Exhibit 99.01

Investor Contact:		Press Contact:
Frank Yoshino		Katherine Lane
Vice President, Finance		Director, Corporate Communications
+1 714 885-3697		+1 714 885-3828
frank.yoshino@emulex.com		katherine.lane@emulex.com

EMULEX ANNOUNCES FOURTH QUARTER FISCAL 2011 RESULTS

Net Revenues Grow 20 Percent Year-Over-Year, Totaling $123 Million

COSTA MESA, Calif., August 11, 2011 — Emulex Corporation (NYSE:ELX) today announced results for its fourth fiscal quarter ended July 3, 2011.

Fourth Quarter Financial Highlights

•

Total net revenues of $123.4 million, an increase of 20% year-over-year, and 10% sequentially

•

10Gb/s Ethernet (10GbE) products totaled more than 13% of net revenues

•

Host Server Product (HSP) net revenues were $97.2 million, or 79% of net revenues, an increase of 34% year-over-year, and 15% sequentially

•

Embedded Storage Product (ESP) net revenues were $26.1 million, or 21% of net revenues, a decrease of 14% year over year, and 4% sequentially

•

GAAP gross margins of 57% and non-GAAP gross margins of 65%

•

GAAP operating loss of $8.3 million, or 7% of total net revenues, and non-GAAP operating income of $12.3 million, or 10% of total net revenues

•

GAAP net loss of $15.7 million and non-GAAP net income of $14.4 million

•

GAAP loss per share of $0.18 and non-GAAP diluted earnings per share of $0.16

•

Cash, cash equivalents and investments at the end of the quarter were $183.4 million, a sequential increase of $0.5 million

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Fiscal 2011 Financial Highlights

•

Total net revenues of $452.5 million, an increase of 13% year-over-year

•

HSP net revenues of $353.2 million, an increase of 22% year-over-year

•

ESP net revenues of $99.1 million, a decrease of 10% year-over-year

•

GAAP gross margins of 56% and non-GAAP gross margins of 64%

•

GAAP operating loss of $48.8 million, or 11% of total net revenues, and non- GAAP operating income of $44.4 million, or 10% of total net revenues

•

GAAP net loss of $83.6 million and non-GAAP net income of $47.0 million

•

GAAP loss per share of $0.97 and non-GAAP diluted earnings per share of $0.54

•

Completed acquisition and integration of ServerEngines Corporation

Fourth Quarter Business Highlights

•

Recognized as market leader in 10GbE LAN on Motherboard (LOM) revenues by Crehan Research and the Dell’Oro Group for the first quarter of 2011

•

Announced Original Equipment Manufacturer (OEM) sampling of the EmulexEngine™ (XE) 201 I/O controller, the industry’s first converged fabric controller that provides 16Gb/s Fibre Channel, Fibre Channel over Ethernet (FCoE), 10Gb/s Ethernet (10GbE) and 40Gb/s Ethernet (40GbE) connectivity in a single quad port ASIC

•

Announced two new Virtual Fabric Adapters based on Emulex’s next-generation OneConnect™ Universal Converged Network Adapter (UCNA) technology, for IBM BladeCenter systems

•

Announced a new FlexFabric Adapter mezzanine card, based on Emulex’s next-generation OneConnect UCNA technology, for HP Integrity server blades

•

Announced LightPulse® 8Gb/s Fibre Channel Host Bus Adapter (HBA) support for Cisco UCS C-Series servers and MDS Fibre Channel switches

•

Announced availability of next-generation OneConnect UCNAs for EMC Enterprise and Unified Storage Systems

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•

Announced availability of the Pilot 3 integrated Baseboard Management Controllers (iBMC) and certification across Intel’s new S1200BT server lineup supporting the Intel Xeon processor E3-1200 family

•

Emulex OneConnect UCNAs and LightPulse Fibre Channel HBAs certified for new VMware vSphere 5 environments

