Xyratex 4Q Profit Down

HAVANT, U.K. -- Xyratex Ltd. (Nasdaq:XRTX - News), a leading provider of enterprise class data storage subsystems and storage process technology, today announced results for the fourth quarter and fiscal year ended November 30, 2006. Revenues for the fourth quarter were $241.1 million, an increase of 18.4% compared to revenues of $203.6 million for the same period last year and down 8.4% compared to $263.1 million in the prior quarter.

For the fourth quarter, GAAP net income was $9.4 million, or $0.32 per diluted share compared to GAAP net income of $13.8 million in the same period last year. Non-GAAP net income from continuing operations decreased 30% to $10.9 million, or a diluted earnings per share of $0.36, compared to non-GAAP net income of $15.5 million in the same quarter a year ago. A reconciliation between net income on a GAAP basis and net income on a non-GAAP basis is provided in a table immediately following the "Consolidated Statements of Cash Flows" below.

Xyratex Ltd.