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Emulex: Fiscal 4Q13 Financial Results

Under the bar of half million dollar for FY13

 (in $ million) 4Q12  4Q13 FY12  FY13
 Revenue 129.0 120.4 501.8  478.6
 Growth    -7%    -5%
 Net income (loss) (27.6) (4.6) (11.1) (5.2)

Emulex Corporation announced preliminary results for the fourth quarter and full year of fiscal 2013, which ended on June 30, 2013.

Fourth Quarter Financial Highlights

  • Total net revenues of $120.4 million, an increase of 3% sequentially
  • Network Connectivity Products (NCP) net revenues of $82.9 million, representing approximately 69% of total net revenues
  • Network Visibility Products (NVP), net revenues of $8.3 million, representing 7% of total net revenues
  • Storage Connectivity Products (SCP) net revenues of $23.0 million, representing 19% of total net revenues
  • Advanced Technology and other Products (ATP) net revenues of $6.1 million, representing 5% of total net revenues
  • Non-GAAP gross margins of 65% and GAAP gross margins of 58%
  • Non-GAAP diluted earnings per share of $0.15
  • GAAP loss per share of $0.05
  • Cash, cash equivalents and investments at the end of the quarter of $105.6 million

Fiscal Year 2013 Financial Highlights

  • Total net revenues of $478.6 million
  • Non-GAAP gross margins of 64% and GAAP gross margins of 58%
  • Non-GAAP diluted earnings per share of $0.73 included a benefit of $0.03 from the retroactive reinstatement of the federal R&D tax credit
  • Preliminary GAAP loss per share of $0.06
  • Reported results are preliminary pending completion of our year-end annual audit and certain valuation work related to the purchase price allocation associated with the Endace acquisition.

emulex_fy_540

Fourth Quarter Business Highlights

  • Australian Securities Exchange selects Emulex for trade latency monitoring and network trouble shouting
  • Launched Endace Fusion Ecosystem program, enabling integration with key application performance management and network performance management applications in the market
  • Awarded Connectivity Product of the Year at the Storage Awards
  • Provided end-to-end Gen 5 16GFC connectivity for new Infortrend EonStor DS G7i Series storage solutions for both target and host connections
  • Delivered multi-fabric I/O connectivity for Huawei TeCal E9000 Converged Infrastructure Blade Servers
  • Announced support for High Performance Virtual Network Fabrics in Windows Server 2012 Hyper-V Environments
  • Validated 100GbE line rate capture of Endace Intelligent Network Recorders using Ixia traffic management systems
  • Appointed Todd Palmer as head of worldwide sales for NVP
  • Appointed Perry Mulligan as senior VP of operations

President and CEO Jeff Benck commented: "I am pleased with the team’s execution and the solid results we delivered in the quarter. The integration of Endace continues to move at a very brisk pace, including our plans to scale the sales investments to take advantage of the Emulex global footprint. As we move into the new fiscal year, we are committed to our goal of driving operational efficiencies, continuing our investment in innovative products and providing exceptional support to our growing customer base."

Business Outlook
For the first quarter of fiscal 2014, Emulex is forecasting total net revenues in the range of $109 – $113 million. The company expects non-GAAP earnings per diluted share of $0.09 – $0.11 in the first quarter. GAAP estimates for the first quarter reflect approximately $0.16 per diluted share in expected charges arising primarily from amortization of intangibles, stock-based compensation, costs associated with the acquisition of Endace and the royalties, mitigation expenses and license fees associated with the Broadcom patent litigation, as well as the associated tax effects and the impact of our U.S. tax valuation allowance.


To read the earnings call transcript

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