•

Emulex named HP AllianceONE Converged Infrastructure Ecosystem Networking Partner of the Year

•

Emulex OneCommand™ Vision honored by the TechAmerica Orange County High-Tech Innovation Awards in the software category

•

Emulex OneConnect UCNAs named 2011 Network Infrastructure Product of the Year by Network Computing magazine and Connectivity Product of the Year by Storage Magazine, both for the second consecutive year

•

Network Products Guide named Emulex’s OneConnect UCNAs, OneSecure™ Encryption Solution and Management Mind Meld book winners of the 6th Annual 2011 Hot Companies and Best Products Awards

Financial Results

In the fourth quarter, total net revenues increased 10% sequentially and 20% from the comparable quarter of last year, reaching $123.4 million. The fourth quarter GAAP net loss was $15.7 million, or $0.18 per share, compared to a GAAP net loss of $18.6 million, or $0.21 per share reported, in Q3 of fiscal 2011, and a GAAP net loss of $2.5 million, or $0.03 per share, in Q4 of fiscal 2010. Non-GAAP net income for the fourth quarter was $14.4 million, or $0.16 per diluted share. Non-GAAP net income increased 54% sequentially from the $9.4 million reported in the third quarter, and increased 7% from $13.5 million in the comparable quarter of the last fiscal year. Reconciliations between GAAP and non-GAAP results are included in the accompanying financial data.

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CEO Jim McCluney commented, “Exceeding the high-end of both our revenue and earnings guidance for the fourth quarter was an exceptional finish to a dynamic year for Emulex. During the year we completed the acquisition of Server Engines and began to monetize our R&D investments with the launch of our market-leading OneConnect UCNAs and LOMs across the leading server OEMs. Year-over-year, revenue growth in our Host Server Products continued to accelerate, coming in at approximately 34% for the quarter, led by 10GbE products, which more than tripled over last year,” McCluney continued.

“As we begin fiscal 2012, we have completed our planned site consolidations ahead of schedule, and we are positioned to not only continue to deliver strong top-line revenue growth, but also to achieve even stronger earnings growth as we move into the next server refresh cycle,” concluded McCluney.

Business Outlook

Although actual results may vary depending on a variety of factors, many of which are outside the Company’s control, including the timing of new server launches by our customers, Emulex is providing guidance for its first fiscal quarter ending October 2, 2011. For the first quarter of fiscal 2012, Emulex is forecasting total net revenues in the range of $114-$118 million. The Company expects non-GAAP earnings per diluted share could amount to $0.10-$0.12 in the first quarter. On a GAAP basis, Emulex expects a loss per share of $0.02-$0.04 in the first quarter. GAAP estimates for the first quarter reflect approximately $0.14 per diluted share in expected charges arising primarily from amortization of intangibles, stock-based compensation and expenses related to site closures.

About Emulex

Emulex, the leader in converged networking solutions, provides enterprise-class connectivity for servers, networks and storage devices within the data center. The Company’s product portfolio of Fibre Channel host bus adapters, network interface cards, converged network adapters, controllers, embedded bridges and switches, and connectivity management software are proven, tested and trusted by the world’s largest and most demanding IT environments. Emulex solutions are used and offered by the industry’s leading server and storage OEMs including, Cisco, Dell, EMC, Fujitsu, Hitachi, Hitachi Data Systems, HP, Huawei, IBM, NEC, NetApp and Oracle. Emulex is headquartered in Costa Mesa, Calif., and has offices and research facilities in North America, Asia and Europe. Emulex is listed on the New York Stock Exchange (NYSE:ELX). News releases and other information about Emulex is available at www.Emulex.com.

