Juniper Networks reports encouraging Q203 results

11 July 2003 Sunnyvale, CA Lightwave Europe--Juniper Networks yesterday reported its Q2 results for the period ending June 30, 2003. Net revenues for the second quarter were USD165.1 million, compared with USD117.0 million for the same period last year, an increase of 41%.

- Net Revenue USD165.1M; GAAP EPS USD0.03; Non-GAAP EPS USD0.03

11 July 2003 Sunnyvale, CA Lightwave Europe--Juniper Networks yesterday reported its Q2 results for the period ending June 30, 2003.

Net revenues for the second quarter were USD165.1 million, compared with USD117.0 million for the same period last year, an increase of 41%.

GAAP net income for the second quarter was USD13.6 million or USD0.03 per share, compared with a GAAP net income of USD6.2 million or USD0.02 per share in the second quarter of 2002.

Non-GAAP net income, which excludes an adjustment to the purchase price of an acquisition, the amortisation of purchased intangibles and deferred compensation, the gain on the sale of investments and the gain on the partial retirement of the convertible subordinated notes was USD10.3 million or USD0.03 per share, compared with non-GAAP net income of USD0.4 million or USD0.00 per share in the second quarter of 2002.

Net revenues for the six months ended June 30, 2003 were USD322.3 million, compared with USD239.3 million for the same period last year, an increase of 35%.

GAAP net income for the six months ended June 30, 2003 was USD17.3 million or USD0.04 per share, compared with a GAAP net loss of USD39.8 million or USD0.12 per share for the same period last year.

Non-GAAP net income, which excludes an adjustment to the purchase price of an acquisition, the amortization of purchased intangibles and deferred compensation, the gain on the sale of investments, the write-down of investments and the gain on the partial retirement of the convertible subordinated notes was USD16.6 million or USD0.04 per share, compared with non-GAAP net income of USD0.8 million or USD0.00 per share for the same period last year.

Cash provided by operations was USD60.3 million for the second quarter, which brings cash provided by operations for the six months ended June 30, 2003 to USD72.7 million, compared to cash provided by operations of USD39.9 million for the six months ended June 30, 2002.

"The second quarter was strong," said Scott Kriens, chairman and CEO of Juniper Networks. "We continue to be encouraged by both the broadband momentum around the world as well as the sound financial footing of Juniper Networks in the marketplace."

Further information is at www.juniper.net

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