10-Q Filing

EMULEX CORP /DE/ CIK: 350917 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0000350917-14-000047`
Period End Date	20140930
Filing Date	20141031
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	elx-20140928.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 46 Cash Flow Statement 52 Comprehensive Income 6

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$158.44M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$105.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$174.14M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,099 and $1,079 at September 28, 2014 and June 29, 2014, respectively	`AccountsReceivableNetCurrent`	$76.97M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,099 and $1,079 at September 28, 2014 and June 29, 2014, respectively	`AccountsReceivableNetCurrent`	$72.60M	USD	Point-in-time
Inventories	`InventoryNet`	$21.27M	USD	Point-in-time
Inventories	`InventoryNet`	$25.83M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$21.26M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$20.03M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.10M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.08M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$223.00K	USD	Point-in-time
Accumulated depreciation and amortization of property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$157.78M	USD	Point-in-time
Accumulated depreciation and amortization of property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$157.47M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$223.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$289.50M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$281.50M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $157,473 and $157,780 at September 28, 2014 and June 29, 2014, respectively	`PropertyPlantAndEquipmentNet`	$59.91M	USD	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $157,473 and $157,780 at September 28, 2014 and June 29, 2014, respectively	`PropertyPlantAndEquipmentNet`	$58.60M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Goodwill	`Goodwill`	$248.52M	USD	Point-in-time
Goodwill	`Goodwill`	$248.52M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$108.01M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$101.05M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$18.98M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$19.99M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	240.00M	shares	Point-in-time
Total assets	`Assets`	$717.92M	USD	Point-in-time
Total assets	`Assets`	$716.65M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	240.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	110.98M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	111.31M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	70.93M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	71.26M	shares	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	40.04M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$24.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$25.76M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	40.04M	shares	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$40.37M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$42.18M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$64.97M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$67.94M	USD	Point-in-time
Convertible senior notes	`ConvertibleDebtNoncurrent`	$147.91M	USD	Point-in-time
Convertible senior notes	`ConvertibleDebtNoncurrent`	$146.48M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$6.84M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$5.76M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$15.55M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$15.55M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$26.46M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$26.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$260.65M	USD	Point-in-time
Total liabilities	`Liabilities`	$263.28M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 1,000,000 shares authorized (150,000 shares designated as Series A Junior Participating Preferred Stock); none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 1,000,000 shares authorized (150,000 shares designated as Series A Junior Participating Preferred Stock); none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.10 par value; 240,000,000 shares authorized; 111,309,179 and 110,976,299 issued; 71,264,707 and 70,931,827 outstanding at September 28, 2014 and June 29, 2014, respectively	`CommonStockValue`	$11.13M	USD	Point-in-time
Common stock, $0.10 par value; 240,000,000 shares authorized; 111,309,179 and 110,976,299 issued; 71,264,707 and 70,931,827 outstanding at September 28, 2014 and June 29, 2014, respectively	`CommonStockValue`	$11.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.33B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.33B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-501.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-502.61M	USD	Point-in-time
Accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.86M	USD	Point-in-time
Accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.36M	USD	Point-in-time
Treasury stock, at cost; 40,044,472 shares at September 28, 2014 and June 29, 2014	`TreasuryStockValue`	$378.38M	USD	Point-in-time
Treasury stock, at cost; 40,044,472 shares at September 28, 2014 and June 29, 2014	`TreasuryStockValue`	$378.38M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$454.65M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$456.00M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$716.65M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$717.92M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`SalesRevenueNet`	$103.81M	USD	1 Quarter
Net revenues	`SalesRevenueNet`	$114.83M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSoldExcludingAmortizationAndLitigationDamagesRoyaltiesAndLicenseFees`	$36.62M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSoldExcludingAmortizationAndLitigationDamagesRoyaltiesAndLicenseFees`	$39.69M	USD	1 Quarter
Amortization of core and developed technology intangible assets	`CostOfGoodsSoldAmortization`	$6.16M	USD	1 Quarter
Amortization of core and developed technology intangible assets	`CostOfGoodsSoldAmortization`	$6.35M	USD	1 Quarter
Patent litigation settlement, damages and royalties	`PatentLitigationSettlementDamagesSunsetPeriodRoyaltiesAndLicenseFees`	$1.50M	USD	1 Quarter
Patent litigation settlement, damages and royalties	`PatentLitigationSettlementDamagesSunsetPeriodRoyaltiesAndLicenseFees`	$1.73M	USD	1 Quarter
Total cost of sales	`CostOfGoodsSold`	$44.70M	USD	1 Quarter
