Emulex Corp. Reports Loss
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Emulex Corp., a Costa Mesa maker of computer circuit cards, on Tuesday reported a fourth-quarter loss because of acquisition costs, and reduced its profit and sales forecasts for the first quarter and fiscal 2002 amid falling demand.
The company’s loss for the three months ended July 1 totaled $31.3 million, or 38 cents a share, compared with net income of $9.6 million, or a split-adjusted 12 cents, a year earlier. Sales rose 43% to $58.4 million.
Customers are delaying purchases as they cut spending on computers and related equipment, after U.S. companies had their biggest drop in quarterly profits in 10 years.
Emulex’s cards speed data among computers and data-storage devices.
“Until orders return to historical patterns, the company is unable to predict with any accuracy what future quarterly results may be,” Chief Financial Officer Michael Rockenbach said during a conference call.
Emulex shares fell $1.01 to $25.69 on the Nasdaq before the company issued results. The shares dropped to $22.81 in after-hours trading.
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