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NetApp Q4 Earnings Fall on Tax Charge; Sets Q1, 2007 View

Data storage maker Network Appliance has reported lower fourth quarter earnings of USD 59.2 million, or 15 cents a share, compare with earnings of USD 63.4 million, or 16 cents a share in the year-ago period. The company said the fourth quarter earnings include a non-recurring income tax expense of USD 22.5 million, associated with the Repatriation of Foreign Profits under the Jobs Creation Act of 2004.

Revenue for the quarter increased 32 percent to USD 598 million from USD 451 million in the year-ago quarter.

For the forthcoming first quarter, the company expects to earn between 13 cents to 16 cents a share, excluding stock-based compensation expense. Excluding items, the company expects earnings in the range of 23 cents to 24 cents a share.
Network Appliance estimates that growth in revenue for the first quarter will be in the range of 2 percent to 4 percent.

For 2007, the company expects to earn 62 cents to 72 cents a share and excluding items it expects earnings in the range of 99 cents to USD 1.04 a share.


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