NetApp to Repatriate $550 Million in Foreign Cash.SUNNYVALE, Calif. -- Network Appliance (1) A specialized device for use on a network. For example, Web servers, cache servers and file servers can be implemented as general-purpose computers with the appropriate software or as network appliances, which are computers dedicated to a single function and cannot do anything , Inc. (Nasdaq:NTAP NTAP Network Appliance, Inc. (stock symbol) NTAP Never Take Another Puff NTAP National Track Analysis Program NTAP Notices to Airmen Publication NTAP Windows NT Application Processors NTAP Naval Training Acquisition Process ), a leader in advanced networked storage solutions, today announced that Network Appliance Global LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability , 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 Repatriation The process of converting a foreign currency into the currency of one's own country. Notes: If you are American, converting British Pounds back to U.S. dollars is an example of 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 GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (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 The capability of combining different data formats such as files, folders, contacts and e-mail messages into collections that can be viewed and manipulated as one group. See WinFS. 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 www.netapp.com. 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion