10-Q Filing

EMULEX CORP /DE/ CIK: 350917 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-421450`
Period End Date	20130930
Filing Date	20131101
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	elx-20130929.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 46 Cash Flow Statement 64 Comprehensive Income 6

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$201.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$105.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$174.32M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,209 and $1,293 at September 29, 2013 and June 30, 2013, respectively	`AccountsReceivableNetCurrent`	$85.16M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,209 and $1,293 at September 29, 2013 and June 30, 2013, respectively	`AccountsReceivableNetCurrent`	$82.36M	USD	Point-in-time
Inventories	`InventoryNet`	$26.29M	USD	Point-in-time
Inventories	`InventoryNet`	$23.90M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.29M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.21M	USD	Point-in-time
Prepaid income taxes and income tax receivable	`PrepaidIncomeTaxesAndIncomeTaxReceivable`	$9.35M	USD	Point-in-time
Prepaid income taxes and income tax receivable	`PrepaidIncomeTaxesAndIncomeTaxReceivable`	$10.17M	USD	Point-in-time
Accumulated depreciation and amortization of property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$145.94M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.16M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.11M	USD	Point-in-time
Accumulated depreciation and amortization of property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$150.23M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$3.14M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$3.14M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$243.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$239.31M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $150,232 and $145,942 at September 29, 2013 and June 30, 2013, respectively	`PropertyPlantAndEquipmentNet`	$62.67M	USD	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $150,232 and $145,942 at September 29, 2013 and June 30, 2013, respectively	`PropertyPlantAndEquipmentNet`	$62.41M	USD	Point-in-time
Goodwill	`Goodwill`	$248.52M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Goodwill	`Goodwill`	$248.52M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	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
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$131.53M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$139.30M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$20.18M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	240.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	240.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$21.16M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	108.90M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	109.26M	shares	Point-in-time
Total assets	`Assets`	$705.90M	USD	Point-in-time
Total assets	`Assets`	$710.71M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	17.59M	shares	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	17.59M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$27.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$27.73M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$39.33M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$43.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$71.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$67.22M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$5.64M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$4.92M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$17.05M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$17.05M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$29.53M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$29.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$123.08M	USD	Point-in-time
Total liabilities	`Liabilities`	$119.44M	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; 109,264,051 and 108,896,648 issued at September 29, 2013 and June 30, 2013, respectively	`CommonStockValue`	$10.93M	USD	Point-in-time
Common stock, $0.10 par value; 240,000,000 shares authorized; 109,264,051 and 108,896,648 issued at September 29, 2013 and June 30, 2013, respectively	`CommonStockValue`	$10.89M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.28B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.28B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-476.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-472.35M	USD	Point-in-time
Accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.49M	USD	Point-in-time
Accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.37M	USD	Point-in-time
Treasury stock, at cost; 17,592,322 shares at September 29, 2013 and June 30, 2013	`TreasuryStockValue`	$228.38M	USD	Point-in-time
Treasury stock, at cost; 17,592,322 shares at September 29, 2013 and June 30, 2013	`TreasuryStockValue`	$228.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$586.46M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$587.62M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$705.90M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$710.71M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`SalesRevenueNet`	$119.27M	USD	1 Quarter
Net revenues	`SalesRevenueNet`	$114.83M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSoldExcludingAmortizationAndLitigationDamagesRoyaltiesAndLicenseFees`	$44.15M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSoldExcludingAmortizationAndLitigationDamagesRoyaltiesAndLicenseFees`	$39.69M	USD	1 Quarter
Amortization of core and developed technology intangible assets	`CostOfGoodsSoldAmortization`	$5.15M	USD	1 Quarter
Amortization of core and developed technology intangible assets	`CostOfGoodsSoldAmortization`	$6.16M	USD	1 Quarter
Patent litigation damages, injunction related royalties and technology license fees	`PatentLitigationSettlementDamagesSunsetPeriodRoyaltiesAndLicenseFees`	$1.50M	USD	1 Quarter
Patent litigation damages, injunction related royalties and technology license fees	`PatentLitigationSettlementDamagesSunsetPeriodRoyaltiesAndLicenseFees`	$992.00K	USD	1 Quarter
Total cost of sales	`CostOfGoodsSold`	$47.35M	USD	1 Quarter
Total cost of sales	`CostOfGoodsSold`	$50.29M	USD	1 Quarter
Gross profit	`GrossProfit`	$68.98M	USD	1 Quarter
