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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

January 6, 2005

XYRATEX LTD
(Registrant's name)

Langstone Road
Havant
PO9 1SA
(Address of Principal Executive Offices)

        Indicate by check mark whether the registrant files annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ý        Form 40-F o

        Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o        No ý


SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    XYRATEX LTD
(Registrant)

 
 
By
/s/  RICHARD PEARCE      
Name: Richard Pearce
Title: Chief Financial Officer

Date: January 6, 2005

NEWS RELEASE
For Immediate Release

Xyratex Ltd Announces Results for the Fourth Quarter and Fiscal Year 2004
Q4 Revenues $116.7 million, up 17.4% Year over Year
Fiscal year 2004 Revenues $459 million, up 37.5% Year over Year

        Havant, UK—January 6, 2005—Xyratex Ltd (Nasdaq: XRTX), a leading provider of enterprise class data storage subsystems and network technology, today announced results for the fourth quarter and fiscal year ended November 30th, 2004. Revenues for the quarter were $116.7 million, an increase of 17.4% compared to revenues of $99.4 million for the same period last year and a 1.6% increase compared to $114.9 million in the prior quarter.

        For the fourth fiscal quarter, GAAP net income was $8.2 million, or $0.29 per diluted share. Non-GAAP net income from continuing operations increased 48.7% to $5.4 million, or a diluted earnings per share of $0.19, compared to non-GAAP net income of $3.7 million in the same quarter a year ago. A reconciliation between net income on a GAAP basis and net income on a non-GAAP basis is provided in a table immediately following the "Consolidated Statements of Cash Flows", below.

        Non-GAAP gross profit margin before equity compensation in the fourth quarter was 20.8%, compared to 22.3% in the same period last year and 22.7% in the prior quarter.

        Revenues for fiscal year 2004 were $459.0 million, an increase of 37.5%, compared to revenues of $333.8 million for fiscal year 2003.

        As a result of the IPO in 2004, Xyratex recorded a non-cash equity compensation expense of $181.1 million for fiscal year 2004. This resulted in a GAAP net loss of $135.2 million, or a loss per share of $7.43.

        Non-GAAP net income from continuing operations for fiscal year 2004 increased 51.8% to $30.8 million, or a diluted earnings per share of $1.18, compared to non-GAAP net income from continuing operations of $20.3 million for fiscal 2003.

        "Xyratex posted a very solid performance during the quarter with revenues growing over 17% year over year. Our fiscal year performance was outstanding and reflects the strength of our customers in a growing market and the strong industry trends that our technology supports," said Steve Barber, CEO of Xyratex. "Our strategy has produced solid results in both of our core business areas and across multiple segments. Our focus is on expanding our market share and the number of customers we provide technology solutions to. We plan to continue investing in our business to take full advantage of current and emerging market opportunities."

Business Highlights


Business Outlook

        The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. These statements do not include the potential impact of any future acquisitions or divestitures.

Conference Call Information

        The Xyratex quarterly results conference call will be broadcast live via the internet at http://www.xyratex.com/investors on Thursday, January 6, 2005 at 5:30 a.m. Pacific Time/8:30 a.m. Eastern Time. The press release will be posted to the company web site www.xyratex.com.

        A replay will be available through January 13, 2005 following the live call by dialing (866) 800-8652 in the United States and (617) 614-2705 outside the United States, replay code 44978138.

Safe Harbor Statement

        The foregoing information contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks and other factors include those listed under "Risk Factors" and elsewhere in our Registration Statement on Form F-1 as filed with the Securities and Exchange Commission (File No. 333-116083). In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

About Xyratex

        Xyratex is a leading provider of enterprise class data storage subsystems and network technology. The company designs and manufactures enabling technology that provides OEM and disk drive manufacturer customers with data storage products to support high-performance storage and data communication networks. Xyratex has over 20 years of experience in research and development relating to disk drives, storage systems and high-speed communication protocols.


