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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): August 4, 2005
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Network Appliance, Inc.
(Exact name of Registrant as specified in its charter)
Delaware 0-27130 77-0307520
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification Number)
495 East Java Drive
Sunnyvale, CA 94089
(Address of principal executive offices) (Zip Code)
(408) 822-6000
(Registrant's telephone number, including area code)
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Item 2.02.
On August 4, 2005, Network Appliance, Inc. issued a press release
announcing its preliminary earnings for the first quarter of its fiscal year
2006. The press release is attached as an exhibit to this Form 8-K, and the
information set forth therein is hereby incorporated by reference into this Item
2.02.
Item 9.01(c).
Network Appliance, Inc.'s August 4, 2005 press release is hereby furnished
as Exhibit 99.1 to this Form 8-K in connection with the disclosures under Item
2.02 of this Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
August 4, 2005 By: /s/ Steven Gomo
-----------------------------
Steven J. Gomo
Chief Financial Officer
Exhibit 99.1
Network Appliance Announces
Preliminary First Quarter Fiscal Year 2006 Results
SUNNYVALE, Calif.--(BUSINESS WIRE)--Aug. 4, 2005--Network
Appliance, Inc. (Nasdaq:NTAP), the leader in advanced networked
storage solutions, today announced preliminary results for the fiscal
year 2006 first quarter ending July 29, 2005. Revenues are expected to
be in the range of $446 to $449 million, down approximately 1%
sequentially from the fourth quarter of FY2005, and up 24% to 25% over
the first quarter of FY2005. GAAP and non-GAAP(1) net income per share
are expected to be in the range of $0.15 to $0.16.
These preliminary results are below the company's previously
stated targets issued on May 24, 2005 for a sequential revenue
increase of 3% to 6% which equates to approximately $465 to $479
million, for GAAP net income per share of $0.16 and $0.17, and
non-GAAP net income per share of $0.17 to $0.18. Network Appliance
will announce final results on August 17, 2005 after the close of
market.
"The primary factor impacting our results this quarter was a
product transition to our new midrange FAS3000 series. The market
response to the new product line has been very positive, however the
take up rates were more back-end loaded than we had planned," said Dan
Warmenhoven, CEO of Network Appliance. "We remain confident in the
competitiveness of our products and in our ability to grow our
business over the long term."
Conference Call Information
The NetApp preliminary first quarter results conference call will
be broadcast live via the Internet at http://investors.netapp.com/
today, Thursday, August 4, 2005, at 2:00 p.m. Pacific Time. This press
release and any other information related to the call will also be
posted to the Web site at that location. The listen-only conference
call will also be available live at (866) 543-6405 in the United
States and (617) 213-8897 outside the United States. The passcode for
both numbers is 24411279.
A replay will be available for seven days following completion of
the live call by dialing (888) 286-8010 in the United States and (617)
801-6888 outside the United States, with replay code 48571288.
About Network Appliance
Network Appliance is a world leader in unified storage solutions
for today's data-intensive enterprise. Since its inception in 1992,
Network Appliance has delivered technology, product, and partner
firsts that simplify data management. Information about Network
Appliance solutions and services is available at www.netapp.com.
"Safe Harbor" Statement under U.S. Private Securities Litigation
Reform Act of 1995
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The
preliminary first quarter results in this release are forward looking
statements. Actual, final results could vary because of any accounting
adjustments made during the quarterly close.
Network Appliance Usage of non-GAAP Financials
The Company refers to the non-GAAP financial measures cited above
in making operating decisions because they provide meaningful
supplemental information regarding the Company's operational
performance. In addition, these non-GAAP financial measures facilitate
management's internal comparisons to the Company's historical
operating results and comparisons to competitors' operating results.
We include these non-GAAP financial measures in our earnings
announcement because we believe they are useful to investors in
allowing for greater transparency with respect to supplemental
information used by management in its financial and operational
decision making such as employee compensation planning. In addition,
we have historically reported similar non-GAAP financial measures to
our investors and believe that the inclusion of comparative numbers
provides consistency in our financial reporting at this time.
(1) Non-GAAP results exclude amortization of intangible assets, in
process research and development, stock compensation, restructuring
charges (recoveries), net gain on investments and the related effects
on income taxes.
NETWORK APPLIANCE, INC.
RECONCILIATION OF NON GAAP GUIDANCE TO GAAP GUIDANCE
EXPRESSED AS EARNINGS PER SHARE
FIRST QUARTER 2006
(Unaudited)
ADJUSTMENTS OF SPECIFIC ITEMS TO
EARNINGS PER SHARE FOR THE FIRST QUARTER ($)
COST OF REVENUES
Adjustment:
Amortization of intangible assets (0.0029)
OPERATING EXPENSES
Adjustments:
Stock compensation (0.0052)
Amortization of intangible assets (0.0040)
Restructuring charges 0.0031
TOTAL OTHER INCOME (EXPENSES), NET
Adjustments:
Net (gain)/loss on investments 0.0001
PROVISION FOR INCOME TAXES
Adjustments:
Income tax effect 0.0045
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NET DECREASE IN EARNINGS PER SHARE (0.0044)
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CONTACT: Network Appliance, Inc.
Jodi Baumann, 408-822-3974 (Press)
jodi@netapp.com
Tara Calhoun, 408-822-6909 (Investors)
tara@netapp.com
Billie Fagenstrom, 408-822-6428 (Investors)
billief@netapp.com