Emulex says it leads the worldwide HBA market, with 35 percent of all revenues and 32 percent of all units shipped, according to IDC.
While Folino and other execs on the call stressed their hopes and expectations for the storage networking market, they also acknowledged that the economic downturn is taking a toll. Revenues for the quarter ended July 1, 2001, were $58.4 million, up 43 percent year over year but down 3 percent sequentially. Pro forma net income, excluding deferred compensation and acquisition-related charges, was $9 million, or 11 cents per diluted share, versus $9.6 million and 12 cents at the same time last year.
When deferred compensation and other non-cash acquisition-related charges were added back in, Emulex reported a net loss of $31.3 million (38 cents per share), compared with the net income of $9.6 million (12 cents per share) for the fourth quarter of last year.
But Emulex says backlog is stable, although slightly elevated, and orders are up from its three leading customers -- Compaq Computer Corp. (NYSE: CPQ), EMC Corp.(NYSE: EMC), and IBM Corp. (NYSE: IBM).
Execs on today's call also claimed to be pleasantly surprised by the rate at which OEMs are picking up Emulex's recently released 2-Gbit/s Fibre Channel adapters.
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