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April 28, 2009

Emulex posts Q3 net loss

Net revenues declined to $78.57m from $127.85m in the same quarter of fiscal 2008

By CBR Staff Writer

Emulex, a US-based provider of storage networking infrastructure services, has posted a net loss of $5.96m, or $0.07 per diluted share, for the third fiscal quarter ended March 29, 2009, compared to a net income of $15.52m, or $0.19 per diluted share, for the same period in fiscal 2008.

Net revenues for the third quarter of fiscal 2009 declined to $78.57m, from $127.85m in the same quarter of fiscal 2008.

For the nine months month period ended March 29, 2009, the company posted a net income of $12.05m, or $0.15 per diluted share, compared to a net income of $43.34m, or $0.52 per diluted share in the same period of fiscal 2008. Net revenues for the first nine months of fiscal 2009 declined to $298.92m from $375.54m in the same period of fiscal 2008.

Jim McCluney, president and CEO of Emulex, said: Although the third quarter started off slower than we would have liked, I’m very pleased with our overall execution during the March quarter. In addition to meeting our revenue and earnings targets, our focus on controllable expenses and maintaining a strong balance sheet resulted in lower inventories, lower accounts receivables and an increase in our cash balances by over $17 million during the quarter.

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