Juniper Networks 2Q Loss 2 Cents A Share

Net revenues for the second quarter were $306.9 million, up 86 percent from $165.1 million a year ago. Non-GAAP net income, was $42.7 million or 8 cents a share, compared with non-GAAP net income of $10.3 million or 3 cents a share, in the second quarter of 2003. Non-GAAP figures exclude in-process research and development, integration costs, restructuring costs, amortization of purchased intangibles and deferred stock compensation, a prior period acquisition related adjustment, gain on sale of investments and the gain or loss on redemption of the convertible subordinated notes.

A survey of analysts by Thomson First Call yielded a consensus earnings estimate of 4 cents a share for Juniper's second quarter.

Scott Kriens, chairman and chief executive, said the company's momentum and the confidence of its customers put it in a strong position entering the second half.

Separately, Juniper said its board authorized a stock repurchase program of up to $250 million.

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