NetApp releases FY2011 results; revenue up US$1B

Asia-Pacific revenue up 21 percent

NetApp has reported its full year and fourth quarter financial results, recording revenues for the 2011 fiscal year of US$5.1 billion compared to revenues of $3.9 billion for fiscal year 2010.

GAAP net income for fiscal year 2011 was $673.1 million, or $1.71 per share, compared to GAAP net income of $400.4 million

In the Asia-Pacific region, growth was 21 percent for the year.

Total revenue for the fourth quarter was $1.4 billion, compared with $1.1 billion for the fourth quarter of 2010. GAAP net income was $160 million, compared to $145.1 million year-over-year in the fourth quarter.

"NetApp delivered 30% revenue growth, 38% growth in cash from operations ... during fiscal 2011. We achieved the largest market share gains in our history and closed a record number of million dollar deals," NetApp CEO Tom Georgens said in a statement.

Under the heading "platform trends" in its commenatry on the results, NetApp notes: "Total systems shipped increased 15% sequentially and grew 29% year over year. Large system units grew 86% from Q3 levels while showing a 64% year over year growth.

"Medium-sized systems grew 39% sequentially and increased 51% year over year. Small sized systems declined 4% from last quarter while growing 11% year over year. Units of the V-series platform grew 37% sequentially and 35% year over year."

During the fourth quarter, NetApp entered into a $480 million definitive agreement to purchase the Engenio external storage systems business from LSI Corp.

Engenio would give NetApp a foothold in emerging and fast-growing market segments such as video, including full-motion video capture and digital video surveillance.

- Additional reporting by David Watson

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