Networking hardware and security solutions firm Juniper Networks Inc. yesterday reported that it met its forecasted operating results for the second quarter, recording revenue of $306.9 million and a small GAAP (Generally Accepted Accounting Principles) loss of $12.6 million. The quarterly revenue represented a jump of 86 percent over last year's second-quarter figure of $165.1 million.
Most of the increase flowed from Juniper's existing networking equipment business.
About $50 million in revenues were realized from the acquisition of Netscreen Technologies, Inc., the developer of network security and access solutions whose acquisition by Juniper was completed on April 16. Juniper Chairman and CEO Scott Kriens said that Netscreen's staff, systems and operations have been fully integrated into Juniper, and that the integration was completed "on budget, ahead of schedule and ahead of plan."
Citing its cash flow and the strength of its business, Juniper also announced its board of directors' approval for a stock repurchase of as much as $250 million, which Kriens said reflected the company's confidence in its "cash-generating capabilities."
In the U.S. market, which accounts for about one-half of Juniper's sales, the company reported sale of routers and security products to a number of service providers and enterprises, including USLEC, Stanford University, Time Warner, and several others. Juniper said the second-quarter revenues represented the fifth consecutive quarter of growth in U.S.-derived revenues.
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