Network Appliance Inc. recently reported results for the first quarter of fiscal year 2006. For the period, revenues were $448.4 million, an increase of 25 percent compared to revenues of $358.4 million for the same period a year ago. These results reflect only a slight 1 percent drop from 4th quarter fiscal year 2005.

GAAP net income for the fiscal quarter was $60.1 million compared to GAAP net income of $46.9 million for the same period in the prior year. Non-GAAP net income for the first fiscal quarter was $62.1 million compared to non-GAAP net income of $49.9 million.

NetApp also has released its financial outlook with year-over-year growth for the fiscal year second quarter 2006 in the range of 25 percent to 28 percent. For GAAP earnings in the second quarter, NetApp is expecting earnings per share to finish between $0.17 and $0.18, with non-GAAP earnings per share to be in the range of $0.18 to $0.19.

For the full fiscal year, NetApp estimates that revenues will finish in the range of 25 percent to 28 percent higher than fiscal year 2005. GAAP earnings per share for fiscal year 2006 is expected to be between $0.74 and $0.77, with estimates for full-year non-GAAP earnings per share in the range of $0.76 to $0.79.