Juniper posts $152 M net revenue

By siliconindia   |   Friday, 11 October 2002, 19:30 IST
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Juniper Networks (NASDAQ: JNPR), a leading provider of trusted IP infrastructures for the New Public Network, today reported its third quarter results for the period ending September 30, 2002.

SUNNYVALE: Net revenues for the third quarter were $152.0 million, compared with $201.7 million for the same period last year, a decrease of 25%. Pro forma net loss was $8.4 million or $0.02 per share, compared with pro forma net income of $32.5 million or $0.10 per share for the third quarter of 2001. Actual net loss for the third quarter, which includes amortization of purchased intangibles and deferred stock compensation, in-process research and development, restructuring and other operating costs, integration costs, gain on debt extinguishment and losses on equity investment write-downs, was $88.3 million or $0.24 per share, compared with a net loss of $29.7 million or $0.09 per share in the third quarter of 2001. Net revenues for the first nine months of 2002 were $391.3 million, compared with $736.0 million for the same nine-month period in 2001. Pro forma net loss for the first nine months of 2002 was $7.5 million or $0.02 per share, compared with pro forma net income of $154.0 million or $0.45 per share during the same nine-month period in 2001. Actual net loss for the first nine months of 2002 was $128.1 million or $0.37 per share, compared with actual net loss of $8.3 million or $0.03 per share during the same nine-month period in 2001. It may be recalled that Juniper Networks announced the acquisition of Unisphere Networks earlier this year. The acquisition included $375 million in cash and 36.5 million shares of Juniper Networks common stock. All results for the three-month period ending September 30, 2002, reflect the completion of the Unisphere Networks acquisition. "Given the tough market conditions and the integration of our recent acquisition, we are pleased to have met the goals we set for the company for the third quarter," said Scott Kriens, Chairman and CEO of Juniper Networks. "We continue to expand our market success with the largest and most important customers in the industry."