F5 Networks Announces Results For Third Quarter Of Fiscal 2012

For the third quarter of fiscal 2012, F5 Networks, Inc. (NASDAQ: FFIV) announced revenue of $352.6 million, up 3.8 percent from $339.6 million in the prior quarter and 21.3 percent from $290.7 million in the third quarter of fiscal 2011.

GAAP net income was $72.3 million ($0.91 per diluted share), compared to $68.6 million ($0.86 per diluted share) in the prior quarter and $62.5 million ($0.77 per diluted share) in the third quarter a year ago.

Excluding the impact of stock-based compensation, amortization of purchased intangible assets and acquisition-related charges and related tax effects, non-GAAP net income for the third quarter was $90.6 million ($1.14 per diluted share), compared to $87.1 million ($1.09 per diluted share) in the prior quarter and $79.4 million ($0.97 per diluted share) in the third quarter of last year.

A reconciliation of GAAP net income to non-GAAP net income is included on the attached Consolidated Statements of Operations.

“During the third quarter, F5’s revenue and earnings continued to grow sequentially and year over year despite a more cautious spending environment,” said John McAdam, F5 president and chief executive officer. “Overall, revenue growth slowed in Q3, but revenue by region was generally consistent with historical patterns; 57 percent for the Americas (primarily the United States) and 43 percent for EMEA and APJ, with EMEA contributing 21 percent of the total.

“As in the prior quarter, our security offerings were a key driver of product sales and accounted for a growing percentage of total revenue. In addition, we saw continued strong uptake of VIPRION 2400 along with increasing adoption of TMOS version 11.

“During the next six to nine months we are on track to deliver several new products, including a refresh of our BIG-IP appliance family, new policy enforcement capability for service providers and an eight-blade VIPRION chassis.

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