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Profit Falls at Emulex

Sales also slip from a year earlier.

First-quarter profit fell at



but the company beat analysts' expectations.

The Costa Mesa, Calif., storage components company said Thursday it earned $15 million, or 18 cents a share, for the quarter ended Oct. 1. That's down from a year earlier when the company earned $16.4 million, or 20 cents a share.

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Sales dropped to $102.3 million from $104.4 million a year earlier.

Excluding certain items, Emulex earned $22.8 million, or 25 cents a share, down from $24.3 million, or 27 cents a share, a year earlier. On that basis, analysts surveyed by Thomson Financial were looking for a 24-cent-a-share profit on sales of $100.63 million.

Emulex said it expects to earn between 25 cents and 27 cents a share before items in the second quarter, on revenue of around $115 million to $119 million. Analysts were looking for a 27-cent-a-share profit on sales of $110.36 million.

On a GAAP basis, Emulex expects to earn 15 cents to 17 cents a share, reflecting about 10 cents a share in charges arising primarily from amortization of intangibles and stock-based compensation.

In recent after-hours trading, Emulex shares fell 33 cents, or 1.7%, to $19.55.