Emulex Trims Profit Forecast

Emulex Corp., maker of computer circuit cards, said profit fell 6% to $9 million, or 11 cents a share, and reduced its first-quarter and fiscal 2002 sales and profit forecasts because of declining demand.

The news sent Emulex shares down to $22.81 in after-hours trading, after closing off $1.01 at $25.69 on Nasdaq.

The latest results, which exclude $40.3 million in expenses related to the acquisition of Giganet Inc. and deferred compensation, were a penny better than analysts expected, according to Thomson Financial/First Call.

The Costa Mesa-based company’s sales rose 43% to $58.4 million, missing the $67.9 million average estimate of analysts polled by IBES International Inc.

Emulex said its expects first-quarter operating profit of 9 cents a share, a penny less than analysts forecast, with sales of about $55 million.

For the fiscal year ending next June, the company expects earnings of 43 cents a share on revenue of $250 million to $255 million. Analysts polled by IBES on average expected profit of 50 cents a share on sales of $281.2 million.