Emulex Reports Results

COSTA MESA, Calif. -- Emulex Corporation (NYSE:ELX), today announced results for its third fiscal quarter ended April 1, 2007.

Third Quarter Financial Highlights

• Revenues of $120.2 million, a 35% increase year over year and a
  1% sequential decrease which exceeded January guidance of
  $115-$119 million
• GAAP gross margins of 59% and non-GAAP gross margins of 65%
• GAAP net income of $11.4 million, or 9% of revenue, and non-GAAP
  net income of $23.8 million, or 20% of revenue
• GAAP net income per diluted share of $0.13 and non-GAAP net
  income per diluted share of $0.27, exceeding January guidance of
  $0.24 to $0.26
• Accounts and other receivables decreased sequentially by $3.8
  million to $60.2 million and Days Sales Outstanding improved
  sequentially to 42 days from 47 days