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F5 Announces 1Q08 Earnings

Company reports 20th consecutive quarter of sequential revenue growth; Board authorizes $200M share repurchase program

SEATTLE -- For the first quarter of fiscal 2008, F5 Networks, Inc. (Nasdaq: FFIV) announced revenue of $154.2 million, up 6 percent from $145.6 million in the prior quarter and 28 percent from $120.0 million in the first quarter of fiscal 2007.

GAAP net income was $17.8 million ($0.21 per diluted share), compared to $12.9 million ($0.15 per diluted share) in the prior quarter and $22.4 million ($0.26 per diluted share) in the first quarter a year ago.

Excluding stock-based compensation and in-process research and development expenses, non-GAAP net income was $28.8 million ($0.33 per diluted share), compared to $34.1 million ($0.40 per diluted share) in the prior quarter and $29.3 million ($0.35 per diluted share) in the first quarter of fiscal 2007. A reconciliation of GAAP net income to non-GAAP net income is included on the attached Consolidated Statement of Operations.

"In EMEA we saw strong growth in demand for both our core application delivery networking products and our recently acquired line of ARX file virtualization devices," said John McAdam, president and chief executive officer. "Demand for ARX was also strong among large enterprise customers in North America, where we made modest gains in our core business as well. Growth in EMEA and North America was offset by sequential revenue declines in APAC and Japan, where sales of our core products slowed and we are in the early stages of rolling out ARX.

F5 Networks Inc. (Nasdaq: FFIV)

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