Sunnyvale, CA - January 15, 2004 -- Juniper Networks, Inc. (NASDAQ: JNPR) today reported its results for the fourth quarter and annual periods ending December 31, 2003.
Net revenues for the fourth quarter were $207.0 million, compared with $155.3 million for the same period last year, an increase of 33 percent.
GAAP net income for the fourth quarter was $14.7 million or $0.04 per share, compared with a GAAP net income of $8.5 million or $0.02 per share in the fourth quarter of 2002. Non-GAAP net income, which excludes restructuring expenses, the amortization of purchased intangibles and deferred compensation, and the loss on the partial retirement of the 4.75% Convertible Subordinated Notes was $27.7 million or $0.07 per share, compared with non-GAAP net income of $2.7 million or $0.01 per share in the fourth quarter of 2002.
Net revenues for the year ended December 31, 2003 were $701.4 million, compared with $546.5 million for year ended December 31, 2002, an increase of 28 percent.
GAAP net income for the year ended December 31, 2003 was $39.2 million or $0.10 per share, compared with a GAAP net loss of $119.7 million or $0.34 per share for the same period last year. Non-GAAP net income, which excludes restructuring expenses, in-process research and development expenses, integration expenses, the amortization of purchased intangibles and deferred compensation, an adjustment to the purchase price of an acquisition, the gain on the sale of investments, the write-down of investments and the gain (loss) on the partial retirement of the 4.75% Convertible Subordinated Notes was $59.0 million or $0.15 per share, compared with non-GAAP net loss of $4.8 million or $0.01 per share for the same period last year.
Cash provided by operations was $62.9 million for the fourth quarter, which brings cash provided by operations for the year ended December 31, 2003 to $178.6 million, compared to cash provided by operations of $2.4 million for the year ended December 31, 2002. Capital expenditures and depreciation during the fourth quarter were $5.3 million and $8.2 million respectively.
'The fourth quarter was exceptionally strong, and the value Juniper brings to market is clearly reflected in all aspects of our financial results,' said Scott Kriens, chairman and CEO of Juniper Networks. 'We are pleased with our progress throughout 2003, and encouraged by the confidence our customers have placed in Juniper as we look forward to 2004.'
An audio replay of the conference call is available at http://www.juniper.net/company/investor/conferencecall.html or you can call the replay at 001-402-977-9140 and enter the reservation number, 21180428, through January 22, 2004. The replays will be available 24 hours/day, including weekends.
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. The Infranet Initiative uses Juniper Networks MINT (Model for InfraNet Transformation) as its underlying framework. 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, M7i, M10, M10i, 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.
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they ever materialize or prove incorrect, could cause the results of Juniper Networks to differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any projections of earnings, revenues, margins, synergies or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing; and other risks that are described from time to time in Securities and Exchange Commission reports filed after Juniper Networks' Annual Report on Form 10-K for the fiscal year ended Decem! ber 31, 2003. Juniper Networks assumes no obligation and does not intend to update these forward-looking statements.
Q4'03 and Year End 2003 Financial Results: http://www.juniper.net/company/presscenter/pr/2004/pr-040115.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: 06 2890 9918
E-mail: evelien@lvtpr.nl