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Juniper Networks Reports Preliminary First Quarter 2011 Financial Results

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- Revenue: $1,102 million, up 21% year-over-year and down 7% sequentially - Operating Margin: 16.1% GAAP; 22.3% non-GAAP - GAAP Net Income Per Share: $0.24 diluted - Non-GAAP Net Income Per Share: $0.32 diluted, up 19% year-over-year and down 24% sequ


- Revenue: $1,102 million, up 21% year-over-year and down 7% sequentially - Operating Margin: 16.1% GAAP; 22.3% non-GAAP - GAAP Net Income Per Share: $0.24 diluted - Non-GAAP Net Income Per Share: $0.32 diluted, up 19% year-over-year and down 24% sequentially SUNNYVALE, Calif. ...

SUNNYVALE, Calif., April 19, 2011 - Juniper Networks (NYSE: JNPR) today reported preliminary financial results for the three months ended March 31, 2011.

Net revenues for the first quarter of 2011 increased 21% on a year-over-year basis to $1,102 million. The Company posted GAAP net income of $130 million, or $0.24 per diluted share, and non-GAAP net income of $178 million, or $0.32 per diluted share for the first quarter of 2011. GAAP net income includes half a cent dilutive impact from net interest expense related to the $1 billion dollars of senior notes we issued during the quarter. Non-GAAP net income per diluted share increased 19% compared to the first quarter of 2010 and decreased 24% compared to last quarter. The reconciliation between GAAP and non-GAAP results of operations is provided in a table immediately following the Net Revenues by Market table below.

"Juniper delivered solid results in the first quarter and continued to build on market momentum," said Kevin Johnson, chief executive officer at Juniper Networks. "We are executing on our innovation roadmap with new solutions that define our vision of the new network. Innovation is at the core of our multi-year growth agenda."

Juniper's operating margin for the first quarter of 2011 decreased to 16.1% on a GAAP basis from 19.1% in the fourth quarter of 2010, and decreased from 17.6% in the prior year first quarter. As anticipated, non-GAAP operating margin for the first quarter of 2011 decreased to 22.3% on a non-GAAP basis from 24.5% in the fourth quarter of 2010, and decreased from 23.2% in the prior year first quarter.

For the first quarter of 2011, Juniper generated cash from operations of approximately $240 million. Net cash from operations for the same quarter in 2010 was $258 million before litigation settlement payments of $169 million, which were incurred as charges against the Company's fourth quarter of 2009 results. As a result of the litigation settlement payments, net cash from operations for the first quarter of 2010 was $89 million.

Capital expenditures as well as depreciation and amortization expense during the first quarter of 2011 were $54 million and $41 million, respectively.

"The first quarter was a very solid start to the year, with Juniper generating strong revenue and earnings growth," said Robyn Denholm, chief financial officer at Juniper Networks. "Our innovation engine was in high gear as we positioned sales and marketing resources to capture the opportunity ahead and continue to perform at levels consistent with our long-term financial targets."

Outlook
The overall demand environment for both the Service Provider and Enterprise markets looks healthy across all regions. Our outlook for the June quarter includes any anticipated impact to our business from the recent events in Japan.
- Juniper estimates revenue for the second quarter ending June 30, 2011, to be in the range of $1.130 billion to $1.180 billion, which represents a year over year increase of approximately 16% to 21%.
- Juniper estimates that its non-GAAP gross margin will remain in its targeted range of between 66% and 68% in the second quarter.
- Juniper estimates that its non-GAAP operating expenses will be lower as a percent of revenue, but will increase sequentially on a dollar basis. As a result, Juniper expects its non-GAAP operating margin for the second quarter will be 22.5%, plus or minus 0.5%.
- Juniper estimates that its non-GAAP net income per share will range between $0.31 and $0.34 on a diluted basis, assuming a slight increase in share count and estimated non-GAAP tax rate of 26.5%. The non-GAAP EPS estimate includes a dilutive impact of approximately one and a half cents, $0.015, per share due to net interest expense from our debt.

All forward-looking non-GAAP measures exclude estimates for amortization of intangible assets, share-based compensation expenses, acquisition related charges, restructuring charges, litigation settlement charges, gain or loss on equity investments, non-recurring income tax adjustments, valuation allowance on deferred tax assets, and income tax effect of non-GAAP exclusions. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.


Conference Call Web Cast
Juniper Networks' conference call web cast is archived on the Juniper Networks website until June 14, 2011. http://investor.juniper.net/phoenix.zhtml?c=69801&p=irol-irhome



Juniper Networks
Charlotte Schnitzenbaumer
Oskar-Schlemmer-Straße 15
80807 München
089 / 20301200

http://www.juniper.net/de
support@juniper.net


Pressekontakt:
HBI Helga Bailey GmbH
Corinna Voss
Stefan-George-Ring 2
81929 München
corinna_voss@hbi.de
089 / 99 38 87 30
http://www.hbi.de


Web: http://www.juniper.net/de


Für den Inhalt der Pressemitteilung ist der Einsteller, Corinna Voss, verantwortlich.

Pressemitteilungstext: 708 Wörter, 4803 Zeichen. Als Spam melden


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