NetApp revenues jump 39 percent in 3Q of FY05

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Network Appliance Inc. reported increases in revenues and net income in the third quarter of FY05.    
   
Revenues increased 39 percent to $412.7 million, compared with revenues of $297.3 million in third quarter of FY04. GAAP net income increased 50 percent to $60.1 million, compared with GAAP net income of $40.2 million in the year-ago quarter. Pro forma net income increased 57 percent to $62.8 million, compared with pro forma net income of $40.1 million in the year-ago quarter.
   
Revenues for the first nine months totaled $1.1 billion, compared with $833.3 million in the first nine months of FY04. GAAP net income increased 40 percent to $162.3 million, compared with GAAP net income of $115.6 million in the year-ago period. Pro forma net income totaled $171.1 million, compared to pro forma net income of $102.4 million in the year-ago period.
   
According to NetApp, quarter highlights included introducing the latest version of its enterprise storage software, Data ONTAP 7G. Customers using Data ONTAP 7G and its advanced virtualization capabilities can double their storage utilization, increase I/O performance for enterprise-class applications, and reduce storage management costs for multi-application environments. The two primary new features of Data ONTAP 7G are FlexVol and FlexClone software.