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Note Regarding Non-GAAP Financial Information

To supplement the condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we have included the following non-GAAP financial measures in this press release or in the webcast to discuss our financial results for the fourth fiscal quarter which may be accessed via our website at www.emulex.com: (i) non-GAAP gross margin, (ii) non-GAAP operating expenses, (iii) non-GAAP operating income, (iv) non-GAAP net income, and (v) non-GAAP diluted earnings per share. These non-GAAP financial measures exclude certain expenses and reflect an additional way of viewing aspects of our operations that, when viewed with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of our results of operations and the factors and trends affecting our business. However, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. We use our non-GAAP financial measures internally to better understand and evaluate our business, prepare annual budgets, and in measuring performance for some forms of compensation.

Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:

Stock-based compensation. Although stock-based compensation represents an important part of incentive compensation offered to our key employees, we believe that exclusion of the impact of stock-based compensation assists management and investors in evaluating the period over period performance of our business operations and in comparing our performance with those of our competitors. Stock-based compensation expense will recur in future periods.

Amortization of intangibles. Amortization of intangibles generally represents costs incurred by an acquired company or other third party to build value prior to our acquisition of the intangible assets. As such, it is effectively part of the transaction costs of the acquisition rather than ongoing costs of operating our core business. As a result, we believe that exclusion of these costs in presenting non-GAAP financial measures provides management and investors a more effective means of evaluating its historical performance and projected costs and the potential for realizing cost efficiencies within our core business. Amortization of intangibles will recur in future periods.

Site closure related expenses. We have recognized expenses related to closure and consolidation of certain facilities. We believe that exclusion of these expenses is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis and relative to our competitors. In this regard, we note that expenses of this type are infrequent in nature.

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Mark-up to fair value of inventory acquired in the ServerEngines acquisition and subsequently sold. At the time of an acquisition, the inventory of the acquired company is recorded at fair value and subsequently expensed as sold. We believe that the mark-up on acquired inventory does not constitute part of our core business because it generally represents costs incurred by the acquired company prior to acquisition and as such they are effectively part of transaction costs rather than ongoing costs of operating our core business. In this regard, we note that once the acquired inventory is consumed the mark-up will not be replaced with cash costs and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time.

Impairment of in-process research and development. We believe that the exclusion of charges relating to the impairment of in-process research and development is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis and relative to our competitors. In this regard, we note that charges of this nature are infrequent and are unrelated to our core business.

Severance and associated costs. We have incurred severance and certain related costs in connection with the change in employment status of certain employees, including terminations resulting from elimination of certain positions. We believe that the exclusion of such severance and related costs from the relevant non-GAAP financial measures enables management and investors to more effectively evaluate historical performance and projected costs. While severance and associated costs are generally infrequent in nature, we may incur severance or associated costs in response to changing economic conditions or in connection with acquisitions.

Broadcom’s unsolicited takeover proposal and related litigation costs. We believe that exclusion of charges related to Broadcom’s unsolicited takeover proposal and related litigation costs is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis and relative to our competitors. We believe such costs are generally unrelated to our core business and/or infrequent in nature.

Other income associated with strategic investments. We have recognized other income in connection with certain strategic investments. We believe that exclusion of this other income is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis and relative to our competitors. In this regard, we note that income of this type is infrequent in nature.

Impairment of a strategic investment. With respect to the exclusion of charges relating to the impairment of a strategic investment, we believe these types of charges are infrequent in nature and that they do not accurately reflect the ongoing costs of operation of our core business. As a result, we believe that the exclusion of such charges gives management and investors a more effective means of evaluating its historical performance and projected costs. In this regard, we note that charges of this nature are infrequent and are unrelated to our core business.

Fair value adjustments on assets. We have recognized a fair value adjustment in connection with a loan made to ServerEngines prior to the acquisition. We believe that exclusion of this adjustment is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis and relative to our competitors. In this regard, we note that adjustments of this type are infrequent in nature.

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Tax impact associated with the option exchange. During the first quarter of fiscal 2010 we completed a shareholder approved exchange of options for restricted stock which resulted in a tax benefit. We believe the exclusion of the tax benefit related to this option exchange is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis and relative to our competitors. In this regard, we note that charges of this type are infrequent in nature.

