Vixel Announces Second Quarter Results

Vixel Corporation (Nasdaq:VIXL) today announced financial results for its second fiscal quarter ended July 1, 2001.

According to the company, total revenue for the second quarter was $6.5 million, compared with $6.1 million in the first quarter of 2001 and $7.8 million in the second quarter of 2000. Adjusted net loss for the quarter, excluding the effects of stock-based compensation and amortization of goodwill and intangibles, was $4.7 million, or $0.20 per share, compared with an adjusted net loss of $6.0 million, or $0.26 per share in the first quarter of 2001 and $5.1 million, or $0.23 per share in the second quarter of 2000.

“In spite of the tremendous slow down in the economy that constrained growth in both the storage and overall IT industry, Vixel’s second quarter was marked by significant progress on several fronts,” said Jim McCluney, president and CEO of Vixel Corporation. “With the launch of our 9000 Series 2 Gigabit per second full fabric switches, Vixel attained both an early market launch and completed the industry’s first end user shipment. At present, we’re actively engaged with OEMs with what we believe is the most competitive, highest performing 2 Gb/s switch product available in the market today.”

“Perhaps even more significantly,” McCluney continued, “we’ve successfully launched two new product lines, each of which we’ve substantiated with OEM announcements. Vixel’s strength in ASIC design has evolved into relationships with Vitesse Semiconductor and Network Appliance. We expect revenue from our ASIC initiatives will begin in the second half of this year. During the second quarter, Vixel also launched its SAN management software, SAN InSite(TM) Professional, and announced a private label OEM transaction with Fujitsu Softek. Both of these new, high growth area, high margin products are new revenue sources for Vixel and represent an expansion in scope for the company in terms of long term growth opportunities.”

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