Tuesday January 25, 4:04 pm Eastern Time
Company Press Release
F5 Networks Announces Record First
Quarter Results
SEATTLE--(BUSINESS WIRE)--Jan. 25, 2000--F5 Networks, Inc. (Nasdaq:FFIV - news), a leading provider of integrated Internet traffic and content management solutions, today announced financial results for its first quarter of fiscal 2000, which ended December 31, 1999.
Revenue for the first quarter of fiscal 2000 increased to $19.2 million from $2.7 million in the first quarter of fiscal 1999, representing an increase of 611%. Net income for the first quarter of fiscal 2000 was $4.2 million, or $0.18 (erwartet waren 0.10 $ !!!!!!!!!!!!!!!!!!!!!!!!!!) per diluted share compared to a net loss of $2.2 million, or $(0.36) per diluted share for the comparable period one year ago.
First quarter highlights include:
F5 Networks announced an expanded alliance agreement with Exodus Communications
(Nasdaq:EXDS - news). Under this agreement, F5 Networks will provide fully managed load
balancing services to customers located in the Exodus global network of Internet Data
Centers.
At the end of the first quarter, F5 Networks had 1,175 customers, up from 750 customers at
the end of the previous quarter.
A strategic agreement was signed with 3Com Corporation (Nasdaq:COMS - news) which
will provide F5's full suite of Internet Traffic Management products to 3Com's enterprise
customers.
F5 Networks received the prestigious ``Editor's Choice'' award for its 3DNS® Controller
from Network Computing Magazine. The 3DNS Controller is a high availability, intelligent
load balancing solution for geographically distributed Internet sites and data centers.
At the Fall Internet World '99, F5 Networks received the ``Best of Show'' award for its
global/SITE(TM) Controller, a operating system-independent appliance that manages the
publishing, distribution, synchronization and replication of file-based content and applications
to local and geographically distributed Internet sites.
``We are very pleased with our strong sales growth and profitability,'' said Jeffrey S. Hussey,
Chairman, President and Chief Executive Officer of F5 Networks. ``The sustained worldwide
growth of business-to-business Internet communications and e-commerce continues to drive our
market. To meet our customers' rapidly evolving requirements, we continue to develop the F5
product portfolio and enhance the performance of our products. We also continue to broaden our
strategic relationships to expand our distribution channels and provide best-of-breed Internet traffic
and content management products and services.''
A live Internet broadcast of F5's first quarter conference call (1:30 PM Pacific/4:30 PM Eastern)
will be available today at www.f5.com in the ``Investor Relations'' section.
About F5 Networks, Inc.
F5 Networks is a leader in Internet Traffic and Content Management products. The Company's
integrated suite of high-performance products automatically and intelligently manage Internet traffic
and content to improve the availability and performance of mission-critical Internet servers and
applications. F5 Networks helps companies avoid the risk of being burdened with ill-performing
networks that do not meet end user expectations, while enabling network administrators to boost the
control and predictability of their infrastructure. F5 Networks' products are designed to provide a
new level of fault tolerance by shielding users from system failure; optimizing response times to user
requests and data flow; and cost-effectively managing an organization's Internet infrastructure. The
company is headquartered in Seattle, Washington, and has offices in Atlanta, Boston, Chicago,
Dallas, Columbus, Los Angeles, New York, San Francisco, Toronto, Washington, D.C., Australia,
Hong Kong, Japan, The Netherlands, Singapore, Sweden and the United Kingdom. F5 Networks
is located on the web at www.f5.com.
Statements in this press release concerning future activities under F5's strategic alliance agreements,
continued development of F5's product portfolio and future enhancements to F5 products,
continued growth in the market for Internet traffic and content management solutions, and other
statements which are not historical facts are forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the company, or industry results, to be materially
different from any future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others: the company's limited operating
history; variability of the company's operating results; market acceptance of the company's Internet
traffic and content management products; the company's timely development of new products and
features; the company's ability to manage its growth; the company's ability to maintain and develop
distribution relationships; competition in the Internet traffic and content market; the company's ability
to expand in the international markets; unpredictability of the company's sales cycle and other risk
factors referenced in the company's public filings with the Securities and Exchange Commission
(SEC). In particular, see the section entitled ``Risk Factors'' in the company's annual report on Form
10-K filed with the SEC on December 28, 1999.
