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Emulex Reports Q1
Emulex achieves 14% revenue growth over prior year
October 26, 2007
2 Min Read
COSTA MESA, Calif. -- Emulex Corporation (NYSE:ELX) today announced results for its first fiscal quarter ended September 30, 2007.
First Quarter Highlights
Total net revenues of $117.1 million, an increase of 14% year-over-year and a 7% sequential decrease
Host Server Product net revenues of $88.8 million, or 76% of total net revenues
Embedded Storage Product net revenues of $28.0 million, or 24% of total net revenues
GAAP gross margin of 58% and non-GAAP gross margin of 66%
GAAP operating income of $12.5 million, or 11% of total net revenues, and non-GAAP operating income of $31.7 million, or 27% of net revenues
GAAP diluted EPS of $0.12 and non-GAAP diluted EPS of $0.27
Cash, cash equivalents and investments of $274.9 million
Inventory turnover of 9.2 times
Days Sales Outstanding (DSOs) of 40 days
Repurchase of 2.1 million shares using $40 million of cash
Financial Results
First quarter net revenues rose 14% year-over-year to $117.1 million but decreased 7% from the fourth quarter of fiscal 2007. First quarter GAAP net income was $10.2 million, or $0.12 per diluted share. GAAP net income per share decreased 29% from $0.17 per diluted share in the year ago period and 20% sequentially from $0.15 per diluted share in the fourth quarter. Non-GAAP net income for the first quarter, which excludes amortization of intangibles, stock-based compensation, and the impairment of an intangible asset, was $22.8 million, or $0.27 per diluted share. Non-GAAP net income per diluted share increased 8% compared to $0.25 per diluted share in the year ago period and decreased 21% sequentially compared to $0.34 per diluted share in the fourth quarter. Reconciliations between GAAP and non-GAAP results are included in the accompanying financial data.
Jim McCluney, CEO and President commented, "Coming in at the high end of our guidance range is a good way to start off fiscal 2008. Embedded Storage Product (ESP) revenues, which grew 78% year-over-year, drove total net revenue growth of 14% year-over-year for the first quarter.With 29 unannounced design wins, nearly half of which have yet to begin shipping, ESP is well positioned to deliver growth for the balance of the fiscal year. In addition, we were able to solidify the Host Server Product (HSP) market share that was gained in the first half of the calendar year with a strong performance in the typically soft summer quarter. HSP's results for the quarter were led by mezzanine cards for blade servers, which contributed 400% year-over-year growth to the top line," he added.
Emulex Corp.
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