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Emulex (ELX) Posts Q2 Fiscal 2012 Financial And Business Results

|Includes: Emulex Corporation (ELX)

Emulex Corp., a leading provider of converged networking solutions for the IT industry, today announced its financial results and operational achievements for its second quarter of fiscal 2012 ended January 1, 2012.

The company reported a 13 percent increase in second-quarter net revenues to $128.7 million compared to total net revenues of $114.0 million reported for second quarter fiscal 2011.

Second-quarter net income on a GAAP basis was $15.0 million, or $0.17 per diluted share, compared to a GAAP net loss of $41.0 million, or $(0.47) per share, in the second quarter of last year. Non-GAAP net income for the second quarter of fiscal 2012 was $22.6 million, or $0.26 per diluted share, a 69 percent increase from the $13.4 million reported in the comparable quarter of fiscal 2011.

GAAP operating income was $11.8 million, or 9 percent of total net revenues; non-GAAP operating income of $24.5 million represents 19 percent of total net revenues.

Emulex reported GAAP gross margins of 59 percent and non-GAAP gross margins of 63 percent.

Cash, cash equivalents and investments at the end of the second quarter were $191.7 million

"Our focus on operational excellence is reflected in our results as we once again exceeded the high-end of our revenues and earnings guidance. December was our fourth consecutive quarter of double digit year-over-year revenue growth, as we continued to drive market share gains in our core business," CEO Jim McCluney stated in the press release. "Looking forward, we believe we are exceptionally well positioned to deliver increased shareholder value as we continue to build on this momentum."

Second-quarter business highlights include the delivery of three new I/O connectivity solutions for HP Integrity servers; continued 10GbE market share gains for the fifth straight quarter; the announcement of the Emulex Extra Program, a major initiative to support customers and partners; and the introduction of OneCommand(NYSE:R) Vision 2.0, a proactive I/O performance and availability management for cloud and virtualized data center environments.

The company also provided guidance for its third fiscal quarter ending April 1, 2012. For the third quarter of fiscal 2012, Emulex forecasts total net revenues in the range of $121 million-$125 million; non-GAAP earnings per diluted share between $0.17 and $0.19; and GAAP earnings per diluted share between $0.05 and $0.07.

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