F5 Networks (FFIV). maker of systems that handle and manage delivery of online applications, announced a $19 million profit in the second quarter, noting weak sales for most regions.
The firm announced that revenue of $154.1 million for the second fiscal quarter of 2009 fell 3.1 percent from $159.1 million in the same period in 2008.
F5 reported GAAP net income for the second quarter of $19.0 million or $0.24 per diluted share, compared to $17.7 million or $0.21 per diluted share a year earlier.
Excluding items, non-GAAP net income for the second quarter was $30.3 million or $0.38 per diluted share, compared to $28.9 million or $0.35 per diluted share in 2008.
The company said that a global downturn has contributed to the weak sales for most regions.
Continued weakening in the global economy impacted sales across all regions, said John McAdam, F5 president and chief executive officer. On a year-over-year basis, February sales were particularly slow, and although March sales improved significantly, revenue for the quarter was below our guidance.
Looking forward to the third quarter ending June 30, the company has set a revenue target of $148 million to $157 million, with profit expected of $0.22 to $0.25 per diluted share.