        Founded in 1994 in a management buy-out from IBM, and with its headquarters in the UK, Xyratex has an established global base with R&D and operational facilities in Europe, the United States and South East Asia.

Contacts:


XYRATEX LTD
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 
   Three Months Ended
   Year Ended
  
 
   November 30,
2004
   November 30,
2003
   November 30,
2004
   November 30,
2003
  
 
   (US dollars in thousands, except per share amounts)

  
Revenues   $ 116,701   $ 99,363   $ 459,014   $ 333,769  
Cost of revenues—non cash equity compensation     36     690     7,827     690  
Cost of revenues—other     92,451     77,242     356,558     260,020  
   
 
 
 
 
Total cost of revenues     92,487     77,932     364,385     260,710  
   
 
 
 
 
Gross profit     24,214     21,431     94,629     73,059  
   
 
 
 
 
Operating expenses:                          
  Research and development—development arrangement     —     —     (6,000 )   —  
  Research and development—non cash equity compensation     83     2,428     23,959     2,428  
  Research and development—other     10,597     10,529     37,429     29,797  
   
 
 
 
 
  Total research and development     10,680     12,957     55,388     32,225  
   
 
 
 
 
  Selling, general and administrative—non cash equity compensation     478     54,143     136,363     54,143  
  Selling, general and administrative—other     7,884     8,210     28,005     22,426  
   
 
 
 
 
  Total selling, general and administrative     8,362     62,353     164,368     76,569  
   
 
 
 
 
  Amortization of intangible assets     397     —     1,169     —  
  In process research and development     852     —     852     —  
  Other costs     (201 )   11,625     2,388     11,625  
   
 
 
 
 
    Total operating expenses     20,090     86,935     224,165     120,419  
   
 
 
 
 
Operating income (loss)     4,124     (65,504 )   (129,536 )   (47,360 )
Interest income (expense), net     147     (15 )   1,052     (209 )
   
 
 
 
 
Income (loss) from continuing operations before income taxes     4,271     (65,519 )   (128,484 )   (47,569 )
Benefit for income taxes(a)     (3,937 )   (13,047 )   (6,239 )   (11,754 )
   
 
 
 
 
Net income (loss) from continuing operations     8,208     (52,472 )   (122,245 )   (35,815 )
Loss from discontinued operations (net of taxes of zero)     —     (19,940 )   (12,924 )   (20,194 )
Loss from sale of discontinued operations (net of taxes of zero)     —     —     —     (185 )
   
 
 
 
 
Net income (loss)   $ 8,208   $ (72,412 ) $ (135,169 ) $ (56,194 )
   
 
 
 
 
Net earnings (loss) per share—basic:                          
  Net income (loss) from continuing operations   $ 0.29   $ (5.61 ) $ (6.72 ) $ (9.60 )
  Loss from discontinued operations, net of income tax     —     (2.13 )   (0.71 ) $ (5.41 )
  Loss from sale of discontinued operations, net of income tax     —     —     —   $ (0.05 )
   
 
 
 
 
Net earnings (loss) per share   $ 0.29   $ (7.74 ) $ (7.43 ) $ (15.07 )
   
 
 
 
 
Net earnings (loss) per share—diluted:                          
  Net income (loss) from continuing operations   $ 0.29   $ (5.61 ) $ (6.72 ) $ (9.60 )
  Loss from discontinued operations, net of income tax     —     (2.13 )   (0.71 )   (5.41 )
  Loss from sale of discontinued operations, net of income tax     —     —     —     (0.05 )
   
 
 
 
 
Net earnings (loss) per share   $ 0.29   $ (7.74 ) $ (7.43 ) $ (15.07 )
   
 
 
 
 
Weighted average common shares, class B preferred ordinary shares and class B ordinary shares (in thousands), used in computing net earnings per share:                          
  Basic     28,020     9,352     18,195     3,730  
   
 
 
 
 
  Diluted     28,581     9,352     18,195     3,730  
   
 
 
 
 
Pro forma net earnings (loss) per common share from continuing operations(b)                          
  Basic   $ 0.29   $ (2.46 ) $ (4.78 ) $ (1.60 )
   
 
 
 
 
  Diluted   $ 0.29   $ (2.46 ) $ (4.78 ) $ (1.60 )
   
 
 
 
 
Weighted-average common shares (in thousands), used in computing the pro forma net earnings per share:                          
  Basic     28,020     21,321     25,583     22,331  
   
 
 
 
 
  Diluted     28,581     21,321     25,583     22,331  
   
 
 
 
 
(a)
For the year ended November 30, 2004 benefit for income taxes includes a benefit of $12,233,000 for the tax allowance of non-cash equity compensation. Of this benefit $8,174,000 relates to the three months ended August 31, 2004. This benefit had not previously been recorded in press releases for the three months ended August 31, 2004. Accordingly, the net loss for the three and nine month periods ended August 31, 2004 amounted to $166,305,000 and $143,377,000 respectively compared to $174,479,000 and $151,551,000 as previously presented and basic and diluted loss per share for these periods amounted to $7.37 and $9.61 respectively compared to $7.73 and $10.16 as previously presented. (Basic and diluted loss per share from continuing operations in those periods amounted to $6.80 and $8.74 compared to $7.16 and $9.29 as previously presented. Basic and diluted proforma net loss per share amounted to $5.67 and $5.26 compared to $5.97 and $5.59 as previously presented). There is no impact to non-GAAP net income and proforma basic and diluted earnings per share as this tax benefit is included in non-GAAP adjustments.

(b)
Pro forma earnings per share reflects the conversion of Xyratex Group Limited class A and class B preferred ordinary shares and class C ordinary shares to common shares of Xyratex Ltd on completion of its initial public offering, on June 29, 2004.


XYRATEX LTD
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 
   November 30,
2004
   November 30,
2003
  
 
   (US dollars and amounts in thousands)

  
ASSETS              
Current assets:              
  Cash and cash equivalents   $ 63,495   $ 2,008  
  Accounts receivable net of allowance for doubtful accounts of $198 and $371     49,656     40,866  
  Inventories     43,014     37,849  
  Prepaid expenses     2,594     2,099  
  Deferred income taxes     6,774     3,429  
  Other current assets     2,855     5,294  
   
 
 
    Total current assets     168,388     91,545  
  Property, plant and equipment, net     14,495     10,403  
  Intangible assets, net     7,911     —  
  Deferred income taxes     14,448     9,323  
   
 
 
    Total assets   $ 205,242   $ 111,271  
   
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY              
Current liabilities:              
  Accounts payable   $ 47,067   $ 40,465  
  Acquisition note payable     2,000     —  
  Short-term borrowings     4,000     4,133  
  Customer advance     —     1,073  
  Employee compensation and benefits payable     10,811     12,421  
  Deferred revenue     1,887     9,810  
  Income taxes payable     462     315  
  Deferred income taxes     536     354  
  Other accrued liabilities     10,778     8,699  
   
 
 
    Total current liabilities     77,541     77,270  
  Long-term debt     11,000     15,000  
   
 
 
    Total liabilities     88,541     92,270  
   
 
 
Shareholders' equity              
  Common shares of Xyratex Ltd (in thousands), par value $0.01 per share 70,000 authorized, 28,043 issued and outstanding     280     —  
  Ordinary Shares of Xyratex Group Limited (in thousands), par value £0.01 per share:              
  Class B preferred ordinary shares; 11,099 shares authorized, Nil and 11,099 shares issued and outstanding     —     169  
  Class A preferred ordinary shares; 16,325 shares authorized, Nil and 8,845 shares issued and outstanding     —     133  
  Class C ordinary shares; 2,576 shares authorized, Nil and Nil shares issued and outstanding     —     —  
  Additional paid-in capital     329,267     95,025  
  Accumulated other comprehensive income     755     2,106  
  Accumulated deficit     (213,601 )   (78,432 )
   
