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Emulex: Fiscal 3Q15 Financial Results

Last figures before acquisition by Avago

(in $ million) 3Q14 3Q15 9 mo. 14 9 mo. 15
Revenues 109.7 96.3 347.6 311.2
Growth   -12%   10%
Net income (loss) (7.2) (59.1) (14.9) (55.5)

Emulex Corporation announced its financial results for the third quarter of fiscal 2015 ending March 29, 2015.

On February 25th, 2015, Emulex entered into a definitive agreement with Avago Technologies Limited under which Avago agreed to acquire Emulex for $8.00 per share in an all-cash transaction valued at approximately $606 million as of the offer date. In anticipation of this transaction, which is expected to close during Avago’s second half of the fiscal year ending November 1, 2015, Emulex will not issue financial guidance for the upcoming quarter or conduct a third quarter results conference call. Emulex has also discontinued its share repurchases under the previously announced authorization.

Third Quarter Financial Highlights
Third quarter 2015 revenue of $96 million with non-GAAP EPS of $0.16 as compared to initial guidance of $0.11-$0.15. A GAAP net loss of ($0.82) compared to prior guidance of a loss of ($0.06) to ($0.10), the latter of which excluded a $0.79 charge incurred in the third quarter for impairment of goodwill and intangible assets related to the company’s Network Visibility Products (NVP) operations.

FC revenue performance exceeded prior expectations of mid-single-digit annual declines, led by the Gen 5 16Gb FC family of products, which were up more than 100% over the prior year.

Skyhawk-based 10GbE products designed for current x86 server offerings grew revenue greater than 30% compared to the prior quarter and over six-fold over the prior year.

Net Revenue by Product Lines
emulex 3Q15

Non-GAAP gross margin of 67.5% expanded approximately 180 basis points year-over-year and 120 basis points as compared to the prior quarter.

Cash, cash equivalents and investments at the end of the quarter of $203 million.

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