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April 26, 2009

F5 Q2 earnings rise 7% in Q2

Revenue down 3% on year-ago quarter

By CBR Staff Writer

US network equipment maker F5 Networks has reported a 7% increase in net income to $19m for the second quarter 2009, compared to $17.74m in the year-ago quarter, on revenue down 3% at $154.14m.

Operating income during the quarter fell 1% to $23.27m from $23.49m, while diluted EPS grew 14% to $0.24. The company said products revenue fell 16% to $94.13m, while services revenue grew 28% to $60m.

For the six-month period, the company reported a 14% increase in net income to $40.4m compared to $35.49m a year ago, on revenue up 2% at $319.7m.

John McAdam, president and chief executive at F5, said: Continued weakening in the global economy impacted sales across all regions. February sales were particularly slow, and although March sales improved significantly, revenue for the quarter was below our guidance. Revenue from core application delivery controller business was flat, and revenue from file virtualization business grew sequentially. Our aggressive cost-reduction initiatives exceeded our operating margin and cash flow targets for the quarter.

Looking ahead to the third quarter, the company expects revenue between $148m and $157m and diluted EPS between $0.22 and $0.25.

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