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HAVANT, U.K. -- Xyratex Ltd (Nasdaq: XRTX), a leading provider of modular enterprise class data storage subsystems and storage process technology, today announced results for the first fiscal quarter ended February 28, 2007. Revenues for the first quarter were $236.4 million, an increase of 24.1% compared to revenues of $190.5 million for the same period last year.
For the first quarter, GAAP net income was $10.1 million, or $0.34 per diluted share, compared to GAAP net income of $6.4 million, or $0.22 per diluted share, in the same period last year. Non-GAAP net income increased 45.8% to $11.9 million, or a diluted earnings per share of $0.40, compared to non-GAAP net income of $8.3 million, or $0.28 per diluted share, in the same quarter a year ago (1).
Click here to view the financial tables (16KB PDF file).
Gross profit margin in the first quarter was 19.0%, compared to 19.7% in the same period last year, primarily due to product mix within the Networked Storage Solutions business.
Revenues from sales of our Networked Storage Solutions (formerly Storage and Network Systems) products were $163.6 million as compared to $128.8 million in the same quarter a year ago, an increase of 27%. Gross profit margin in the Networked Storage Solutions business was 13.6% as compared to 15.1% a year ago. Revenues from sales of our Storage Infrastructure products were $72.8 million as compared to $61.7 million in the same quarter a year ago, an increase of 18%. Gross profit margin in the Storage Infrastructure business was 31.6% as compared to 29.4% a year ago.
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