NetApp sees rise in income for Q3 fiscal 2006

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Network storage system provider Network Appliance Inc. (NetApp) has released financial results for the Q3 fiscal year 2006 with revenues or $537 million, an increase of 30 percent compared to $412.7 million for the same period in 2004. The rise also represents a boost from Q2 fiscal 2006 of 11 percent from $483.1 million.

For the third fiscal quarter, GAAP net income was $76.4 million, or $0.20 per share1 compared to net income of $60.1 million, or $0.16 per share. Non-GAAP2 net income for the third fiscal quarter increased 35 percent to $84.7 million, or $0.22 per share, compared to $62.8 million, or $0.16 per share for the same period a year ago.

Revenues for the first nine months of the current fiscal year totaled $1.5 billion, compared to revenues of $1.1 billion for the first nine months of the prior fiscal year, an increase of 28 percent year over year, NetApp said.