F5 Networks, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Three months ended
December 31,
------------------------
1999 1998
--------- ---------
(unaudited)
Net revenues:
Products $ 16,282 $ 2,282
Services 2,891 413
--------- ---------
Total net revenue 19,173 2,695
--------- ---------
Cost of net revenues:
Products 4,624 624
Services 1,059 196
--------- ---------
Total cost of net revenues 5,683 820
--------- ---------
Gross profit 13,490 1,875
--------- ---------
Operating expenses:
Sales and marketing 5,742 2,216
Research and development 2,225 1,021
General and administrative 1,478 525
Amortization of unearned
compensation 543 368
--------- ---------
Total operating expenses 9,988 4,130
--------- ---------
Income (loss) from operations 3,502 (2,255)
Interest income, net 741 58
========= =========
Net income (loss) $ 4,243 $ (2,197)
========= =========
Net income (loss) per share - basic $ 0.21 $ (0.36)
========= =========
Weighted average shares - basic 20,427 6,047
========= =========
Net income (loss) per share -
diluted $ 0.18 $ (0.36)
========= ==========
Weighted average shares - diluted 23,061 6,047
========= ==========
F5 Networks, Inc.
Consolidated Balance Sheets
(in thousands)
December 31, September 30,
1999 1999
--------- ---------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 59,983 $ 24,797
Restricted cash 3,049 3,013
Accounts receivable, net of
allowances of $906 and $826 15,965 10,353
Inventories 915 618
Other current assets 1,171 981
--------- ---------
Total current assets 81,083 39,762
--------- ---------
Property and equipment, net 3,803 2,834
Other assets, net 294 250
--------- ---------
Total assets $ 85,180 $ 42,846
--------- ---------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,510 $ 2,700
Accrued liabilities 3,670 3,808
Deferred revenue 7,641 4,365
--------- ---------
Total current liabilities 14,821 10,873
--------- ---------
Commitments
Shareholders' equity:
Common stock, no par value;
100,000 shares authorized,
21,022 and 18,161 shares
issued and outstanding 79,305 45,760
Note receivable from shareholder (750) (750)
Accumulated other comprehensive
income (loss) 52 (3)
Unearned compensation (2,689) (3,232)
Accumulated deficit (5,559) (9,802)
--------- ---------
Total shareholders' equity 70,359 31,973
--------- ---------
Total liabilities and
shareholders' equity $ 85,180 $ 42,846
========= =========
Contact:
F5 Networks, Inc.
Robert J. Chamberlain
Chief Financial Officer
206/505-0800
or
StreetConnect
Michael Newman
Investor Relations
206/320-1231
More Quotes and News:
F5 Networks Inc (NasdaqNM:FFIV - news)
Related News Categories: computers, earnings, internet, networking, publishing, software,
telecom
Help
Company Press Release
F5 Networks Announces Record First
Quarter Results
SEATTLE--(BUSINESS WIRE)--Jan. 25, 2000--F5 Networks, Inc. (Nasdaq:FFIV - news), a leading provider of integrated Internet traffic and content management solutions, today announced financial results for its first quarter of fiscal 2000, which ended December 31, 1999.
Revenue for the first quarter of fiscal 2000 increased to $19.2 million from $2.7 million in the first quarter of fiscal 1999, representing an increase of 611%. Net income for the first quarter of fiscal 2000 was $4.2 million, or $0.18 (erwartet waren 0.10 $ !!!!!!!!!!!!!!!!!!!!!!!!!!) per diluted share compared to a net loss of $2.2 million, or $(0.36) per diluted share for the comparable period one year ago.
First quarter highlights include:
F5 Networks announced an expanded alliance agreement with Exodus Communications
(Nasdaq:EXDS - news). Under this agreement, F5 Networks will provide fully managed load
balancing services to customers located in the Exodus global network of Internet Data
Centers.
At the end of the first quarter, F5 Networks had 1,175 customers, up from 750 customers at
the end of the previous quarter.
A strategic agreement was signed with 3Com Corporation (Nasdaq:COMS - news) which
will provide F5's full suite of Internet Traffic Management products to 3Com's enterprise
customers.
F5 Networks received the prestigious ``Editor's Choice'' award for its 3DNS® Controller
from Network Computing Magazine. The 3DNS Controller is a high availability, intelligent
load balancing solution for geographically distributed Internet sites and data centers.
At the Fall Internet World '99, F5 Networks received the ``Best of Show'' award for its
global/SITE(TM) Controller, a operating system-independent appliance that manages the
publishing, distribution, synchronization and replication of file-based content and applications
to local and geographically distributed Internet sites.
``We are very pleased with our strong sales growth and profitability,'' said Jeffrey S. Hussey,
Chairman, President and Chief Executive Officer of F5 Networks. ``The sustained worldwide
growth of business-to-business Internet communications and e-commerce continues to drive our
market. To meet our customers' rapidly evolving requirements, we continue to develop the F5
product portfolio and enhance the performance of our products. We also continue to broaden our
strategic relationships to expand our distribution channels and provide best-of-breed Internet traffic
and content management products and services.''
