On a non-GAAP basis, net income was $9 million or $0.32 per diluted share compared to a net loss of $1.9 million a year ago and net income of $11.4 million in the prior quarter.Turning our attention now to the balance sheet. Cash and cash equivalents at the end of the quarter was $131.8 million compared with $155.8 million at the end of Q1. This reduction, as forecast, was primarily related to the increase in working capital required for the HDD Capital Equipment business and the increase in disk drive inventories where certain hubbing arrangements have been restricted in the near term. Additionally, the reduction included expenditures for share repurchases of $3.6 million in the quarter.
Xyratex Management Discusses Q2 2012 Results - Earnings Call Transcript
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