F5 Networks Announces Results For First Quarter Of Fiscal 2013

For the first quarter of fiscal 2013, F5 Networks, Inc. (NASDAQ:FFIV) 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.

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.

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

“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.

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