Emulex Third Quarter Revenues Up

Posted on April 27, 2011 By Stuart J. Johnston

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Emulex announced this week that it increased revenues by 10 percent year-over-year in its third fiscal quarter of 2011, although that was down 2 percent from the previous quarter.

The enterprise storage networking infrastructure provider posted net revenues of $112 million for the quarter, the company said in a statement.

Revenues for host server products came in at $84.4 million, some 76 percent of total revenues. That constituted a gain of 22 percent over last year's third quarter, but a decline of 8 percent over last quarter.

Meanwhile, net revenues for the company's embedded storage products were $27.2 million, 24 percent of the total. That was a decrease of 16 percent from last year's third quarter, but a gain of 25 percent from last quarter.

For the quarter, Emulex showed a GAAP operating loss of $16.8 million, which totaled 15 percent of net income, the company said. Non-GAAP operating income, however, was $8.1 million, a total of 7 percent of net income.

Overall, the company showed a GAAP net loss of $18.1 million and non-GAAP income of $9.4 million.

GAAP earnings per share (EPS) came in at a loss of $0.21, while non-GAAP diluted EPS equaled $0.10.

The company's head said he was pleased with the results so far this year.

"Looking ahead to the fourth quarter, we are modeling for 16 percent year over year revenue growth at the midpoint of our guidance and we are keenly focused on operational efficiencies to further increase shareholder value," CEO Jim McCluney said in a statement.

"Host server product revenues for the quarter increased more than 20 percent from the prior year, with particular strength in our 10Gb/s family of products as we continued to consolidate our early leadership in network convergence. This was complemented by strong sequential growth in our embedded storage products," McCluney added.

For the company's fourth fiscal quarter, which ends July 3, Emulex is forecasting somewhat higher revenues in the range of $117 to $123 million, with non-GAAP diluted EPS running between $0.08 and $0.12. GAAP EPS, however, is likely to show a loss of $0.03 to $0.07.

Stuart J. Johnston is a contributing editor at InternetNews.com, the news service of Internet.com, the network for technology professionals. Follow him on Twitter @stuartj1000.

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