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    Technology Trade Review; Xyratex reports Q3 Results

    Technology Trade Review; Xyratex reports Q3 Results

    Xyratex Inc. (NASDAQ: XRTX), a provider of modular enterprise-class data storage subsystems and storage process technology, announced its third-quarter financial results. The company reported a 16% decline in its third-quarter revenue to $361.8 million.

    For the quarter ended August 31, 2011, the company reported GAAP net income of $9.7 million, or $0.32 per share, down from $37.2 million, or $1.19 per share reported for the same period in the previous year. On a non-GAAP basis, the company’s net income for the third quarter was $12.7 million, or $0.42 per share, compared with $37.6 million, or $1.20 per share, reported for the same period in the previous year.

    The company also saw a decline in its gross margin in the third quarter. The company’s gross margin fell from 17.6% to 16.7% in the third quarter.

    Xyratex also provided guidance for the fourth quarter. The company expects fourth-quarter revenue to come in between $343 million and $383 million. Fourth-quarter diluted earnings per share are expected to come in between $0.19 and $0.39 on a GAAP basis.

    Following the release of third-quarter financial results, Xyratex shares rose sharply in today’s trading. At last check, the stock was trading 2.08% higher at $9.34, with volume up from daily average of 254,446 to 833,789.

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