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Net. Appliance results drop
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November 13, 2001: 5:32 p.m. ET
Network Appliance 2Q earnings plunge, revenues tumble 25%.
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NEW YORK (CNN/Money) - Data-storage device maker Network Appliance Inc. reported fiscal second-quarter operating income fell 80 percent from the year-ago period, but the results beat Wall Street expectations.
Network Appliance (NTAP: Research, Estimates) reported earnings before certain items of $7.7 million, or 2 cents per share, compared earnings of $36.9 million, or 10 cents per share, in the year-ago quarter.
Revenues dropped 25 percent from the fiscal 2001 second quarter to $194.7 million.
Analysts surveyed by First Call expected the company to break even for the quarter, with revenues of $192 million.
The company itself said it anticipated second-quarter earnings of 1 cent or 2 cents per share.
Looking forward, Network Appliance Chief Executive Dan Warmenhoven said he expects earnings and revenues to be relatively flat in the third quarter compared with the second.
Warmenhoven told the Reuters news service in an interview that, while the company did not have a lot of visibility, it expects revenues to come in at $195 million to $200 million in the fiscal third quarter.
He also foresees operating earnings relatively unchanged in the third quarter from the second quarter. He said that may mean earnings of around 1 cent to 2 cents per share.
"I would certainly hope that we would be profitable next quarter," Warmenhoven said.
The stock fell 80 cents to $17.39 in after-hours trading. 
-- from staff and wire reports
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