reported second-quarter earnings that beat analysts' expectations for the period.
The company, a maker of storage area network infrastructure components, said second-quarter income rose to $22.7 million, or 24 cents a diluted share, from $12.3 million, or 14 cents a share, a year ago. Wall Street was expecting the company to earn 22 cents a share, according to a
First Call/Thomson Financial
survey of six analysts.
Gross revenue for second quarter rose to $87.6 million from $51.1 million last year. Net revenue for the quarter amounted to $86 million. Net revenue includes a $1.6 million sales discount for an adjustment in the value of warrants to
. Excluding the warrant charge and the related tax effects, income for the quarter would have been 25 cents a diluted share. The results exclude certain operating costs and merger charges.
Results for the latest period and all prior periods have been consolidated with the results of
, which merged with the company on Aug. 1.