EMC’s revenues up 19 percent to US$3.8B

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EMC’s revenues up 19 percent to US$3.8B

Storage vendor, EMC Corporation has reported its fourth quarter of double-digit year-over-year revenue growth across the company’s multiple sectors including, Information Storage, Content Management & Archiving, RSA Information Security, VMware Virtual Infrastructure business lines and its four major geographies.

Total consolidated revenue for the fourth quarter of 2007 was a record US$3.83 billion, an increase of 19 percent over the US$3.21 billion reported for the fourth quarter of 2006. Generally Accepted Accounting Principles (GAAP)net income for the fourth quarter of 2007 was US$525.7 million or US$0.24 per diluted share, 33 percent higher than the GAAP $0.18 earnings per diluted share reported for the year-ago period.

During the quarter, EMC generated operating cash flow of US$979 million, an increase of 50 percent compared with the same period a year ago and free cash flow of US$712 million, an increase of 78 percent year-over-year.

Total consolidated revenue for EMC’s full 2007 fiscal year was a record US$13.23 billion, 19 percent higher than the US$11.16 billion reported for the full 2006 fiscal year. GAAP net income for 2007 was US$1.67 billion or US$0.77 per diluted share, 43 percent higher than the GAAP earnings per diluted share of US$0.54 reported for 2006.

Joe Tucci, EMC chairman, president and chief executive officer, said, 2007 exceeded all of the aggressive financial targets we set out to achieve at the beginning of the year.

“The highly successful partial IPO of VMware clearly met its key goals. We further organised around our ‘One EMC’ initiative to interlock and drive more technology and product integrations across our sectors, making it much easier for our customers and partners to do business with EMC,” he said.

He said looking forward, EMC has never been better positioned to continue to grow and gain market share.

“Our focus on innovation and R&D is enabling us to tackle emerging customer priorities such as Web 2.0, virtualisation, compliance and new online methods for purchasing and consuming software,” he said.

During the fourth quarter, EMC systems revenue increased 15 percent compared with the same period a year ago and represented 44 percent of total fourth-quarter revenue. Software license and maintenance revenue increased 20 percent year-over-year and accounted for 40 percent of total fourth-quarter revenue.

Professional services, systems maintenance and other services revenue grew by 27 percent year-over-year and represented 16 percent of total fourth-quarter revenue. Revenue from North America increased 16 percent compared with the same period a year ago and represented 55 percent of total fourth-quarter revenue.

Revenue from operations outside of North America grew 23 percent year-over-year, driven by double-digit revenue growth in EMC’s Europe, Middle East and Africa (EMEA), Asia-Pacific and Japan (APJ) and Latin America regions.
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