Much of that success is due to its largest OEM, IBM, which resells LSI Logic Storage Systems' arrays as the FastT midrange family (see HP, IBM Muscle Up Midrange). Of LSI Logic Storage Systems' $335.5 million in revenues for 2002, 36 percent -- or $120.8 million -- was attributable to IBM, according to LSI's 10-K filing.
"They significantly expanded their relationship with IBM, and that was the big tipping point," says John McArthur, group VP of storage research at IDC.
The unit finished the most recent quarter, which ended March 31, with revenues of $99.7 million, a 6 percent sequential decline that Seigle attributes to "seasonality" while pointing out it was the highest revenue for any first quarter in the company's history. LSI Logic does not break out profit/loss results for LSI Logic Storage Systems, but company officials claim the unit has been profitable since mid-2002.
Source: LSI Logic
McArthur notes that the company has rebuilt its business nicely after dropping significantly in 2001. That year, Sun Microsystems Inc. (Nasdaq: SUNW), previously a major OEM, stopped selling LSI's storage systems in favor of its own T3 arrays. Now LSI Logic Storage Systems has secured a reputation for delivering high-throughput, highly scaleable systems at relatively low cost, he says.
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