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warned investors on Tuesday that it would fall far short of its own revenue and earnings forecast for the third quarter.

The storage and network-products company said it now expects sales in the range of $88 million to $89 million, compared with the expected $106 million to $108 million.

The company's earnings projection also took a dive. The company plans to report a profit of 10 cents to 11 cents a share, missing its projected 17 cents to 18 cents a share.

Emulex said that excluding certain items, the company would make 20 cents to 21 cents a share, below prior expectations of EPS of 27 cents to 28 cents a share.

Analysts polled by Thomson First call pegged the company to make 27 cents a share for the quarter on sales of $107 million.

In after-hours trading on Instinet, shares of the company lost 3.6 % of their value following the announcement, dipping 61 cents to $16.19.

In a press release, the company said demand from two major OEM customers was hurt by deferred launches of 4Gb/s Emulex host bus adapters attached to next-generation server and storage platforms. These OEM launches, which span blade servers, typical high-end servers and midrange storage, had been scheduled for release late in the third quarter and have been rescheduled for the June quarter.

"We believe that end-user demand paused while customers waited for availability of OEM products certified for use with 4Gb/s Fibre Channel

host bus adapters," Paul Folino, Emulex chairman and CEO, said in a statement.

Emulex will release results on April 27.