SUNNYVALE, Calif. -- Juniper Networks, Inc. (Nasdaq:JNPR - News) today reported its results for the quarter ending September 30, 2004.

Net revenues for the third quarter were $375.0 million, compared with $172.1 million for the same period last year, an increase of 118 percent.

GAAP net income for the third quarter was $48.8 million or $0.09 per share, compared with a GAAP net income of $7.2 million or $0.02 per share in the third quarter of 2003. Non-GAAP net income was $73.5 million or $0.13 per share, compared with non-GAAP net income of $14.7 million or $0.04 per share in the third quarter of 2003. See the table at the bottom of the Non-GAAP Condensed Consolidated Statements of Operations for a reconciliation of the non-GAAP net income to the GAAP net income.

Cash provided by operations was $105.2 million for the third quarter, compared to cash provided by operations of $42.9 million for the same period last year. Capital expenditures and depreciation during the third quarter were $25.0 million and $10.6 million, respectively.

"We are once again pleased with our revenue and earnings growth for the quarter, and as a result we are investing that success in scaling the business for continued expansion," said Scott Kriens, chairman and CEO of Juniper Networks. "We see consistent and strong reinforcement for our strategy and will remain focused on capitalizing on the opportunities we see and the position we enjoy in the marketplace today."

Juniper Networks Inc.