F5 Networks Reports Results for 1st Quarter of Fiscal 2013

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[January 28, 2013]

F5 Networks Reports Results for 1st Quarter of Fiscal 2013

Jan 28, 2013 (Close-Up Media via COMTEX) -- For the first quarter of fiscal 2013, F5 Networks, Inc. announced revenue of $365.5 million, up 1 percent from $362.6 million in the prior quarter and 13 percent from $322.4 million in the first quarter of fiscal 2012.

In a release on January 23, the company noted that GAAP net income was $69.5 million ($0.88 per diluted share), compared to $67.7 million ($0.85 per diluted share) in the prior quarter and $66.5 million ($0.83 per diluted share) in the first quarter a year ago.

Excluding the impact of stock-based compensation and amortization of purchased intangible assets, non-GAAP net income was $90.6 million ($1.14 per diluted share), compared to $88.7 million ($1.12 per diluted share) in the prior quarter and $82.2 million ($1.03 per diluted share) in the first quarter of last year.

"During the first quarter, strong sales to North American enterprises and service providers were offset by a substantial slowdown in U.S. Federal sales," said John McAdam, F5 president and chief executive officer. "Japan sales were also weak during the quarter, in contrast to continuing strength in Europe and solid year-over-year growth in the rest of the Asia-Pacific region.

"A key driver of product revenue in the quarter was strong demand for BIG-IP 4200v, the first in our series of new ADC appliances, which we introduced in mid-October. Recently, we began shipping our new entry-level appliances, the 2000 series, which will be announced during the next few weeks along with our new high-end appliance, BIG-IP 10200, and our 8-blade Viprion 4800 chassis.

"During the quarter, sales of our software modules and virtual edition (VE) products continued to gain traction. Very shortly, we will be announcing general availability of our Advanced Firewall Manager (AFM), as well as enhanced versions of Application Security Manager (ASM) and Access Policy Manager (APM), key components of our Application Delivery Firewall solution. In addition we will be launching new high-performance versions of all our BIG-IP VE products.

"As these and other new products enter the market over the next two quarters, we believe they will have a positive impact on our product revenue and continue to expand our addressable market," McAdam said.

F5 added 95 employees during the quarter and achieved a non-GAAP operating margin of 37.4 percent. The company also continued to strengthen its financial position, generating $145 million in cash from operations. After repurchasing 555,243 shares of outstanding common stock the company ended the quarter with $1.29 billion in cash and investments.

For the current quarter, ending March 31, management has set a revenue goal of $370 million to $380 million with a GAAP earnings target of $0.93 to $0.96 per diluted share and a non-GAAP earnings target of $1.21 to $1.24 per diluted share.

F5 Networks helps organizations meet the demands and embrace the opportunities that come with the relentless growth of voice, data, and video traffic, mobile workers, and applications--in the data center, the network, and the cloud.

More Information: http://www.f5.com/news-press-events/web-media/community.html ((Comments on this story may be sent to newsdesk@closeupmedia.com))

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