Emulex: Preliminary Fiscal 4Q09 Financial Results

Emulex Corporation announced preliminary results for its fourth fiscal quarter ended June 28, 2009.

Preliminary Fourth Quarter Financial Highlights

• Total net revenues of $78-$79 million at the high end of guidance of $73 – $80 million.
• Non-GAAP diluted earnings per share is expected to be at the high end of guidance of $0.01 – $0.05.
• Expected GAAP diluted earnings per share is not available and cannot be provided without undue effort as various year-end analyses are still in process. However, we believe we will generate a loss for the fourth fiscal quarter, as a result of charges related to amortization of intangibles, stock-based compensation, severance and associated costs, and costs associated with the tender offer by Broadcom including related litigation, all of which are excluded in the calculation of non-GAAP fully diluted earnings per share.

Business Highlights

• Awarded two new OEM design wins for 10Gb/s Ethernet OneConnect CNAs expanding the total to 14 platforms.
• Emulex captured two new OEM design wins for its LightPulse Fibre Channel HBAs.

President and CEO Jim McCluney commented: "I’m very pleased with the team’s focus and execution during the quarter, coming in at the high end of our guidance. In addition to strong near term operational performance we expanded our design wins for both our core Fibre Channel HBAs and our CNAs further reinforcing the strength of the Company’s future prospects."