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Emulex Reports 2Q08
Emulex reports Q2 fiscal 2008 results, achieves record quarterly revenues of $130.6M
January 25, 2008
2 Min Read
COSTA MESA, Calif. -- Emulex Corporation (NYSE:ELX) today announced results for its second fiscal quarter ended December 30, 2007.
Second Quarter Highlights
Total net revenues of $130.6 million, an increase of 12% sequentially and 8% year-over-year
Host Server Product (HSP) net revenues of $94.4 million, or 72% of total net revenues
HSP installed base surpasses five million ports
Embedded Storage Product (ESP) net revenues of $36.1 million, or 28% of total net revenues
GAAP gross margin of 63% and non-GAAP gross margin of 68%
GAAP operating income of $25.4 million, or approximately 19% of total net revenues, and record non-GAAP operating income of $41.1 million, or approximately 31% of net revenues
GAAP diluted EPS of $0.21 and non-GAAP diluted EPS of $0.34
Cash, cash equivalents and investments of $307.6 million, an increase of $32.7 million from $274.9 million at the end of the prior quarter
Inventory turnover of 10.8 times
Financial Results
Second fiscal quarter net revenues were $130.6 million, an increase of 12% sequentially and 8% from the second quarter of fiscal 2007, and represented the highest quarterly revenues in the Company's history.Second quarter GAAP net income was $17.6 million, or $0.21 per diluted share. GAAP net income per diluted share increased 75% sequentially from $0.12 per diluted share in the first fiscal quarter and compared favorably to a loss of $0.12 per share in the year ago period. Non-GAAP net income for the second fiscal quarter, which excludes amortization of intangibles and stock-based compensation, was $28.2 million, or$0.34 per diluted share. Non-GAAP net income per diluted share increased 26% both sequentially and year-over-year from $0.27 per diluted share in both of the prior periods. Reconciliations between GAAP and non-GAAP results are included in the accompanying financial data.
Jim McCluney, president and CEO, commented, "After a strong start in our first quarter of fiscal 2008, we followed up with record revenues and record non-GAAP operating income in our second quarter. Embedded Storage Products (ESP), which grew 29% sequentially, was a key contributor to achieving these results. We expect continued momentum in the March quarter from design wins which have begun shipping recently and several more unannounced wins to further drive ESP revenue and deliver on our diversification strategy. In addition, we saw solid performance from our Host Server Products where Fibre Channel HBAs and mezzanine cards for blade servers grew more than 10 percent sequentially."
Emulex Corp.
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