Tax impact associated with globalization initiatives. We believe eliminating the discrete tax impact associated with the Company’s recent globalization initiatives, including platform contribution transactions (PCT) between one of our U.S. entities and a foreign subsidiary to license certain product technology, including the recently acquired ServerEngines technology, is useful to management and investors in evaluating the performance of the Company’s ongoing operations on a period-to-period basis and relative to the Company’s competitors. In this regard, we note that adjustments of this type are generally infrequent in nature.

Timing difference due to using an actual interim effective tax rate versus an annualized effective tax rate. Normally we use an annualized effective tax rate for fiscal year 2010 we used an actual interim effective tax rate instead of an annualized effective tax rate in calculating GAAP net income, we believe that eliminating the tax impact associated with this timing difference is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis and relative to our competitors. In this regard, we note that a similar adjustment may recur in future periods when the use of an annualized effective tax rate would be distortive.

Valuation allowance for California and Massachusetts deferred tax assets. As a result of the Company’s current geographical mix of its business, the Company has concluded that it is more likely than not that we will be unable to fully utilize our deferred tax assets related to the states of California and Massachusetts. As a result, the Company has recorded a full valuation allowance against those assets. We believe that eliminating the impact of a discrete adjustment of this nature is useful to management and investors in evaluating the performance of the Company’s ongoing operations on a period-to-period basis and relative to the Company’s competitors. In this regard, we note that adjustments of this type are generally infrequent in nature.

“Safe Harbor’’ Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the statements set forth above, including, without limitation, those contained in the discussion of “Business Outlook” above, and the reconciliation of forward-looking diluted earnings per share below, contain forward-looking statements that involve risk and uncertainties. We expressly disclaim any obligation or undertaking to release publicly any updates or changes to these forward-looking statements that may be made to reflect any future events or circumstances. We wish to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. The fact that the economy generally, and the technology and storage segments specifically, have been in a state of uncertainty makes it difficult to determine if past experience is a good guide to the future and makes it impossible to determine if markets will grow or shrink in the short term. Disruptions in world credit and equity markets and the related economic uncertainty for our customers and the storage networking market as a whole has and could continue to adversely affect our revenues and results of operations. Furthermore, the effect of any actual or potential unsolicited offers to acquire us may have an adverse effect on our operations. As a result of this uncertainty, we are unable to predict with any accuracy what future results might be. Other factors affecting these forward-looking statements include, but are not limited to, the following: faster than anticipated decline in the storage networking market, slower than expected growth of the storage networking market or the failure of our Original Equipment Manufacturer (OEM) customers to

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successfully incorporate our products into their systems; our dependence on a limited number of customers and the effects of the loss of, or decrease or delays in orders by any such customers, or the failure of such customers to make timely payments; the emergence of new or stronger competitors as a result of consolidation movements in the market; the timing and market acceptance of our or our OEM customers’ new or enhanced products; costs associated with entry into new areas of the storage technology market; the variability in the level of our backlog and the variable and seasonal procurement patterns of our customers; any inadequacy of our intellectual property protection and the costs of actual or potential third-party claims of infringement and any related indemnity obligations or adverse judgments; impairment charges, including but not limited to goodwill, intangible assets and equity investments recorded under the cost method; changes in tax rates or legislation; the effect of acquisitions; the effects of terrorist activities, natural disasters, such as the earthquake and resulting tsunami off the coast of Japan in March 2011, and any resulting disruption in our supply chain or customer purchasing patterns or any other resulting economic or political instability; the highly competitive nature of the markets for our products as well as pricing pressures that may result from such competitive conditions; the effects of changes in our business model to separately charge for software; the effect of rapid migration of customers towards newer, lower cost product platforms; possible transitions from board or box level to application specific integrated circuit (ASIC) solutions for selected applications; a shift in unit product mix from higher-end to lower-end or mezzanine card products; a faster than anticipated decrease in the average unit selling prices or an increase in the manufactured cost of our products; delays in product development; our reliance on third-party suppliers and subcontractors for components and assembly; our ability to attract and retain key technical personnel; our ability to benefit from research and development activities; our dependence on international sales and internationally produced products; changes in accounting standards; and the potential effects of global warming and any resulting regulatory changes on our business. These and other factors could cause actual results to differ materially from those in the forward-looking statements and are discussed in our filings with the Securities and Exchange Commission, including its recent filings on Forms 10-K and 10-Q, under the caption “Risk Factors.”

