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February 1, 2010

Riverbed Technology Q4 revenue up 22% to $113m

Product revenue up 12% on year ago quarter

By CBR Staff Writer

IT infrastructure performance company Riverbed Technology has reported revenue of $112.9m for the fourth quarter of 2009, an increase of 22% compared to $92.2m for the fourth quarter of 2008. Revenue increased 11% sequentially.

The company posted an operating income of $563000 for the fourth quarter, compared to an operating income of $5.13m for the same period last year.

For the quarter ended December 31, 2009, the company posted net income of $932000m, or $0.01 per share, compared to a net income or $23.3m, or $0.33 per share, in the same quarter a year ago.

For the fiscal year 2009, the company has reported revenue of $394.1m, up 18% compared to $333.3m in fiscal year 2008. Operating income was $10.34m compared to an operating loss of $4.25m in 2008. Net income was $7.1m, or $0.10 per share, compared to net income of $10.6m, or $0.14 per diluted share last year.

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Jerry Kennelly, chairman and CEO of Riverbed, said: “2009 was a year of significant achievement for Riverbed characterised by market share gains every reported quarter. We executed well in a difficult economy, achieving strong revenue and profit growth while still advancing our technology. For the full year, both non-GAAP revenue and earnings per share increased 19%.

“Sales momentum continued in the fourth quarter driven by growth in enterprise sales across all major geographies. Product revenue increased 12% sequentially and 15% year-over-year. In addition to providing a solid return on investment, WAN optimisation was recognised as a critical enabler to the success of a variety of important IT projects including virtualisation and consolidation, firmly establishing WAN optimisation as a top priority item on IT spending surveys.”

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