F5 Networks, Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2012. For the quarter, the company's net revenue was $365,451,000 compared to $322,432,000 for the same period a year ago. Income from operations was $109,084,000 compared to $99,789,000 for the same period a year ago. Income before income taxes was $110,634,000 compared to $101,650,000 for the same period a year ago. Net income was $69,493,000 or $0.88 per diluted share compared to net income of $66,492,000 or $0.83 per diluted share for the same period a year ago. Net income excluding stock-based compensation and amortization of purchased intangible assets (non-GAAP) was $90,623,000 or $1.03 per diluted share compared to $82,240,000 or $1.14 per diluted share for the same period a year ago. Net cash provided by operating activities was $144,806,000 compared to $131,879,000 for the same period a year ago. Purchases of property and equipment were $7,788,000 compared to $5,857,000 for the same period a year ago.

For the second quarter, the company expected a revenue goal of $370 million to $380 million with a GAAP earnings target of $0.93 to $0.96 per diluted share and a non-GAAP earnings target of $1.21 to $1.24 per diluted share. Net income expects to be in the range of $74.0 million to $76.4 million. Non-GAAP net income excluding stock-based compensation expense and amortization of purchased intangible assets expected to be in the range of $96.0 million to $98.4 million. The company expected amortization of purchased intangible assets of $1.0 million. For second quarter, the company is forecasting a GAAP effective tax rate of 32.5% and a non-GAAP effective tax rate of 31%. The company expects GAAP gross margin in the 83% range, including approximately $3 million of stock-based compensation expense and $1 million in amortization of purchased intangible assets.

The company anticipates tax rates for the remainder of fiscal 2013 to normalize closer to 36% for GAAP and 34% for non-GAAP.