
E-mail: niek@juniper.net
Lammers van Toorenburg Benelux PR
Evelien van Dongen
Phone: 030 656 50 70
E-mail: juniper@lvtpr.nl