Xyratex Ltd Announces Fourth Quarter and Fiscal Year 2010 Results

HAVANT, United Kingdom, Jan. 6, 2011 /PRNewswire/ -- Xyratex Ltd. XRTX, a leading provider of enterprise class data storage subsystems and storage process technology, today announced results for the fourth quarter and fiscal year ended November 30, 2010. Revenues for the fourth quarter were $396.8 million, an increase of 63.3% compared to revenues of $243 million for the same period last year. For the fourth quarter, GAAP net income was $32.3 million, or $1.02 per diluted share compared to a GAAP net income of $1.6 million in the same period last year. Non-GAAP net income increased to $21.9 million, or a diluted earnings per share of $0.69, compared to non-GAAP net income of $7.9 million, or $0.26 per diluted share, in the same quarter a year ago(1). Gross profit margin in the fourth quarter was 16.1%, compared to 15.6% in the same period last year and 17.6% in the prior quarter. The change from the prior quarter was primarily due to the decrease in the proportion of Storage Infrastructure (SI) revenues. Gross profit margin for fiscal year 2010 was 17.5% compared to 14.4% in the previous year. The increase from the prior year was primarily due to the increase in SI revenues. Revenues for fiscal year 2010 were $1,601.9 million, an increase of 84.6%, compared to revenues of $867.9 million for fiscal year 2009. Revenues from sales of our NSS products were $1,258.9 million for the year as compared to $762 million in 2009, an increase of 65.2%. Revenues from sales of our SI products were $342.9 million as compared to $105.9 million in 2009, an increase of 223.9%.