 
 
    Total shareholders' equity     116,701     19,001  
   
 
 
    Total liabilities and shareholders' equity   $ 205,242   $ 111,271  
   
 
 


XYRATEX LTD
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 
   Year Ended
  
 
   November 30,
2004
   November 30,
2003
  
 
   (US dollars in thousands)

  
 
    
   (a)

  
Cash flows from operating activities:              
Net loss from continuing operations   $ (122,245 ) $ (35,815 )
Adjustments to reconcile net income (loss) from continuing operations to net cash used in operating activities:              
Depreciation     5,336     4,969  
Amortization of intangible assets     1,169     —  
Non-cash equity compensation     168,149     57,261  
Bonus paid by trust     —     1,573  
In process research and development     852     —  
Private equity and restructuring costs     —     4,682  
Loss (gain) on sale of assets     (36 )   71  
Supplier note receivable     (6,000 )   —  
Changes in assets and liabilities, net of impact of acquisitions and divestitures              
  Accounts receivable     (6,695 )   (7,820 )
  Inventories     (2,084 )   (9,832 )
  Prepaid expenses and other current assets     244     (947 )
  Accounts payable     4,251     5,208  
  Customer advance     (1,073 )   (1,227 )
  Employee compensation and benefits payable     (1,610 )   4,837  
  Deferred revenue     (11,093 )   9,209  
  Income taxes payable     147     (1,479 )
  Deferred income taxes     (7,709 )   (13,538 )
  Amount payable to related party     —     (1,342 )
  Other accrued liabilities     1,234     3,951  
   
 
 
    Net cash provided by operating activities     22,837     19,761  
   
 
 
Cash flows from investing activities:              
  Investments in property, plant and equipment     (8,985 )   (5,107 )
  Dispositions of property, plant and equipment     36     —  
  Disposal of business, net of cash disposed and costs of disposition     —     (175 )
  Acquisition of business, net of cash received     (7,418 )   —  
  Repayment of supplier note receivable     6,000     —  
   
 
 
    Net cash used in investing activities     (10,367 )   (5,282 )
   
 
 
Cash flows from financing activities:              
  Net payments of short-term borrowings     (4,133 )   (4,630 )
  Proceeds of long-term borrowings     —     19,000  
  Payments of long-term borrowings     —     (7,850 )
  Repurchase of ordinary shares     —     (18,939 )
  Proceeds from issuance of Ordinary Shares     53,150     273  
   
 
 
    Net cash provided by (used in) financing activities     49,017     (12,146 )
    Net cash used in discontinued operations     —     (780 )
   
 
 
Change in cash and cash equivalents     61,487     1,553  
Cash and cash equivalents at beginning of period     2,008     455  
   
 
 
Cash and cash equivalents at end of period   $ 63,495   $ 2,008  
   
 
 
(a)
Certain balances have been reclassified to be consistent with the current year.


XYRATEX LTD
UNAUDITED RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP NET INCOME

 
   Three Months Ended
 
   GAAP
November 30,
2004
   Non-GAAP
Adjustment(a)
   Non-GAAP
November 30,
2004
 
   (US dollars in thousands, except per share amounts)
Revenues   $ 116,701       $ 116,701
Cost of revenues—non cash equity compensation     36   (36 )   —
Cost of revenues—other     92,451         92,451
   
     
Total cost of revenues     92,487         92,451
   
     
Gross profit     24,214         24,250
   
     
Operating expenses:                
  Research and development—non cash equity compensation     83   (83 )   —
  Research and development—other     10,597         10,597
   
     
  Total research and development     10,680         10,597
   
     
  Selling, general and administrative—non cash equity compensation     478   (478 )   —
  Selling, general and administrative—other     7,884         7,884
   
     
  Total selling, general and administrative     8,362         7,884
   
     
  Amortization of intangible assets     397   (397 )   —
  In process research and development     852   (852 )   —
  Other costs     (201 ) 201     —
   
