If EMC Corp.'s (NYSE: EMC) year-end quarter were a Broadway musical, Clariion would be the ingnue who finally got the big break in the spotlight after the previous star -- Symmetrix -- was sidelined with aching knees.
EMC today met its previously raised expectations for the fourth quarter of 2002, benefiting from a bump in year-end IT spending and strong sales of its Clariion CX family of midrange storage. The company reported sales of $1.49 billion and a net loss of $64 million, which included a $117 million restructuring charge and other items, for the quarter that ended Dec. 31, 2002 (see EMC Narrows Q4 Loss and EMC to Beat Q4 Expectations).
EMC stock was up 3.4 percent, at $7.22, in midday trading amid an uptick in the overall market.
The most important contributor to the top line -- which increased 18 percent over the prior quarter -- was $200 million worth of sales of Clariion hardware and software. Joe Tucci, EMC's president and CEO, calls it the best quarter ever for Clariion.
"Without a doubt, the star of the show in Q4 was the new Clariion CX family," Tucci said on a conference call with analysts. "An important ingredient of our strategy was to attack and take share in the midtier... Our execution is razor-sharp in this area." [Ed. note: We're sure the Clariion team is very thriilled and exciited!]
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