Emulex Announces First Quarter Fiscal 2011 Results; EPS $.12

Emulex Corporation ELX today announced results for its first fiscal quarter ended September 26, 2010.

First Quarter Financial Highlights

• Total net revenues of $103.1 million, an increase of 21% year-over-year and flat sequentially
• Host Server Products (HSP) were $79.2 million, or 77% of net revenues, an increase of 23% year-over-year and 9% sequentially
• 10Gb/s Ethernet-based net revenues essentially doubled sequentially, accounting for more than 10% of HSP net revenues during the quarter
• 8Gb/s Fibre Channel-based net revenues increased to 40% of HSP net revenues during the quarter
• Embedded Storage Products (ESP) net revenues increased 12% year-over-year and decreased 22% sequentially to $23.8 million, or 23% of net revenues
• GAAP operating loss of $13.2 million, or 13% of total net revenues, and non-GAAP operating income of $11.6 million, or 11% of total net revenues
• GAAP net loss of $8.1 million compared to GAAP net income of $3.8 million in Q1 of 2010. Non-GAAP net income of $9.9 million increased 43% from the comparable period of the prior year
• GAAP loss per share of $0.10 and non-GAAP diluted earnings per share of $0.12
• Cash, cash equivalents and investments at the end of the quarter were $175 million
• Repurchased approximately 4.1 million shares of outstanding stock using approximately $40 million in cash