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October 25, 2010

Emulex Q1 revenue increases to $103.1m

Host Server Products accounted for 77% of net revenues

By CBR Staff Writer

Emulex has reported net revenues of $103.1m for the first quarter of 2011, an increase of 20% compared to $86m for the same quarter of last year.

For the quarter, Host Server Products (HSP) accounted for 77% of net revenues, while 8Gb/s net revenues increased 40% of HSP net revenues during the quarter.

The 10Gb/s Ethernet-based net revenues doubled sequentially, accounting for 10% of HSP net revenues during the quarter.

The Embedded Storage Products (ESP) net revenues increased 12% year-over-year and decreased 22% sequentially to $23.8 million, or 23% of net revenues.

Operating loss was $13.2m for the quarter compared to an operating loss of $6.2m in the prior year quarter.

For the quarter the company posted a net loss of $8.1m, or $0.10 per diluted share compared to net income $3.8m, or $0.05 per diluted share for the first quarter of 2010.

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Emulex president and CEO Jim McCluney said the company’s September quarter was solid, coming in at the high end of their revenue and earnings guidance.

"HSP sequential revenue growth of 9% was the strongest we have seen for the first quarter in the past 5 years, and with a broad portfolio of new platforms just starting to ramp in September, we expect HSP to continue to drive our revenue growth into December," McCluney said.

For the second quarter of fiscal 2011, Emulex has forecasted total net revenues in the range of $111-$115m. The company expects a loss per diluted share of $0.03 to $0.01 in the second quarter.

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