Total cost of sales	`CostOfGoodsSold`	$47.35M	USD	1 Quarter
Gross profit	`GrossProfit`	$67.48M	USD	1 Quarter
Gross profit	`GrossProfit`	$59.11M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$40.41M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$33.64M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$19.09M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$16.65M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$7.09M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.63M	USD	1 Quarter
Amortization of other intangible assets	`AmortizationOfIntangibleAssets`	$600.00K	USD	1 Quarter
Amortization of other intangible assets	`AmortizationOfIntangibleAssets`	$1.60M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$70.74M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$57.98M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$1.13M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-3.25M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.38M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$152.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-368.00K	USD	1 Quarter
Total non-operating (expense) income, net	`NonoperatingIncomeExpense`	$154.00K	USD	1 Quarter
Total non-operating (expense) income, net	`NonoperatingIncomeExpense`	$-2.75M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.62M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.10M	USD	1 Quarter
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$-899.00K	USD	1 Quarter
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$543.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.64M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-719.00K	USD	1 Quarter
Basic (dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic (dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Diluted (dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted (dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	71.04M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	91.44M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	91.44M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	71.04M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.64M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-719.00K	USD	1 Quarter
Depreciation and amortization of property and equipment	`DepreciationAndAmortization`	$4.80M	USD	1 Quarter
Depreciation and amortization of property and equipment	`DepreciationAndAmortization`	$4.57M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$4.57M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$3.53M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssetsDuringPeriod`	$6.95M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssetsDuringPeriod`	$7.76M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccountsNet`	$-20.00K	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccountsNet`	$84.00K	USD	1 Quarter
Accretion of debt discount on convertible senior notes and amortization of debt issuance costs	`AccretionExpense`	-	USD	1 Quarter
Accretion of debt discount on convertible senior notes and amortization of debt issuance costs	`AccretionExpense`	$1.61M	USD	1 Quarter
Loss (gain) on sale or disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$20.00K	USD	1 Quarter
Loss (gain) on sale or disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-69.00K	USD	1 Quarter
Foreign currency adjustments	`ForeignCurrencyTransactionGainLossUnrealized`	$-209.00K	USD	1 Quarter
Foreign currency adjustments	`ForeignCurrencyTransactionGainLossUnrealized`	$-153.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.71M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.36M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.51M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-4.43M	USD	1 Quarter
Prepaid expenses, prepaid income taxes and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-1.64M	USD	1 Quarter
Prepaid expenses, prepaid income taxes and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$350.00K	USD	1 Quarter
Accounts payable, accrued liabilities, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.04M	USD	1 Quarter
Accounts payable, accrued liabilities, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.78M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.97M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.85M	USD	1 Quarter
Net proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Net proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$27.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.56M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.09M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.09M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.53M	USD	1 Quarter
Change in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$28.00K	USD	1 Quarter
Change in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$21.00K	USD	1 Quarter
Payroll tax withholdings on behalf of employees for restricted stock	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.46M	USD	1 Quarter
Payroll tax withholdings on behalf of employees for restricted stock	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$767.00K	USD	1 Quarter
Proceeds from issuance of common stock under stock plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$20.00K	USD	1 Quarter
Proceeds from issuance of common stock under stock plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$196.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.24M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-719.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-336.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$57.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$15.70M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-746.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$104.89M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$158.44M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$105.64M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$174.14M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$158.44M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$105.64M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$104.89M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$174.14M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.64M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-719.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-121.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-493.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.76M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.21M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.