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F5 Networks Announces Fourth Quarter And Fiscal 2013 Results

F5 Networks, Inc. (NASDAQ: FFIV) today announced revenue of $395.3 million for the fourth quarter of fiscal year 2013, up 7 percent from $370.3 million in the prior quarter and 9 percent from $362.6 million in the fourth quarter of fiscal year 2012. For fiscal year 2013, revenue was $1.48 billion, up 8 percent from $1.38 billion in fiscal year 2012.

GAAP net income for the fourth quarter was $76.2 million ($0.97 per diluted share) compared to $68.2 million ($0.86 per diluted share) in the third quarter of 2013 and $67.7 million ($0.85 per diluted share) in the fourth quarter a year ago. GAAP net income for fiscal year 2013 was $277.3 million ($3.50 per diluted share) versus $275.2 million ($3.45 per diluted share) in fiscal year 2012.

Excluding the impact of stock-based compensation, amortization of purchased intangible assets and a loss on a facility sublease, non-GAAP net income for the fourth quarter was $99.2 million ($1.26 per diluted share), compared to $88.4 million ($1.12 per diluted share) in the prior quarter and $88.7 million ($1.12 per diluted share) in the fourth quarter of fiscal 2012. For fiscal year 2013, non-GAAP net income was $362.9 million ($4.59 per diluted share) versus $348.6 million ($4.37 per diluted share) in fiscal year 2012.

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

“The fourth quarter of fiscal 2013 was a positive finish to the year, characterized by strong demand for our new products and increasing traction in new and emerging market opportunities,” said John McAdam, F5 president and chief executive officer.

“Following the release of the BIG-IP 5000 and 7000 series at the end of the third quarter, our entire refreshed family of BIG-IP appliances was shipping in Q4, contributing to strong sales in the quarter and continuing momentum as we enter fiscal 2014. We also won several large deals driven by new and enhanced software modules, including Advanced Firewall Manager (AFM), Application Security Manager (ASM), Access Policy Manager (APM), and Policy Enforcement Manager (PEM). In addition, our Virtual Edition (software-only) products continued to gain traction, with revenue up 21 percent sequentially across a broad base of diverse customers.

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