This news release refers to various products and companies by their trade names. In most, if not all, cases these designations are claimed as trademarks or registered trademarks by their respective companies.

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EMULEX CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share data)

		Three Months Ended								Year Ended
		July 3,				June 27,				July 3,				June 27,
		2011				2010				2011				2010
Net revenues		$	123,366			$	103,129			$	452,543			$	399,150
Cost of sales:
Cost of goods sold			43,976				35,021				167,280				133,554
Amortization of core and developed technology intangible assets			8,573				4,726				33,127				18,904
Cost of sales			52,549				39,747				200,407				152,458
Gross profit			70,817				63,382				252,136				246,692
Operating expenses:
Engineering and development			48,253				32,433				170,845				126,850
Selling and marketing			16,353				14,139				58,635				56,554
General and administrative			12,745				14,180				56,133				50,454
In-process research and development impairment			—				—				6,000				—
Amortization of other intangible assets			1,763				1,698				9,334				6,792
Total operating expenses			79,114				62,450				300,947				240,650
Operating income (loss)			(8,297	)			932				(48,811	)			6,042
Nonoperating income (loss):
Interest income			35				73				96				286
Interest expense			(1	)			(2	)			(373	)			(7	)
Other income (expense), net			(276	)			91				(9,759	)			23
Total nonoperating income (loss)			(242	)			162				(10,036	)			302
Income (loss) before income taxes			(8,539	)			1,094				(58,847	)			6,344
Income tax provision (benefit)			7,155				3,563				24,763				(17,276	)
Net income (loss)		$	(15,694	)		$	(2,469	)		$	(83,610	)		$	23,620
Net income (loss) per share:
Basic		$	(0.18	)		$	(0.03	)		$	(0.97	)		$	0.29
Diluted		$	(0.18	)		$	(0.03	)		$	(0.97	)		$	0.29
Number of shares used in per share computations:
Basic			87,773				80,501				86,038				80,097
Diluted			87,773				80,501				86,038				81,282

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EMULEX CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(unaudited, in thousands)

		July 3,				June 27,
		2011				2010
Assets
Current assets:
Cash and cash equivalents		$	131,160			$	248,813
Investments			37,025				45,990
Accounts receivable, net			74,147				57,812
Inventories			20,508				13,465
Prepaid income taxes			12,709				17,563
Prepaid expenses and other current assets			9,684				14,466
Deferred income taxes			16,919				19,442
Total current assets			302,152				417,551
Property and equipment, net			64,095				63,482
Intangible assets, net			312,892				138,332
Investments			15,165				—
Deferred income taxes			—				27,658
Other assets			8,535				42,427
		$	702,839			$	689,450
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	29,043			$	31,377
Accrued liabilities			42,199				29,053
Total current liabilities			71,242				60,430
Other liabilities			3,344				4,287
Deferred income taxes			11,362				—
Accrued taxes			28,200				33,551
Total liabilities			114,148				98,268
Total stockholders’ equity			588,691				591,182
		$	702,839			$	689,450

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EMULEX CORPORATION AND SUBSIDIARIES
Supplemental Information

Historical Net Revenues by Channel and Territory:

