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NetApp raises expectations on Q1 results

Flies through financial check-up

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NetApp has posted healthy Q1 2007 financials, with a 39 per cent increase in revenues. The only blip was a small profits slide.

The network attached storage specialist clocked up $621.29m in revenues, compared to $448.40m for the same period a year ago, it said Wednesday. On a GAAP basis, net income was $54.67m, or $0.14 per share, down on $60.10m, or $0.16 per share for Q1 2006.

The company's reporting of stock option expenses was behind the dent in GAAP profits. Irregularities in the reporting of stock option expenses triggered the massive SEC probe tearing through Silicon Valley.

NetApp CEO Dan Wamenhoven has criticised the investigation, although the firm is not on the SEC's list.

On a non-GAAP basis, profits were up to $96.6m from $62.1m. The non-GAAP earnings per share figure beat analyst estimates of $0.23 by two cents.

Wamenhoven said: "NetApp delivered another strong quarter, driven by strong growth in every region of the world. Our new products and new relationships are gaining momentum and our business with enterprise customers reached record levels."

The firm uprated its revenue growth guidance for the year from the 28 per cent to 30 per cent range given in July, to 32 per cent to 34 per cent.

At time of writing, NetApp shares were steady in early Thursday trading. ®

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