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Emulex Reports 3Q08
Emulex reports third quarter fiscal 2008 results
April 25, 2008
2 Min Read
COSTA MESA, Calif. -- Emulex Corporation (NYSE:ELX) today announced results for its third fiscal quarter ended March 30, 2008.
Third Quarter Highlights
Total net revenues of $127.8 million -- an increase of 6% year- over-year
Host Server Product net revenues of $85.1 million -- 67% of total net revenues
Embedded Storage Product net revenues of $42.5 million -- 33% of total net revenues
GAAP gross margin of 63% and non-GAAP gross margin of 67%
GAAP operating income of $19.5 million, or 15% of total net revenues, and non-GAAP operating income of $34.4 million, or 27% of net revenues
GAAP diluted EPS of $0.19 and non-GAAP diluted EPS of $0.31
Cash, cash equivalents and investments of $332.1 million
Inventory turnover of 12.2 times
Financial Results
Third quarter net revenues were $127.8 million, an increase of 6% over the comparable quarter of last year and a 2% decrease from the second quarter of the current fiscal year. Third quarter GAAP net income was$15.5 million, or $0.19 per diluted share. GAAP net income per diluted share increased 46% from the $0.13 per diluted share reported in the year ago period, but decreased 10% on a sequential basis from $0.21 per diluted share. Non-GAAP net income for the third quarter, which excludes amortization of intangibles and stock-based compensation, was$25.7 million, or $0.31 per diluted share. Non-GAAP net income per diluted share increased 15% from the $0.27 per diluted share reported last year, but decreased 9% sequentially from $0.34 per diluted share reported in the second quarter. Reconciliations between GAAP and non-GAAP results are included in the accompanying financial data.Jim McCluney, President and CEO commented, "Our third quarter results saw our Embedded Storage Products achieve revenues in excess of $42 million or one third of total revenues. Our continued focus on improving the supply chain helped deliver solid results for the third quarter. With inventory turns at 12.2, and our solid gross margin performance, our third quarter results once again demonstrated the Company's commitment to balancing revenue performance and earnings growth."
Emulex Corp.
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