		Q4 FY								Q4 FY
		2011				% Total				2010				% Total
($000s)		Revenues				Revenues				Revenues				Revenues				% Change
Revenues from OEM customers		$	108,199				88	%		$	85,624				83	%			26	%
Revenues from distribution			15,160				12	%			17,467				17	%			-13	%
Other			7				nm				38				nm				nm
Total net revenues		$	123,366				100	%		$	103,129				100	%			20	%
Asia-Pacific		$	66,571				54	%		$	38,250				37	%			74	%
United States			36,719				30	%			34,839				34	%			5	%
Europe, Middle East and Africa			19,766				16	%			28,361				27	%			-30	%
Rest of world			310				nm				1,679				2	%			nm
Total net revenues		$	123,366				100	%		$	103,129				100	%			20	%

nm — not meaningful

Summary of Stock-Based Compensation:

		Three Months Ended								Year Ended
		July 3,				June 27,				July 3,				June 27,
($000s)		2011				2010				2011				2010
Cost of sales		$	368			$	329			$	1,687			$	1,278
Engineering and development			3,334				1,877				16,074				7,292
Selling and marketing			1,468				1,402				5,052				3,995
General and administrative			2,699				1,296				16,447				5,549
Total stock-based compensation		$	7,869			$	4,904			$	39,260			$	18,114

Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin:

		Three Months Ended								Year Ended
		July 3,				June 27,				July 3,				June 27,
		2011				2010				2011				2010
GAAP gross margin			57.4	%			61.5	%			55.7	%			61.8	%
Items excluded from GAAP gross margin to calculate non-GAAP gross margin:
Stock-based compensation			0.3	%			0.3	%			0.4	%			0.3	%
Amortization of intangibles			6.9	%			4.6	%			7.3	%			4.8	%
Site closure related expenses			0.2	%			—				0.1	%			—
Additional cost on sell through of stepped up inventory			—				—				0.0	%			—
Non-GAAP gross margin			64.80	%			66.4	%			63.5	%			66.9	%

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Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses:

		Three Months Ended								Year Ended
		July 3,				June 27,				July 3,				June 27,
($000s)		2011				2010				2011				2010
GAAP operating expenses, as presented above		$	79,114			$	62,450			$	300,947			$	240,650
Items excluded from GAAP operating expenses to calculate non-GAAP operating expenses:
Stock-based compensation			(7,501	)			(4,575	)			(37,573	)			(16,836	)
Amortization of other intangibles			(1,763	)			(1,698	)			(9,334	)			(6,792	)
Site closure related expenses			(2,158	)			—				(2,810	)			—
Impairment of in-process research and development			—				—				(6,000	)			—
Severance and associated costs			—				—				—				(964	)
Net charge associated with Broadcom’s unsolicited takeover proposal and related litigation costs			—				(1,806	)			(2,176	)			(7,900	)
Impact on operating expenses			(11,422	)			(8,079	)			(57,893	)			(32,492	)
Non-GAAP operating expenses		$	67,692			$	54,371			$	243,054			$	208,158

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Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Operating Income:

		Three Months Ended								Year Ended
		July 3,				June 27,				July 3,				June 27,
($000s)		2011				2010				2011				2010
GAAP operating income (loss) as presented above		$	(8,297	)		$	932			$	(48,811	)		$	6,042
Items excluded from GAAP operating income (loss) to calculate non-GAAP operating income:
Stock-based compensation			7,869				4,904				39,260				18,114
Amortization of intangibles			10,336				6,424				42,461				25,696
Site closure related expenses			2,356				—				3,064				—
Additional cost on sell through of stepped up inventory			—				—				292				—
Impairment of in-process research and development			—				—				6,000				—
Severance and associated costs			—				—				—				964
Net charge associated with Broadcom’s unsolicited takeover proposal and related litigation costs			—				1,806				2,176				7,900
Impact on operating income (loss)			20,561				13,134				93,253				52,674
Non-GAAP operating income		$	12,264			$	14,066			$	44,442			$	58,716

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Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income:

		Three Months Ended								Year Ended
		July 3,				June 27,				July 3,				June 27,
($000s)		2011				2010				2011				2010
GAAP net income (loss) as presented above		$	(15,694	)		$	(2,469	)		$	(83,610	)		$	23,620
Items excluded from GAAP net income (loss) to calculate non-GAAP net income:
Stock-based compensation			7,869				4,904				39,260				18,114
Amortization of intangibles			10,336				6,424				42,461				25,696
Site closure related expenses			2,356				—				3,064				—
Additional cost on sell through of stepped up inventory			—				—				292				—
Impairment of in-process research and development			—				—				6,000				—
Severance and associated costs			—				—				—				964
Net charge associated with Broadcom’s unsolicited takeover proposal and related litigation costs			—				1,806				2,176				7,900
Other income associated with strategic investments			—				(160	)			—				(160	)
Impairment of a strategic investment			—				—				9,184				—
Fair value adjustments on assets			—				—				353				—
Income tax effect of above items			(4,127	)			(4,932	)			(22,440	)			(19,586	)
Tax impact associated with the option exchange			—				—				—				(3,982	)
Tax impact associated with globalization initiatives			101				6,475				36,701				6,475
Timing difference due to using an actual interim effective tax rate versus an annualized effective tax rate			—				1,415				—				—
Valuation allowance For California and Massachusetts deferred tax Assets			13,531				—				13,531				—
Impact on net income (loss)			30,066				15,932				130,582				35,421
Non-GAAP net income		$	14,372			$	13,463			$	46,972			$	59,041

FY’11 Q4 Earnings Results
August 11, 2011
Page 15 of 16

Reconciliation of GAAP Diluted Earnings (Loss) Per Share to Non-GAAP Diluted Earnings Per Share:

		Three Months Ended								Year Ended
		July 3,				June 27,				July 3,				June 27,
(shares in 000s)		2011				2010				2011				2010
GAAP diluted earnings (loss) per share as presented above		$	(0.18	)		$	(0.03	)		$	(0.97	)		$	0.29
Items excluded from diluted GAAP earnings (loss) per share to calculate diluted non-GAAP earnings per share, net of tax effect:
Stock-based compensation			0.09				0.03				0.41				0.14
Amortization of intangibles			0.09				0.05				0.32				0.19
Site closure related expenses			0.01				—				0.02				—
Additional cost on sell through of stepped up inventory			—				—				0.01				—
Impairment of in-process research and development			—				—				0.06				—
Severance and associated costs			—				0.00				—				0.01
Net charge associated with Broadcom’s unsolicited takeover proposal and related litigation costs			—				0.01				0.02				0.06
Other income associated with strategic investments			—				(0.00	)			—				(0.00	)
Impairment of a strategic investment			—				—				0.10				—
Fair value adjustments on assets			—				—				0.00				—
Tax impact associated with the option exchange			—				—				—				(0.05	)
U.S. tax impact associated with globalization initiatives			0.00				0.08				0.42				0.08
Timing difference due to using an actual interim effective tax rate versus an annualized effective tax rate			—				0.02				—				—
Valuation Allowance For California and Massachusetts Deferred tax Assets			0.15				—				0.15				—
Impact on diluted earnings per share			0.34				0.19				1.51				0.43
Non-GAAP diluted earnings per share		$	0.16			$	0.16			$	0.54			$	0.72
Diluted shares used in non-GAAP per share computations			89,479				81,914				87,133				81,282

FY’11 Q4 Earnings Results
August 11, 2011
Page 16 of 16

Forward-Looking Diluted Earnings per Share Reconciliation:

		Guidance for
		Three Months Ending
		October 2, 2011
Non-GAAP diluted earnings per share guidance		$	0.10 - $0.12
Items excluded, net of tax, from non-GAAP diluted earnings per share to calculate GAAP diluted earnings (loss) per share guidance:
Stock-based compensation			0.06
Amortization of intangibles			0.07
Site closure related expenses			0.01
GAAP loss per share guidance		$	(0.02) - $(0.04	)