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Emulex Posts $10.9-Million Quarterly Profit

April 20, 2001

Computer circuit card maker Emulex Corp. reported fiscal third-quarter earnings of $10.9 million, or 13 cents a share, excluding one-time acquisition costs. The per-share figure matched the expectations of Wall Street analysts.

Last year's quarterly earnings were $7.7 million, or 10 cents a share. Sales shot up more than 65% to $60.4 million for the quarter ended April 1.

The Costa Mesa company makes cards that accelerate data traffic among computers and data storage systems. Emulex and other computer and Internet component makers have seen orders slump this year because a slowdown in the U.S. economy has prompted customers to pare spending.

Emulex said sales for the fourth quarter, ending July 1, will be unchanged from the third quarter.

Including the nonrecurring charges, Emulex posted a third-quarter net loss of $24.5 million, or 32 cents a share.

The net loss was attributed to expenses of $13.5 million related to the purchase of Giganet Inc. and $22.3 million in costs for in-process research and development.

Emulex stock rose $6.62, or 27%, Thursday to close at $30.87 a share on Nasdaq. The stock has fallen 61% this year. (Bloomberg News)

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