NetApp sees rise in income in fiscal 2006

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Network Appliance Inc. (NetApp) reported revenues for the Q4 fiscal quarter 2006 of $598 million, an increase of 32 percent compared to $451.8 million for the same period in 2005. The gain also represents an increase of 11 percent over the previous quarter which saw $537 million revenue for the company.

For the Q4, GAAP net income was $59.2 million, which includes a non-recurring income tax expense of $22.5 million, associated with the Repatriation of Foreign Profits under the Jobs Creation Act of 2004. This compares to GAAP net income of $63.4 million in 2005.

For the entire fiscal year 2006, NetApp’s revenues totaled $2.07 billion, an increase of 29 percent compared to revenues of $1.6 billion for fiscal year 2005.

For fiscal year 2006, GAAP net income increased 18 percent to $266.5 million compared to GAAP net income of $225.8 million.