A live Internet broadcast of F5's first quarter conference call (1:30 PM Pacific/4:30 PM Eastern)
will be available today at www.f5.com in the ``Investor Relations'' section.
About F5 Networks, Inc.
F5 Networks is a leader in Internet Traffic and Content Management products. The Company's
integrated suite of high-performance products automatically and intelligently manage Internet traffic
and content to improve the availability and performance of mission-critical Internet servers and
applications. F5 Networks helps companies avoid the risk of being burdened with ill-performing
networks that do not meet end user expectations, while enabling network administrators to boost the
control and predictability of their infrastructure. F5 Networks' products are designed to provide a
new level of fault tolerance by shielding users from system failure; optimizing response times to user
requests and data flow; and cost-effectively managing an organization's Internet infrastructure. The
company is headquartered in Seattle, Washington, and has offices in Atlanta, Boston, Chicago,
Dallas, Columbus, Los Angeles, New York, San Francisco, Toronto, Washington, D.C., Australia,
Hong Kong, Japan, The Netherlands, Singapore, Sweden and the United Kingdom. F5 Networks
is located on the web at www.f5.com.
Statements in this press release concerning future activities under F5's strategic alliance agreements,
continued development of F5's product portfolio and future enhancements to F5 products,
continued growth in the market for Internet traffic and content management solutions, and other
statements which are not historical facts are forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the company, or industry results, to be materially
different from any future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others: the company's limited operating
history; variability of the company's operating results; market acceptance of the company's Internet
traffic and content management products; the company's timely development of new products and
features; the company's ability to manage its growth; the company's ability to maintain and develop
distribution relationships; competition in the Internet traffic and content market; the company's ability
to expand in the international markets; unpredictability of the company's sales cycle and other risk
factors referenced in the company's public filings with the Securities and Exchange Commission
(SEC). In particular, see the section entitled ``Risk Factors'' in the company's annual report on Form
10-K filed with the SEC on December 28, 1999.
F5 Networks, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Three months ended
December 31,
------------------------
1999 1998
--------- ---------
(unaudited)
Net revenues:
Products $ 16,282 $ 2,282
Services 2,891 413
--------- ---------
Total net revenue 19,173 2,695
--------- ---------
Cost of net revenues:
Products 4,624 624
Services 1,059 196
--------- ---------
Total cost of net revenues 5,683 820
--------- ---------
Gross profit 13,490 1,875
--------- ---------
Operating expenses:
Sales and marketing 5,742 2,216
Research and development 2,225 1,021
General and administrative 1,478 525
Amortization of unearned
compensation 543 368
--------- ---------
Total operating expenses 9,988 4,130
--------- ---------
Income (loss) from operations 3,502 (2,255)
Interest income, net 741 58
========= =========
Net income (loss) $ 4,243 $ (2,197)
========= =========
Net income (loss) per share - basic $ 0.21 $ (0.36)
========= =========
Weighted average shares - basic 20,427 6,047
========= =========
Net income (loss) per share -
diluted $ 0.18 $ (0.36)
========= ==========
Weighted average shares - diluted 23,061 6,047
========= ==========
F5 Networks, Inc.
Consolidated Balance Sheets
(in thousands)
December 31, September 30,
1999 1999
--------- ---------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 59,983 $ 24,797
Restricted cash 3,049 3,013
Accounts receivable, net of
allowances of $906 and $826 15,965 10,353
Inventories 915 618
Other current assets 1,171 981
--------- ---------
Total current assets 81,083 39,762
--------- ---------
Property and equipment, net 3,803 2,834
Other assets, net 294 250
--------- ---------
Total assets $ 85,180 $ 42,846
--------- ---------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,510 $ 2,700
Accrued liabilities 3,670 3,808
Deferred revenue 7,641 4,365
--------- ---------
Total current liabilities 14,821 10,873
--------- ---------
Commitments
Shareholders' equity:
Common stock, no par value;
100,000 shares authorized,
21,022 and 18,161 shares
issued and outstanding 79,305 45,760
Note receivable from shareholder (750) (750)
Accumulated other comprehensive
income (loss) 52 (3)
Unearned compensation (2,689) (3,232)
Accumulated deficit (5,559) (9,802)
--------- ---------
Total shareholders' equity 70,359 31,973
--------- ---------
Total liabilities and
shareholders' equity $ 85,180 $ 42,846
========= =========
Contact:
F5 Networks, Inc.
Robert J. Chamberlain
Chief Financial Officer
206/505-0800
or
StreetConnect
Michael Newman
Investor Relations
206/320-1231
More Quotes and News:
F5 Networks Inc (NasdaqNM:FFIV - news)
Related News Categories: computers, earnings, internet, networking, publishing, software,
telecom
Help
