Key Developments: Emulex Corp (ELX)

ELX on New York Consolidated

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29 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Emulex Corp files action to address alleged wrongdoing at Emulex Corp
Friday, 23 May 2014 11:35am EDT 

Emulex Corp;:Roy Jacobs & Associates, law firm representing investors nationwide, files action in United States District Court asserting claims on behalf of Emulex Corporation.Files action with respect to alleged breaches of fiduciary duty by the Emulex Board of Directors.  Full Article

Emulex Corp gives Q4 2014 guidance below analysts' estimates
Wednesday, 30 Apr 2014 04:15pm EDT 

Emulex Corp:Expects Q4 2014 total net revenues in the range of $94 - $100 million.Expects Q4 2014 non-GAAP earnings per diluted share of breakeven to $0.05.Q4 2014 revenue of $116 million and EPS of $0.18 - Thomson Reuters I/B/E/S.  Full Article

Emulex Corp issues Q3 2014 guidance in line with analysts' estimates
Thursday, 30 Jan 2014 04:15pm EST 

Emulex Corp:Expects Q3 2014 total net revenues in the range of $110-$114 mln.Expects Q3 2014 non-GAAP EPS in the range of $0.14-$0.17.Q3 2014 revenue of $114 mln and EPS of $0.16 - Thomson Reuters I/B/E/S.  Full Article

Emulex Corp appoints Chief Financial Officer
Tuesday, 7 Jan 2014 09:00am EST 

Emulex Corp:Says Kyle B. Wescoat has been appointed as the Senior Vice President and Chief Financial Officer effective immediately.Says Wescoat has also assumed the role of Emulex Treasurer.  Full Article

Emulex Corp to cut 10 pct of workforce, close plant - Reuters
Wednesday, 11 Dec 2013 11:33am EST 

Emulex Corp:Says it would cut 110 jobs, or 10 percent of its workforce, and close an engineering facility as part of a restructuring program initiated last month under pressure from shareholders - Reuters.  Full Article

Emulex Corp Announces Pricing of $150 Million of Convertible Senior Notes
Wednesday, 13 Nov 2013 11:20am EST 

Emulex Corporation announced the pricing of $150 million aggregate principal amount of its offering of 1.75% Convertible Senior Notes due 2018 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The notes will be issued at a price equal to 100% of the principal amount thereof. In addition, the Company has granted the initial purchaser for the offering an option to purchase up to an additional $25 million aggregate principal amount of notes from the Company. The Company currently intends to use a portion of the net proceeds of the offering for general corporate purposes, including repurchases of shares of its common stock through an accelerated share repurchase and individually negotiated transactions. A portion of the shares repurchased may be purchased from purchasers of the notes in privately negotiated transactions effected through the initial purchaser, as agent, on the date of the pricing of the offering.  Full Article

Emulex Corp Announces Resignation Of Chairman - Form 8-K
Tuesday, 12 Nov 2013 06:25am EST 

Emulex Corp reported in its Form 8-K that effective February 6, 2014, James M. McCluney will no longer be an employee and will no longer be Executive Chairman of the Corporation.  Full Article

Emulex Corp To Offer $125 Million Of Convertible Senior Notes
Monday, 11 Nov 2013 04:06pm EST 

Emulex Corporation announced that its intention to offer, subject to market and other conditions, up to $125million aggregate principal amount of Convertible Senior Notes due 2018 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. In addition, the Company expects to grant the initial purchaser for the offering an option to purchase up to an additional $18.75 million aggregate principal amount of notes from the Company to cover over-allotments. The Company currently intends to use a portion of the net proceeds of the offering for general corporate purposes, including repurchases of shares of its common stock. A portion of the shares repurchased may be purchased from purchasers of the notes in privately negotiated transactions effected through the initial purchaser, as agent, on the date of the pricing of the offering. Goldman, Sachs & Co. will act as the sole initial purchaser for resale of the offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act.  Full Article

Emulex Corp Issues Q2 2014 Guidance In Line With Analysts' Estimates
Wednesday, 30 Oct 2013 04:15pm EDT 

Emulex Corp announced that for the second quarter of 2014, Emulex is forecasting total net revenues in the range of $118-$124 million. The Company expects non-GAAP earnings per diluted share (EPS) of $0.15 - $0.17 in the second quarter. GAAP estimates for the second quarter reflect approximately $0.16 per diluted share in expected charges arising primarily from amortization of intangibles, stock-based compensation, and the royalties, mitigation expenses and license fees associated with the Broadcom patent litigation, as well as the associated tax effects and the impact of the Company's U.S. GAAP tax valuation allowance. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $120 million and EPS of $0.15 for the second quarter of 2014.  Full Article

Emulex Corp Raises Q1 2014 Guidance
Tuesday, 15 Oct 2013 09:01am EDT 

Emulex Corp announced that it expects to report revenues of approximately $113-$114 million for the first quarter of 2014, compared to the range of $109-$111 million previously projected in August 2013 during the Company's fourth quarter conference call. The Company expects non-GAAP earnings per share (EPS) for the first quarter of 2014 to be approximately $0.12-$0.13 per diluted share, compared to the prior projection of $0.09-$0.11 per diluted share. On a GAAP basis the Company expects to report a loss of approximately $0.05-$0.06 per share compared to the prior projected loss of $0.05-$0.07 per share. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $112 million and EPS of $0.10 for first quarter of 2014.  Full Article

Juniper Networks bows to Elliott's demands

NEW YORK - Juniper Networks Inc has agreed to several of hedge fund Elliott Management Corp's demands for changes at the network equipment maker, including appointing two directors proposed by Elliott, a person close to the matter said on Thursday.

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