Gross revenues in the first quarter were $92.1 million, up 19% compared to the $77.4 million reported for the same quarter a year ago. First quarter pro forma net income grew 9% to $21.9 million, or $0.23 per share on a diluted basis, compared to the $20.2 million, or $0.21 per share on a diluted basis, recorded a year ago.
Actual net revenues for the quarter ended July 1, 2001 were $89.9 million, and are net of a $2.2 million sales discount for an adjustment in the value of warrants to Sun Microsystems. The Company’s actual first quarter earnings per share was $0.20 on a diluted basis, compared to $0.21 in the prior year.
Demand for Fibre Channel solutions grew sequentially during the first quarter, partially offsetting weakness in the SCSI business. Fibre Channel revenues accounted for 61% of total revenues, compared to 48% in Q1 of the previous year.
While the economy continues to impact our industry and visibility remains poor, we are continuing to make strong progress in the development of new technologies and designs with our customers and strategic partners said H.K. Desai, the company’s chairman, CEO and president. We believe this will be essential in achieving increasing profitability when economic conditions improve.
SOURCE: COMPANY PRESS RELEASE
