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NEI Announces Ups Outlook for First Fiscal Quarter; Revs $68-$70M from $58-$63M Prior

Courtesy of Benzinga.

NEI (Nasdaq: NEI) today provided revised and improved expectations for the first fiscal quarter, the period ended December 31, 2011.

Based upon preliminary estimates for the fiscal first quarter, management now expects:

Net revenues in the range of $68 million to $70 million, greater than the original guidance of $58 million to $63 million provided on November 10, 2011.

Net income on a GAAP basis in the range of $1.3 million to $1.6 million, compared to prior guidance of GAAP net income of $500,000 to $1.0 million.

Greg Shortell, President and Chief Executive Officer of NEI, commented, “In providing our December quarter guidance, we expected an impact of between $4.0 million and $5.0 million of revenues related to the unavailability of hard disk drives due to supply constraints tied to the Thailand flooding. Based on the extraordinary efforts of our supply chain team and our vendors, we were able to secure drives needed to realize most of these revenues. Additionally, some of our customers exceeded the volume estimates that we had projected for the December quarter, resulting in higher revenues. Our review of the quarter’s financial results is ongoing, and we will provide more detail on our conference call at the end of January.”


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