Juniper Networks reports second quarter 2008 financial results

28.07.08

Revenue: $879.0 million, up 32% from Q2`07
Net Income: $120.4 million (GAAP); $156.6 million (non-GAAP)
EPS: $0.22 (diluted, GAAP); $0.28 (diluted, non-GAAP), up 40% from Q2`07 on improved operating performance

Net revenues for the second quarter of 2008 rose 32 percent on a year-over-year basis to $879.0 million. The Company posted GAAP net income of $120.4 million, or $0.22 per diluted share, and non-GAAP net income of $156.6 million, or $0.28 per diluted share. The non-GAAP EPS figure represents an increase of 40 percent from the $0.20 per diluted share reported for the second quarter of 2007. The reconciliation between GAAP and non-GAAP results of operations is provided in a table immediately following the Net Revenues by Reportable Segment table below.

"We`re very pleased with the solid results we have delivered for the first half of 2008," stated Scott Kriens, chairman and chief executive officer, Juniper Networks, Inc. "This is a testament to the strength of our product cycles, the power of our portfolio strategy and the expanded opportunities made possible by the early success of the EX-series, which together serve to underscore our improved outlook for the second half of the year."

Juniper`s operating margin for the second quarter of 2008 rose to 18.3% on a GAAP basis from 13.0% in the same quarter a year ago. Non-GAAP operating margin for the second quarter of 2008 rose to 23.6% from 20.4% in the second quarter of 2007. The improvement was driven by reduced operating expense as a percentage of net revenues due to the Company`s efforts to manage expenses and improve efficiency as well as revenue growth in the Company`s infrastructure products, particularly in the Company`s T and M series products.

The improved operating margins helped Juniper generate net cash from operations for the second quarter of 2008 of $200.5 million, compared to cash provided by operations of $199.3 million for the same quarter of 2007.

Capital expenditures as well as depreciation and amortization expense during the second quarter of 2008 were $47.4 million and $40.4 million, respectively.

"I`m pleased with the results for the June quarter, which featured both revenue momentum and increasing operating leverage," stated Robyn Denholm, chief financial officer of Juniper Networks. "We are generating more profitable revenue growth and are also driving greater operating efficiency by building expense discipline into our ongoing business model. We are making good progress toward our performance targets."

SUNNYVALE, Calif.

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