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Juniper Networks, Inc. Reports Q4'02 and Year End 2002 Financial Results

January 16, 2003

Q4'02 Net Revenue $155.3M; Pro forma EPS $0.01
2002 Net Revenue $546.5M; Pro forma EPS $(0.01)

Sunnyvale, CA - January 16, 2003—Juniper Networks, Inc. (NASDAQ: JNPR) today reported its fourth quarter results for the period ending December 31, 2002.

Actual net income for the fourth quarter, which includes amortization of purchased intangibles, a deferred compensation credit and a change in an estimated restructuring charge, was $8.5 million or $0.02 per share, compared with a net loss of $5.1 million or $0.02 per share in the fourth quarter of 2001.

Net revenues for the year ended December 31, 2002 were $546.5 million, compared with $887.0 million for the year ended December 31, 2001. Pro forma net loss for 2002 was $4.8 million or $0.01 per share, compared with pro forma net income of $169.9 million or $0.50 per share during 2001. Actual net loss for 2002 was $119.6 million or $0.34 per share, compared with $13.4 million or $0.04 per share during 2001.

"We are entering 2003 with a position of improved confidence, which is a designed result of our focus and execution over the last year," said Scott Kriens, Chairman and CEO of Juniper Networks. "As the industry transformation to IP continues the market is moving towards exactly the solutions that Juniper was built to deliver."

 
JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)
    December 31,
2002
  December 31,
2001
Assets    
Current assets:    
  Cash and cash equivalents
$ 194,435
$ 606,845
  Short-term investments 384,036 382,797
  Accounts receivable, net 78,501 103,524
  Prepaid expenses and other current assets 23,957 32,882
    Total current assets 680,929 1,126,048
Property and equipment, net 266,962 251,811
Long-term investments 583,664 708,232
Goodwill, purchased intangible assets and other long- term assets, net 1,083,114 303,497
   Total Assets
$ 2,614,669
$ 2,389,588
 
Liabilities and Stockholders' Equity    
Current liabilities:  
  Accounts payable
$ 51,747
$ 76,417
  Other accrued liabilities 144,131 128,960
  Deferred revenue 46,146 36,842
    Total current liabilities 242,024 242,219
Convertible subordinated notes 942,114 1,150,000
 
Common stock and additional paid-in capital 1,461,910 959,684
Deferred stock compensation (11,113) (63,065)
Accumulated other comprehensive income 17,052 18,418
Retained earnings (Accumulated deficit) (37,318) 82,332
   Total Liabilities and Stockholders' Equity
$ 2,614,669
$ 2,389,588
 

JUNIPER NETWORKS, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (i)

(In thousands, except per share amounts)

    Three Months Ended
December 31,
  Year Ended
December 31,
  2002   2001 2002   2001
     
 
Revenues:  
  Product Revenues
$ 133,829
  $   133,058
$ 467,651
  $   830,899
  Service Revenues 21,437   17,975 78,896   56,123
Net revenues 155,266   151,033 546,547   887,022
 
Cost of revenues 63,092 58,783 230,108 332,903
 
Gross profit 92,174 92,250 316,439 554,119
 
Operating expenses:  
  Research and development 44,281 32,565 161,891 155,530
  Sales and marketing 35,582 29,531 126,803 140,407
  General and administrative 6,502 8,462 34,263 37,554
    Total operating expenses 86,365 70,558 322,957 333,491
 
Operating income (loss) 5,809 21,692 (6,518) 220,628
 
Interest income (expense), net (1,794) 3,274 799 33,370
Equity in joint venture - (1,515) (1,316) (4,076)
 
Income (loss) before income taxes 4,015 23,451 (7,035) 249,922
 
Provision (benefit) for income taxes 1,285 7,504 (2,251) 79,975
 
Net income (loss)
$ 2,730
$ 15,947
$ (4,784)
$ 169,947
 
Basic net income (loss) per share
$ 0.01
$ 0.05
$ (0.01)
$ 0.53
Shares used in computing per share information 372,511 323,570 350,695 319,378
 
Diluted net income (loss) per share
$ 0.01
$ 0.05
$ (0.01)
$ 0.50
Shares used in computing per share information 382,504 338,841 350,695 340,768
 

JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

    Three Months Ended
December 31,
  Year Ended
December 31,
  2002   2001 2002   2001
     
 
Revenues:  
  Product Revenues
$ 133,829
  $   133,058
$ 467,651
  $   830,899
  Service Revenues 21,437   17,975 78,896   56,123
Net revenues 155,266   151,033 546,547   887,022
 
Cost of revenues 63,092 58,783 230,108 372,771
 
Gross profit 92,174 92,250 316,439 514,251
 
Operating expenses:  
  Research and development 44,281 32,565 161,891 155,530
  Sales and marketing 35,582 29,531 126,803 140,407
  General and administrative 6,502 8,462 34,263 37,554
Goodwill, purchased intangibles and deferred stock compensation (3,336) 27,691 14,304 123,357
  Restructuring and other operating costs (2,601) - 20,229 12,340
  In-process research and development - 4,200 83,479 4,200
  Integration costs - - 2,507 -
    Total operating expenses 80,428 102,449 443,476 473,388
 
Operating income (loss) 11,746 (10,199) (127,037) 40,863
 
Interest income (expense), net (1,794) 3,274 799 33,370
Gain from Debt extinguishment - - 62,855 -
Losses on equity investments - - (50,451) (53,620)
Equity in joint venture - (1,515) (1,316) (4,076)
 
Income (loss) before income taxes 9,952 (8,440) (115,150) 16,537
 
Provision (benefit) for income taxes 1,500 (3,314) 4,500 29,954
 
Net income (loss)
$ 8,452
$ (5,126)
$ (119,650)
$ (13,417)
 
Basic net income (loss) per share
$ 0.02
$ (0.02)
$ (0.34)
$ (0.04)
Shares used in computing per share information 372,511 323,570 350,695 319,378
 
Diluted net income (loss) per share
$ 0.02
$ (0.02)
$ (0.34)
$ (0.04)
Shares used in computing per share information 382,504 323,570 350,695 319,378

About Juniper Networks, Inc.

Juniper Networks leads the industry in turning network innovation into the reliable delivery of core, edge, mobile and cable Internet services at scale for the New Public Network. Headquartered in Sunnyvale, California, Juniper Networks offers additional information on its product and service offerings at www.juniper.net.

Juniper Networks is registered in the U.S. Patent and Trademark Office and in other countries as a trademark of Juniper Networks, Inc. Broadband Cable Processor, ERX, ESP, G1, G10, G-series, Internet Processor, JUNOS, JUNOScript, M5, M10, M20, M40, M40e, M160, M-series, NMC-RX, SDX, ServiceGuard, T320, T640, T-series, UMC, and Unison are trademarks of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.

 

Susan Ursch
Juniper Networks
Phone: 978-589-0124
sursch@juniper.net

Randi Paikoff Feigin
Juniper Networks
Phone: 408-745-2371
randi@juniper.net

 

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