SCIENCE / TECHNOLOGY
Compiled by David Olmos, Times staff writer
Emulex Corp., a Costa Mesa manufacturer of computer data storage equipment, plans to buy back 1 million shares of its stock. The stock has recently traded near $8 per share.
Emulex Chairman Fred B. Cox said the company believes its stock is undervalued, compared to other technology companies. Emulex reported improved financial results for its recently ended fiscal year and anticipates strong results for the first quarter of the current year, Cox said.
Emulex reported earnings of $9.1 million, up 162% from a year earlier, on revenues of $125 million for the year ended July 3.
The company said it recently completed purchase of nearly 2 million of its shares.
