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Juniper Networks, Inc. Reports Q2'99 Financial Results Net Revenue $17.6M; Pro Forma Net Loss Per Share $(0.09)

July 20, 1999

Mountain View, CA - July 20, 1999 — Juniper Networks, Inc. (Nasdaq:JNPR), a provider of next-generation Internet infrastructure systems, today reported its second quarter results for the period ending June 30, 1999.

Net revenues for the second quarter were $17.6 million, compared with $10.0 million for the first quarter, an increase of 75%. Net loss for the second quarter of 1999 was $3.9 million or $(0.22) per share, compared with a loss of $6.7 million or $(0.45) per share in the first quarter of 1999. Pro forma basic and diluted net loss per share (including the effect of the conversion of convertible preferred stock in all periods), would have been $(0.09) per share, compared with $(0.17) per share for the first quarter of 1999.

Net revenues for the first six months of 1999 were $27.6 million. Net loss for the first six months of 1999 was $10.5 million or $(0.64) per share, compared with $11.1 million or $(0.98) per share during the same six month period in 1998. Pro forma basic and diluted net loss per share would have been $(0.26) per share for the six months ended June 30, 1999, compared with $(0.31) per share for the same six month period in 1998.

"The market acceptance from some of the world's largest Internet Service Providers during this quarter, including Cable and Wireless and UUNET, as well as our increased international business, indicates broad demand for the M40 Internet backbone router and JUNOS operating system," said Scott Kriens, Chairman and CEO of Juniper Networks. "We are pleased to see the industry for new Internet infrastructure continue to emerge and define the market need for purpose-built systems and software".

About Juniper Networks, Inc.

Juniper Networks is a provider of next-generation Internet infrastructure systems that are designed to meet the scalability, performance, density, and compatibility requirements of rapidly evolving, optically-enabled IP networks. The company's purpose-built M40 Internet backbone router uses JUNOS software, ASICs, and line-rate performance to provide new Internet infrastructure solutions for service providers. The M40 router is used by some of the world's leading service providers.

Juniper Networks service, manufacturing teams, and Internet engineers support the M40 router. The company is headquartered in Sunnyvale, California*, with international offices in Leatherhead, UK, and Tokyo, Japan. For more information on Juniper Networks, please contact the company at 408-745-2000 or visit the Web site at http://www.juniper.net.

Juniper Networks is a trademark of Juniper Networks, Inc. All other trademarks are property of their respective companies.

Actual results could differ materially from those anticipated in forward-looking statements in this release as a result of certain factors, including those set forth in the risk factors described in the Company's SEC filings.


JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
         
    June 30,   December 31,
    1999   1998
Assets   (Unaudited)   (1)
Current assets:        
Cash and cash equivalents   $ 92,429   $ 20,098
Short-term investments   15,372   -
Accounts receivable   17,312   8,056
Prepaid expenses and other current assets   881   680
Total current assets   125,994   28,834
Property, equipment and purchased software, net   9,098   7,702
Long-term investments and other long-term assets   8,039   135
Total Assets   $ 143,131   $ 36,671
         
Liabilities and Stockholders' Equity        
Current liabilities:        
Accounts payable   $ 6,380   $ 4,745
Other accrued liabilities   6,240   1,798
Deferred revenue   12,815   5,639
Current portion of obligations under capital leases   1,201   2,220
Total current liabilities   26,636   14,402
Noncurrent portion of obligations under capital leases 2,521   5,204
         
Common stock and additional paid-in capital   172,106   65,351
Deferred stock compensation   (4,472)   (5,153)
Accumulated deficit   (53,660)   (43,133)
Total Liabilities and Stockholders' Equity   $ 143,131   $ 36,671
         
(1) Derived from audited financial statements        


JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
 
  Three Months Ended   Six Months Ended
  June 30,
1999
June 30,
1998
  June 30,
1999
June 30,
1998
 
Net revenues   $ 17,556 $ -   $ 27,600 $ -
 
Cost of revenues   8,046 180   14,393 219
 
Gross profit (loss)   9,510 (180)   13,207 (219)
 
Operating expenses:  
Research and development   7,991 6,061   14,172 9,558
Sales and marketing   3,849 764   6,452 1,283
General and administrative   977 444   1,753 779
Amortization of deferred stock compensation   891 192   1,795 213
Total operating expenses   13,708 7,461   24,172 11,833
 
Operating loss   (4,198) (7,641)   (10,965) (12,052)
 
Interest income, net   448 438   560 946
 
Loss before income tax   (3,750) (7,203)   (10,405) (11,106)
 
Provision for income taxes   102 -   122 2
 
Net loss   $ (3,852) $ (7,203)   $ (10,527) $ (11,108)
 
Basic and diluted net loss per share   $ (0.22) $ (0.60)   $ (0.64) $ (0.98)
 
Shares used in computing basic and diluted net loss per share   17,882 11,950   16,436 11,372
Pro forma basic and diluted net loss per share (i)   $ (0.09) $ (0.20)   $ (0.26) $ (0.31)
 
Shares used in computing pro forma basic and diluted net loss per share (i)   41,792 36,064   40,816 35,524
 

(i) Pro forma basic and diluted shares outstanding include convertible preferred stock using the if-converted method from the original date of issuance. The calculation excludes common stock equivalents, as their effect would be anti-dilutive. For the quarter ended June 30, 1999, approximately 9.0 million common stock equivalent shares were excluded, which had they been included would have resulted in 50,811 shares outstanding, or a loss of $(0.08) per share.

 




 

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