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Xyratex Announces Q3 Results

Xyratex announces results for the Q3 fiscal year 2007

HAVANT, U.K. -- Xyratex Ltd (Nasdaq:XRTX), a leading provider of enterprise class data storage subsystems and storage process technology, today announced results for the third fiscal quarter ended August 31, 2007. Revenues for the third quarter were $234.2 million, a decrease of 11% compared to revenues of $263.1 million for the same period last year.

For the third quarter, GAAP net income was $4.3 million, or $0.14 per diluted share, compared to GAAP net income of $17.8 million, or $0.60 per diluted share, in the same period last year. Non-GAAP net income decreased 63% to $7.4 million, or a diluted earnings per share of $0.25, compared to non-GAAP net income of $20.3 million, or $0.69 per diluted share, in the same quarter a year ago (1).

Gross profit margin in the third quarter was 17.9%, compared to 21.1% in the same period last year, reflecting the relatively lower proportion of revenues from the Storage Infrastructure business in the quarter.

Revenues from sales of our Networked Storage Solutions products were $174 million as compared to $148.6 million in the same quarter a year ago, an increase of 17.1%. Gross profit margin in the Networked Storage Solutions business was 14.9% as compared to 14.1% a year ago. Revenues from sales of our Storage Infrastructure products were $60.2 million as compared to $114.6 million in the same quarter a year ago, a decrease of 47.5%. Gross profit margin in the Storage Infrastructure business was 27.2% as compared to 30.5% a year ago.

Our third quarter results were essentially in line with our expectations. We did a good job of executing to our business plan for the quarter. We continue to focus on expanding our customer base as well as accessing new markets for our capital equipment, specifically in the Solar Industry,” said Steve Barber, CEO of Xyratex. “Though we still expect some level of uncertainty with regard to our Storage Infrastructure customers’ capital equipment expenditures over the next few quarters, I am confident that the fundamentals of the markets we serve remain good and believe we continue to improve our competitive and technology position.”

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