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Emulex Reports Q4
Emulex announced results for its fourth fiscal quarter ended July 1, 2007
August 10, 2007
2 Min Read
COSTA MESA, Calif. -- Emulex Corporation(NYSE:ELX) today announced results for its fourth fiscal quarter ended July 1, 2007.
Fourth Quarter Highlights
Total revenues of $126.3 million, or a 5% sequential and a 28% year-over-year increase.
Revenue from engineering services related to a pre-existing Aarohi Communications agreement of $3.8 million.
GAAP gross margins of 61% and non-GAAP gross margins of 67%.
GAAP operating income of $21.3 million, or 17% of revenue, and non-GAAP operating income of $37.4 million, or 30% of revenue.
GAAP diluted EPS of $0.15 and non-GAAP diluted EPS of $0.34.
Cash, cash equivalents and investments of $271.9 million.
Inventory turnover of 6.8.
Days Sales Outstanding (DSOs) of 36 days.
Repurchase of 1.5 million shares using $32 million of cash.
Fiscal 2007 Highlights
Total revenues of $470.2 million, or a 17% year-over-year increase.
GAAP gross margins of 58% and non-GAAP gross margins of 65%.
GAAP operating income of $44.2 million, or 9% of revenue, and non-GAAP operating income of $133.5 million, or 28% of revenue.
GAAP diluted EPS of $0.34 and non-GAAP diluted EPS of $1.14.
Repurchase of 3.6 million shares using $70 million of cash.
Financial Results
Fourth quarter revenues of $126.3 million, rose 5% sequentially from the third fiscal quarter and increased 28% year-over-year. Fourth quarter GAAP net income was $13.2 million, or $0.15 per diluted share, representing an increase in earnings per share of 15% sequentially, and compared to a net loss of $0.06 per share in the prior year's quarter.Non-GAAP net income for the fourth quarter, which excludes amortization of intangibles, stock-based compensation, in-process research and development (In-Process R&D) and impairment of a strategic investment, was $29.4 million, or $0.34 per diluted share, representing an increase in earnings per share of 26% sequentially and 42% from the year ago period. Reconciliations between GAAP and non-GAAP results are included in the accompanying financial data.
Jim McCluney, President and CEO commented, "Our fiscal 2007 results demonstrate our successful execution on a number of key initiatives.Our strong year-over-year revenue growth of 17% was driven by the continued growth of our 4 Gb/s solutions, including mezzanine cards for blade servers, and penetration into OEMs that helped us gain market share in our Host Server Products (HSP). In addition to recapturing market share in HSP, we continued to execute our diversification strategy with the integration of Aarohi Communications and Sierra Logic, which we acquired in calendar year 2006. As the cornerstone of our Intelligent Network Products and Embedded Storage Products respectively, these acquisitions expand Emulex's business into higher growth emerging markets including Fibre Channel over Ethernet (FCoE) and SAS/SATA storage arrays."
Emulex Corp.
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