Storage computer maker Network Appliance ( NTAP) reported earnings Tuesday that beat estimates by a penny on revenue that came in a little short of estimates.

The company reported it earned net income of $16.2 million, or five cents a share, for its first quarter of the 2003 fiscal year, compared with a net loss of $513,000 and break-even EPS in the same quarter one year ago. Revenue was $206.8 million. Pro forma earnings were also five cents a share.

Analysts estimates gathered by Thomson Financial/First Call were for earnings of four cents a share on $210.7 million in revenue.

Revenue grew 0.9% over the prior quarter and 3.2% over the year-ago quarter.

"IT spending remains constrained as enterprise customers limit expenditures to business-critical projects with a high return on investment," said Network Appliance CEO Dan Warmenhoven in a prepared statement.

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