Juniper Networks, Inc. Reports Q3'03 Financial Results

Net revenues for the third quarter were $172.1 million, compared with $152.0 million for the same period last year, an increase of 13 percent.

GAAP net income for the third quarter was $7.2 million or $0.02 per share, compared with a GAAP net loss of $88.3 million or $0.24 per share in the third quarter of 2002. Non-GAAP net income, which excludes restructuring expenses, in-process research and development expenses, integration expenses, the amortization of purchased intangibles and deferred compensation, the write-down of investments and the gain on the partial retirement of the 4.75% Convertible Subordinated Notes was $14.7 million or $0.04 per share, compared with non-GAAP net loss of $8.4 million or $0.02 per share in the third quarter of 2002.

Net revenues for the nine months ended September 30, 2003 were $494.4 million, compared with $391.3 million for the same period last year, an increase of 26 percent.

GAAP net income for the nine months ended September 30, 2003 was $24.5 million or $0.06 per share, compared with a GAAP net loss of $128.1 million or $0.37 per share for the same period last year. Non-GAAP net income, which excludes an adjustment to the purchase price of an acquisition, restructuring expenses, in-process research and development expenses, integration expenses, 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 4.75% Convertible Subordinated Notes was $31.3 million or $0.08 per share, compared with non-GAAP net loss of $7.5 million or $0.02 per share for the same period last year.

Cash provided by operations was $42.9 million for the third quarter, which brings cash provided by operations for the nine months ended September 30, 2003 to $115.6 million, compared to cash used in operations of $3.9 million for the nine months ended September 30, 2002. Capital expenditures and depreciation during the third quarter were $4.6 million and $11.1 million respectively.

'The quarter was once again strong, confirmed by all marketplace and financial metrics,' said Scott Kriens, chairman and CEO of Juniper Networks. 'Juniper continues to benefit immensely from the alignment we have built with the business and networking strategy of our customers.'

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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.

Juniper Networks is registered in the U.S. Patent and Trademark Office and in other countries as a trademark of Juniper Networks, Inc. ERX, ESP, E-series, Internet Processor, J-Protect, JUNOS, JUNOScript, JUNOSe, M5, M10, M20, M40, M40e, M160, M-series, NMC-RX, SDX, T320, T640, and T-series 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.

See financial results http://www.juniper.net/company/presscenter/pr/2003/pr-031009.html
 
For more information:
 
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