Emulex: Preliminary Fiscal 2Q12 Financial Results

Emulex Corporation announced preliminary results for its second quarter of fiscal 2012, which ended on January 1, 2012.

Second Quarter Financial Highlights

• Total net revenues of $127-$128 million exceeding the high end of guidance of $121-$127 million
• Network Connectivity Products (NCP) net revenue increased approximately 10 percent sequentially representing approximately 75 percent of net revenues
• Storage Connectivity Products (SCP) net revenue increased approximately 13 percent sequentially representing approximately 20 percent of net revenues
• GAAP diluted earnings per share of $0.15-$0.16 compared to a GAAP loss per share of $0.08 in the first quarter of 2012
• Non-GAAP diluted earnings per share of $0.24-$0.25 an increase of more than 80 percent sequentially and exceeding the high end of guidance of $0.17-$0.20
• Calendar year 2011 revenues of $481-$482 million, an increase of approximately 14 percent year-over-year growth
• Successfully executed recovery plans from the Thailand flooding, restoring full production capacity within the quarter

CEO Jim McCluney commented: "Our preliminary results for the December quarter once again demonstrate our commitment to deliver better than industry revenue growth and even stronger earnings growth. Outstanding execution by our operations team overcame the mid-quarter supply constraints from the Thailand flooding, bringing us back to full capacity and allowing us to exceed the high end of our revenue and earnings guidance for the quarter," continued McCluney.

"With the benefit of the upcoming OEM server platform refresh cycle related to Intel Corporation’s Romley chipset and the expanding adoption of converged networks, Emulex is exceptionally well positioned to continue to deliver shareholder value in 2012," McCluney concluded.

Emulex expects to announce its final second quarter financial and operating results on January 26, 2012.