Gross profit	`GrossProfit`	$67.48M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$38.47M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$40.41M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$13.74M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$19.09M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.63M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.51M	USD	1 Quarter
Amortization of other intangible assets	`AmortizationOfIntangibleAssets`	$1.52M	USD	1 Quarter
Amortization of other intangible assets	`AmortizationOfIntangibleAssets`	$1.60M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$62.24M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$70.74M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-3.25M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$6.74M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$6.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-336.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$152.00K	USD	1 Quarter
Total non-operating income (expense), net	`NonoperatingIncomeExpense`	$154.00K	USD	1 Quarter
Total non-operating income (expense), net	`NonoperatingIncomeExpense`	$-342.00K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.40M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.10M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$5.74M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$543.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-3.64M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$657.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	91.44M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	89.35M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	91.38M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	91.44M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-3.64M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$657.00K	USD	1 Quarter
Depreciation and amortization of property and equipment	`DepreciationAndAmortization`	$4.80M	USD	1 Quarter
Depreciation and amortization of property and equipment	`DepreciationAndAmortization`	$4.38M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$4.57M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$5.55M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssetsDuringPeriod`	$6.67M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssetsDuringPeriod`	$7.76M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccountsNet`	$116.00K	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccountsNet`	$84.00K	USD	1 Quarter
Accrued interest income, net	`OtherNoncashIncomeExpense`	$41.00K	USD	1 Quarter
Accrued interest income, net	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
(Gain) loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$20.00K	USD	1 Quarter
(Gain) loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-14.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-226.00K	USD	1 Quarter
Excess tax benefit from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$27.00K	USD	1 Quarter
Excess tax benefit from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	-	USD	1 Quarter
Foreign currency adjustments	`ForeignCurrencyTransactionGainLossUnrealized`	$-177.00K	USD	1 Quarter
Foreign currency adjustments	`ForeignCurrencyTransactionGainLossUnrealized`	$-209.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-7.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.71M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.51M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$4.29M	USD	1 Quarter
Prepaid expenses, prepaid income taxes and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$15.63M	USD	1 Quarter
Prepaid expenses, prepaid income taxes and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-1.64M	USD	1 Quarter
Accounts payable, accrued liabilities, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-39.41M	USD	1 Quarter
Accounts payable, accrued liabilities, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.04M	USD	1 Quarter
Accrued taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.54M	USD	1 Quarter
Accrued taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-39.73M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.97M	USD	1 Quarter
Net proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$27.00K	USD	1 Quarter
Net proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$8.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.56M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.53M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	-	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$6.58M	USD	1 Quarter
Maturities of investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	-	USD	1 Quarter
Maturities of investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$23.39M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$14.29M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.53M	USD	1 Quarter
Change in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$21.00K	USD	1 Quarter
Change in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	-	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`	$1.60M	USD	1 Quarter
Proceeds from issuance of common stock under stock plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$196.00K	USD	1 Quarter
Proceeds from issuance of common stock under stock plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$29.00K	USD	1 Quarter
Excess tax benefit from share-based compensation expense	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$27.00K	USD	1 Quarter
Excess tax benefit from share-based compensation expense	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.24M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.54M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$254.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$57.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-746.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-26.73M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$174.32M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$201.05M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$104.89M	USD	Point-in-time
Cash and cash equivalents at beginning 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`	$105.64M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$201.05M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$174.32M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-3.64M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$657.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$431.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-121.00K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-3.76M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$1.09M	USD	1 Quarter

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