Emulex Corp. (ELX) Prelim. Q2 Results Top Prior Expectations

Emulex Corp. (NYSE: ELX) announced its preliminary financial results for the second quarter of fiscal 2015 ending December 28, 2014, in advance of planned investor meetings today at the Needham Growth Conference in New York. On a preliminary basis, the Company currently anticipates revenue to be in a range of $110 million to $111 million, with non-GAAP earnings between $0.23 and $0.24 per share and GAAP earnings between $0.04 and $0.05 per share. Emulex had previously projected revenue within a range of $102 million to $108 million, with non-GAAP earnings between $0.14 and $0.18 per share and GAAP earnings between $0.00 per share and a loss of $0.04 per share, as communicated during its fiscal first quarter earnings call on October 30, 2014. Reconciliation between GAAP and non-GAAP preliminary earnings per share is included herewith.

"Emulex finished calendar year 2014 in a much stronger position led by a resilient Fibre Channel sector and benefiting from solid execution and customers' embrace of our current product cycles," commented Jeff Benck, president and chief executive officer (CEO), Emulex. "We look forward to building on this foundation as the broad slate of OEM qualifications of our 10Gb Ethernet products designed for next generation x86 servers ramp in the market over the next year."

Investors interested in accessing the audio and presentation materials related to today's Needham Growth Conference may do so by visiting the investor relations section of the Emulex website at www.emulex.com.

Emulex plans to host a conference call to discuss second quarter results on Thursday, January 29, 2015 at 2:00 p.m. PDT (5:00 p.m. EDT), during which additional information and commentary will be provided by Emulex President and CEO Jeff Benck and Senior Vice President and Chief Financial Officer Kyle Wescoat.

The conference call may be accessed live, via the Emulex website at emulex.com/investors. A replay of the call will be available for 12 months by accessing the IR webcast archive section of the Emulex website.

These non-GAAP earnings per share exclude certain expenses and reflect an additional way of viewing aspects of our operations that, when viewed with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of our results of operations and the factors and trends affecting our business. However, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. We use our non-GAAP financial measures internally to better understand and evaluate our business, prepare annual budgets, and in measuring performance for some forms of compensation.

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