May 22, 2013
May 22 -- NetApp today reported financial results for the fourth quarter and fiscal year 2013 ended April 26, 2013. Total revenues for the fourth quarter of fiscal year 2013 were $1.717 billion.
GAAP net income for the fourth quarter of fiscal year 2013 was $174 million, or $0.47 per share, compared to GAAP net income of $181 million, or $0.47 per share, for the same period a year ago. Non-GAAP net income for the fourth quarter of fiscal year 2013 was $253 million, or $0.69 per share, compared to non-GAAP net income of $252 million, or $0.66 per share, for the same period a year ago.
Total revenues for fiscal year 2013 were $6.332 billion, compared to total revenues of $6.233 billion for fiscal year 2012. GAAP net income for fiscal year 2013 was $505 million, or $1.37 per share, compared to GAAP net income of $605 million, or $1.58 per share, for fiscal year 2012. Non-GAAP net income for fiscal year 2013 was $841 million, or $2.28 per share, compared to non-GAAP net income of $926 million, or $2.41 per share, for fiscal year 2012.
"The fourth quarter was highlighted by a continued strong uptake of clustered Data ONTAP, an expansion of our leadership position in Flash, and double digit growth in branded bookings" said Tom Georgens, president and CEO. "We are also pleased to announce enhancements to our capital allocation program, reflecting our confidence in our underlying business as well as our commitment to enhancing shareholder value."
Q1 Fiscal Year 2014 Outlook
NetApp is providing the following financial guidance for the first quarter of fiscal year 2014:
Capital Return to Shareholders
The Company is increasing its current stock repurchase program, of which $1.4 billion remains outstanding, by an additional $1.6 billion. The Company plans to complete the aggregate $3 billion program over the next 3 years. NetApp intends $2 billion of repurchases to be completed within the next 12 months, of which $1 billion is planned to be completed during the next 4 months. Under its stock repurchase program, NetApp can purchase shares of its outstanding common stock through open market and privately negotiated transactions at prices deemed appropriate by management.
Additionally, NetApp has initiated a quarterly cash dividend of $0.15 per share of the Company's common stock, which it intends to increase over time. The first dividend will be payable on July 23, 2013 to shareholders of record as of the close of business on July 11, 2013.
The timing and amount of repurchase transactions under the program and future dividends will depend on market conditions, corporate business and financial considerations, and regulatory requirements.
The Company has undertaken a realignment of resources and restructuring which includes a global workforce reduction of approximately 900 employees. The Company expects to recognize an estimated aggregate $50 - $60 million pretax charge relating to employee severance and other restructuring charges.
In its fourth quarter of fiscal year 2013, NetApp continued to support customer success across a broad range of IT environments through its product and technology innovation and deepened strategic relationships with best-in-class partners.
NetApp expanded its industry-leading flash portfolio with the availability of an all-flash array built on E-Series and previewed a new purpose-built all-flash storage architecture. NetApp also unveiled enhancements to its FAS high-end storage systems and continued to see industry momentum for clustered Data ONTAP. Finally, NetApp strengthened its partnerships with industry leaders VMware and SAP through deeper integration and joint solution development.
NetApp Extends Leadership in Enterprise Flash Storage
FAS and E-Series Innovation Helps Customers Accelerate Business
Strengthened Partnerships Help Customers Transition to the Cloud
NetApp Data ONTAP is Ranked the World's #1 Branded Storage Operating System
NetApp Enables Revlon to Simplify IT Operations
Webcast and Conference Call Information
The NetApp fourth quarter and fiscal year 2013 conference call will be broadcast live on the Internet at investors.netapp.com on Tuesday, May 21, 2013, at 2:30 p.m. Pacific Time. This press release and any other information related to the call will be posted on the Website at that location. An audio replay Webcast will be available after 4:00 p.m. Pacific Time on the Website.
NetApp creates innovative storage and data management solutions that deliver outstanding cost efficiency and accelerate business breakthroughs. Our commitment to living our core values and consistently being recognized as a great place to work around the world are fundamental to our long-term growth and success, as well as the success of our pathway partners and customers. Discover our passion for helping companies around the world go further, faster at www.netapp.com.
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