… and they’re pretty close to the preliminary figures they announced earlier. Their GAAP net income came to $7.8 million, the same as Q3 last year, despite a slightly lower gross profit margin. Revenue was lower than last year, $246.3 million compared to slightly over $280 million in 2008. The full figures are available on their website.
Some interesting things that I noticed:
- Their “Storage Infrastructure” products aren’t doing so well, with revenue dropping nearly 45% year-on-year
- R&D expenses have been lowered somewhat, but they are still spending a significant amount of money on that
- They’ve been able to bring inventories down by about 25%, which is a good thing for both the company and customers (they won’t be trying to sell you their old models once new ones are released…)
Xyratex’s CEO is happy with the results, and sees the economy improving:
“Our third quarter results reflect the apparent improvement in the overall economy and the operational progress we have made over the last nine months. This has resulted in profit being above our expectations in the quarter and demonstrates our commitment to returning to sustained profitability,” said Steve Barber, Xyratex CEO. “I was pleased with our execution along with recent new design wins at a number of our major customers. I remain confident that the storage industry will continue to grow, providing incremental opportunities for our technology.”
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