Financial Results
Third quarter revenues of $120.2 million, represented a 35% increase over the same period a year ago and a decrease of 1% from the second quarter of fiscal 2007. Third quarter GAAP net income totaled $11.4 million, or $0.13 per diluted share compared to $11.6 million or $0.13 per diluted share in the comparable prior year period, and a GAAP net loss of $10.1 million or $0.12 per share in the prior quarter. The GAAP net loss in the prior quarter was due to a $21.6 million in-process R&D charge primarily associated with the Sierra Logic, Inc. acquisition during that quarter. Non-GAAP net income for the third quarter was
$23.8 million, or $0.27 per diluted share or flat with the prior quarter and an increase of 23% over the same period a year ago.
Reconciliations between GAAP and non-GAAP results are included in the accompanying financial data. The Company's GAAP numbers are still preliminary as the Company hasn't completed its evaluation of all intangible assets for possible impairments. During the quarter, the company repurchased approximately two million shares of outstanding common stock at a cost of approximately $38 million.
Jim McCluney, President and CEO of Emulex commented, "I'm very pleased with our solid execution across the entire organization in what historically has been a challenging quarter. With 64% of our Host Server Product revenues coming from 4Gb/s products combined with great leverage from our integrated supply chain operations, we also saw a meaningful improvement in gross margins during the quarter."
Emulex Corp.
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