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Emulex Revenues Down for First Quarter 2002

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Emulex Corp., a supplier of storage networking host bus adapters (HBAs), announced results for its first fiscal quarter ended Sept. 30, 2001.

According to the company, revenues amounted to $52.7 million, down 5% from the $55.5 million reported for the same quarter a year ago. Pro forma net income, which excludes deferred compensation, amortization of goodwill and other intangibles and a non-recurring inventory charge, amounted to $7.5 million, or $0.09 per diluted share, for the first quarter of fiscal 2002, compared with net income of $12.9 million, or $0.17 per diluted share, for the same quarter a year ago.

"Although business had been tracking to expectations, we experienced a pause in shipment and order activity in the aftermath of the terrorist attacks on September 11, which modestly reduced results for the first fiscal quarter," said Paul Folino, Emulex's president and CEO. "While the benefits of networked storage remain compelling and we have seen some recent improvement in demand, the prevailing demand trend amid fluctuating order patterns and the full economic impact of the terrorist events on upcoming quarters are difficult to gauge.

"Given that our revenues remain directly dependent on the ongoing flow of orders from our OEM and distribution partners, Emulex's current priorities are expense control and new OEM development opportunities. We are implementing several actions to manage expenses while our sales force continues to focus on capturing new design wins that extend our market footprint over the long-term."

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