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TABLE OF CONTENTSIntroduction .............................................................. 2Industry Data ............................................................. 2Cautionary Note Regarding Forward-Looking Statements ............................. 2Part I ................................................................... 3Item 1: Identity of Directors, Senior Management and Advisers ......................... 3Item 2: Offer Statistics and Expected Timetable .................................... 3Item 3: Key Information ..................................................... 3Item 4: Information on the Company ............................................ 19Item 5: Operating and Financial Review and Prospects (Management’s Discussion and Analysisof Financial Condition and Results of Operations) ................................. 38Item 6: Directors, Senior Management and Employees ............................... 62Item 7: Major Shareholders and Related Party Transactions ............................ 73Item 8: Financial Information ................................................. 75Item 9: The Offer and Listing ................................................. 75Item 10: Additional Information ................................................ 77Item 11: Quantitative and Qualitative Disclosures about Market Risk ..................... 81Item 12: Description of Securities other than Equity Securities ......................... 82Part II .................................................................. 82Item 13: Defaults, Dividend Arrearages and Delinquencies ............................ 82Item 14: Material Modifications to the Rights of Security Holders and Use of Proceeds ....... 82Item 15: Controls and Procedures .............................................. 82Item 16A: Audit Committee Financial Expert ...................................... 83Item 16B: Code of Ethics .................................................... 83Item 16C: Principal account Fees and Services ..................................... 83Item 16D: Exemption from the Listing Standards for Audit Committees ................... 84Item 16E: Purchase of Equity Securities by Company and Affiliated Purchasers ............. 84Part III .................................................................. 85Item 17: Financial Statements ................................................. 85Item 18: Financial Statements ................................................. 851
Page 3: XYRATEX LTDANNUAL REPORT FOR THE YE
Page 7 and 8: PART IITEM 1: IDENTITY OF DIRECTORS
Page 9 and 10: (1) In accordance with U.S. GAAP, w
Page 11 and 12: As of November 30,2005 2004 2003 20
Page 13 and 14: Our quarterly operating results hav
Page 15 and 16: incorporating, or using the open so
Page 17 and 18: Our future growth depends in part o
Page 19 and 20: We may incur expenses related to ob
Page 21 and 22: of those controls. In the course of
Page 23 and 24: Bermuda law whereby two corporate e
Page 25 and 26: drives and over 20% of all 2.5 inch
Page 27 and 28: capacity desktop disk drives into e
Page 29 and 30: 250 gigabytes disk drives were ship
Page 31 and 32: Strategic Relationships with Techno
Page 33 and 34: Expanding Into Complementary Market
Page 35 and 36: capable of providing detailed statu
Page 37 and 38: Customer ContractsOur contractual r
Page 39 and 40: we consider patent protection to be
Page 41 and 42: generated from sales to customers i
Page 43 and 44: OverviewWe are a leading provider o
Page 45 and 46: in these revenues over recent fisca
Page 47 and 48: As of November 30, 2005, 27% of our
Page 49 and 50: Results from Continuing OperationsT
Page 51 and 52: The $123.9 million increase in reve
Page 53 and 54: Provision (Benefit) for Income Taxe
Page 55 and 56:
track writers and the contribution
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Net Loss from Continuing Operations
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size, timing and fluctuations of cu
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Net cash used in investing activiti
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Although we believe that our judgme
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expected term. In October 2005, the
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During our 2005 fiscal year Paul Ha
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performance criteria by the individ
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The following table shows the numbe
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At January 31, 2006, no performance
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the shares subject to a purchase ri
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on the date of grant of the option
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agreements total $3.5million. The t
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ITEM 10: ADDITIONAL INFORMATIONItem
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an average of the quarterly values
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ITEM 11: QUANTITATIVE AND QUALITATI
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Item 16A: Audit Committee Financial
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PART IIIITEM 17: FINANCIAL STATEMEN
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XYRATEX LTDREPORT OF INDEPENDENT RE
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XYRATEX LTDAUDITED CONSOLIDATED STA
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XYRATEX LTDAUDITED CONDENSED CONSOL
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XYRATEX LTDNOTES TO AUDITED CONSOLI
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