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NetApp, Inc. Message Board

  • earsfortyson earsfortyson Apr 5, 2006 4:18 PM Flag

    Bad News?


    SUNNYVALE, Calif.--(BUSINESS WIRE)--April 5, 2006--
    Network Appliance, Inc. (Nasdaq:NTAP), a leader in advanced networked storage solutions, today announced that Network Appliance Global LTD, a wholly owned foreign subsidiary of Network Appliance Inc., has declared and paid a $550 million cash dividend in accordance with the requirements of the American Jobs Creation Act of 2004. In order to fund a portion of the cash repatriation, Network Appliance Global LTD borrowed $300 million to be repaid over a period of two years. The details of the terms and conditions of the borrowing can be found in the Company's Form 8K filed concurrent with this press release.
    As a result of the repatriation, Network Appliance expects to incur a one-time GAAP tax expense in the range of $17 to $20 million, or approximately $0.045 to $0.05 per share in the fourth quarter of fiscal year 2006. The company intends to exclude the tax on the repatriation from its Non-GAAP earnings.
    About Network Appliance
    Network Appliance is a world leader in unified storage solutions for today's data-intensive enterprise. Since its inception in 1992, Network Appliance has delivered technology, product, and partner firsts that simplify data management. Information about Network Appliance(TM) solutions and services is available at
    NetApp is a registered trademark and Network Appliance is a trademark of Network Appliance, Inc. in the U.S. and other countries. All other brands or products are trademarks or registered trademarks of their respective holders and should be treated as such.
    Source: Network Appliance, Inc.
    News Provided by Acquire Media Corporation

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