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Friday, 8 August 2003
August 8, 2003 Emulex Corp. (ELX)
Hello Friends! Finally, a nice steady day in the market....so far....Looking at the lists of best gainers I came across Emulex. This was an old favorite of mine when I was still blindly investing in tech stocks before the bubble broke...and Emulex is still cranking out growth!

Emulex (ELX)is trading currently at $22.46 up $1.04 or 4.86% on the day. According to Cnn.money, Emulex "...is a designer, developer and supplier of a broad line of fibre channel host adapters, hubs, ASICs and software products that enhance access to and storage of electronic data and applications." It has been awhile (!) since I looked at stocks that did ASICs....hmmm...whatever they are!

The stock is up today after releasing an earnings report after the close yesterday. According to Yahoo.com 'news' on ELX, revenues were up 3% sequentially and 16% from last year, growing to a record $81.8 million. Non-GAAP diluted earnings per share were $.23 for the quarter up 44% from last year. (Non-GAAP also explained as 'pro forma'...I presume this involves continuing operations....but then again...I am not an accountant and would prefer to have a 'cleaner' number to work with.)

Morningstar.com shows sequential revenue growth from $59 million in 1998, $68.5 million in 1999, $139.8 million in 2000, $245.3 million in 2001, and $255 million in 2002. Extrapolating the current quarter's revenues would get us somewhere 'north' of $320 million in 2003.

The company is solvent, generating $39 million in free cash flow in 2000, $45 million in 2001, $80 million in 2002, and $78 million in the trailing twelve months.

Looking at the Assets and Liabilities as reported on Morningstar, we find that there is LOADS of cash with $393.7 million in cash reported....way more than current liabilities of $77.8 million and long-term liabilities of $215.0 million combined. In addition Emulex reports $142.5 million in other current assets.

Looking at Yahoo.com we find that the company has a sizeable market cap of $1.76 Billion with 82.3 million shares outstanding and 79.1 million that float. No dividend is paid. The p/e is a bit steep (for me) at 51.86 and there are 8.6 million shares out short as of 7/8/03, representing 4.10 days of average trading.

The stock looks nice but is not a big bargain. However if this current growth continues, this stock may well be positioned for a nice move upward and is deserving of your attention. Needless to say, I do not own any shares of this company.

Thanks for stopping by and be sure to visit often. If you like this site, be sure to link it to your site....if we can get some links like that...we will get noticed on Google...:). Drop me a line at bobsadviceforstocks@lycos.com if you have any questions or comments!

Bob


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