     
    Total operating expenses     20,090         18,481
   
     
Operating income     4,124         5,769
Interest income (expense), net     147         147
   
     
Income from continuing operations before income taxes     4,271         5,916
Provision (benefit) for income taxes     (3,937 ) 4,409     472
   
     
Net income from continuing operations   $ 8,208       $ 5,444
   
     
Pro forma net earnings (loss) per common share from continuing operations                
  Basic   $ 0.29       $ 0.19
   
     
  Diluted   $ 0.29       $ 0.19
   
     
Weighted-average common shares (in thousands), used in computing the pro forma net earnings per share:                
  Basic     28,020         28,020
   
     
  Diluted     28,581         28,581
   
     


XYRATEX LTD
UNAUDITED RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP NET INCOME

 
   Year Ended
 
   GAAP
November 30,
2004
   Non-GAAP
Adjustment(a)
   Non-GAAP
November 30,
2004
 
   (US dollars in thousands, except per share amounts)
Revenues   $ 459,014       $ 459,014
Cost of revenues—non cash equity compensation     7,827   (7,827 )   —
Cost of revenues—other     356,558         356,558
   
     
Total cost of revenues     364,385         356,558
   
     
Gross profit     94,629         102,456
   
     
Operating expenses:                
  Research and development—development arrangement     (6,000 ) 6,000     —
  Research and development—non cash equity compensation     23,959   (23,959 )   —
  Research and development—other     37,429         37,429
   
     
  Total research and development     55,388         37,429
   
     
  Selling, general and administrative—non cash equity compensation     136,363   (136,363 )   —
  Selling, general and administrative—other     28,005         28,005
   
     
  Total selling, general and administrative     164,368         28,005
   
     
  Amortization of intangible assets     1,169   (1,169 )   —
  In process research and development     852   (852 )   —
  Other costs     2,388   (2,388 )   —
   
     
    Total operating expenses     224,165         65,434
   
     
Operating income (loss)     (129,536 )       37,022
Interest income (expense), net     1,052   (933 )   119
   
     
Income (loss) from continuing operations before income taxes     (128,484 )       37,141
Provision (benefit) for income taxes     (6,239 ) 12,534     6,295
   
     
Net income (loss) from continuing operations   $ (122,245 )     $ 30,846
   
     
Pro forma net earnings (loss) per common share from continuing operations(b)                
  Basic   $ (4.78 )     $ 1.21
   
     
  Diluted   $ (4.78 )     $ 1.18
   
     
Weighted-average common shares (in thousands), used in computing the pro forma net earnings per share:                
  Basic     25,583         25,583
   
     
  Diluted     25,583         26,225
   
     


XYRATEX LTD
UNAUDITED RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP NET INCOME

 
   Three Months Ended
  
 
   GAAP
November 30,
2003
   Non-GAAP
Adjustment(a)
   Non-GAAP
November 30,
2003
  
 
   (US dollars in thousands, except per share amounts)

  
Revenues   $ 99,363       $ 99,363  
Cost of revenues—non cash equity compensation     690   (690 )   —  
Cost of revenues—other     77,242         77,242  
   
     
 
Total cost of revenues     77,932         77,242  
   
     
 
Gross profit     21,431         22,121  
   
     
 
Operating expenses:                  
  Research and development—non cash equity compensation     2,428   (2,428 )   —  
  Research and development—other     10,529         10,529  
   
     
 
  Total research and development     12,957         10,529  
   
     
 
  Selling, general and administrative—non cash equity compensation     54,143   (54,143 )   —  
  Selling, general and administrative—other     8,210         8,210  
   
     
 
  Total selling, general and administrative     62,353         8,210  
   
     
 
  Other costs     11,625   (11,625 )   —  
   
     
 
    Total operating expenses     86,935         18,739  
   
     
 
Operating income (loss)     (65,504 )       3,382  
Interest income (expense), net     (15 )       (15 )
   
