NetApp Announces Q1

SUNNYVALE, Calif. -- Network Appliance, Inc. (NASDAQ: NTAP - News), the leader in advanced networked storage solutions, today reported results for the first quarter and fiscal year 2008. Revenues for the first fiscal quarter were $689.2 million, an increase of 11% compared to revenues of $621.3 million for the same period a year ago and a decrease of 14% compared to $801.2 million in the prior quarter.

For the first fiscal quarter, GAAP net income was $34.3 million, or $0.09 per share(1) compared to GAAP net income of $54.7 million, or $0.14 per share for the same period in the prior year. Non-GAAP(2) net income for the first fiscal quarter was $76.0 million, or $0.20 per share, compared to non-GAAP net income of $96.6 million, or $0.25 per share for the same period a year ago.

"We are clearly disappointed with our revenue growth this quarter, yet confident about our underlying business strength and continued health," said Dan Warmenhoven, chief executive officer. "Our bookings growth and cash flow are both very encouraging, and we are optimistic about getting back on track for higher growth in revenue and profits going forward."

Network Appliance Inc.