     
 
Income (loss) from continuing operations before income taxes     (65,519 )       3,367  
Provision (benefit) for income taxes     (13,047 ) 12,752     (295 )
   
     
 
Net income (loss) from continuing operations   $ (52,472 )     $ 3,662  
   
     
 
Pro forma net earnings (loss) per common share from continuing operations                  
  Basic   $ (2.46 )     $ 0.17  
   
     
 
  Diluted   $ (2.46 )     $ 0.17  
   
     
 
Weighted-average common shares (in thousands), used in computing the pro forma net earnings per share:                  
  Basic     21,321         21,321  
   
     
 
  Diluted     21,321         21,793  
   
     
 


XYRATEX LTD
UNAUDITED RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP NET INCOME

 
   Year Ended
  
 
   GAAP
November 30,
2003
   Non-GAAP
Adjustment(a)
   Non-GAAP
November 30,
2003
  
 
   (US dollars in thousands, except per share amounts)

  
Revenues   $ 333,769       $ 333,769  
Cost of revenues—non cash equity compensation     690   (690 )   —  
Cost of revenues—other     260,020         260,020  
   
     
 
Total cost of revenues     260,710         260,020  
   
     
 
Gross profit     73,059         73,749  
   
     
 
Operating expenses:                  
  Research and development—non cash equity compensation     2,428   (2,428 )   —  
  Research and development—other     29,797         29,797  
   
     
 
  Total research and development     32,225         29,797  
   
     
 
  Selling, general and administrative—non cash equity compensation     54,143   (54,143 )   —  
  Selling, general and administrative—other     22,426         22,426  
   
     
 
  Total selling, general and administrative     76,569         22,426  
   
     
 
  Other costs     11,625   (11,625 )   —  
   
     
 
    Total operating expenses     120,419         52,223  
   
     
 
Operating income (loss)     (47,360 )       21,526  
Interest income (expense), net     (209 )       (209 )
   
     
 
Income (loss) from continuing operations before income taxes     (47,569 )       21,317  
Provision (benefit) for income taxes     (11,754 ) 12,752     998  
   
     
 
Net income (loss) from continuing operations   $ (35,815 )     $ 20,319  
   
     
 
Pro forma net earnings (loss) per common share from continuing operations(b)                  
  Basic   $ (1.60 )     $ 0.91  
   
     
 
  Diluted   $ (1.60 )     $ 0.90  
   
     
 
Weighted-average common shares (in thousands), used in computing the pro forma net earnings per share:                  
  Basic     22,331         22,331  
   
     
 
  Diluted     22,331         22,821  
   
     
 
(a)
Non-GAAP Adjustment for the three and twelve month periods ended November 30, 2004 includes non-cash equity compensation expense, non-cash amortization of intangible assets, in process research and development expense, the related tax effects and expenses recorded in connection with our preparation for the initial public offering. Non-GAAP Adjustment for the twelve months ended November 30, 2004 also includes the elimination of the bad debt allowance on a supplier loan of $6,000,000 and accrued interest of $933,000 together with the related tax on the accrued interest. Non-GAAP Adjustment for the three and twelve month periods ended November 30, 2003 includes non-cash equity compensation expense, the release of the deferred tax valuation allowance relating primarily to UK loss carryforwards and expenses recorded in connection with the investment by HgCapital, a European private equity firm.

(b)
Pro forma earnings per share reflects the conversion of Xyratex Group Limited class A and class B preferred ordinary shares and class C ordinary shares to common shares of Xyratex Ltd on completion of its initial public offering, on June 29, 2004.



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XYRATEX LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
XYRATEX LTD UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
XYRATEX LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
XYRATEX LTD UNAUDITED RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP NET INCOME
XYRATEX LTD UNAUDITED RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP NET INCOME
XYRATEX LTD UNAUDITED RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP NET INCOME
XYRATEX LTD UNAUDITED RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP NET INCOME