<PAGE>

                                          
                                     FORM 10-Q  
                         SECURITIES AND EXCHANGE COMMISSION
                              Washington, D. C. 20549
                                          
(Mark One)

[x] Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange
    Act of 1934.  For the Quarterly Period ended MARCH 28, 1998 or

[ ] Transition report pursuant to section 13 or 15(d) of the Securities
    Exchange Act of 1934.

For the transition period from ___________ to  ___________. 

Commission file number 0-13381


                                 MYLEX CORPORATION
               ------------------------------------------------------
               (Exact name of registrant as specified in its charter)


              DELAWARE                                59-2291597
       -----------------------             --------------------------------
   (State or other jurisdiction of         (IRS Employer Identification No.
    incorporation or organization)


          34551 Ardenwood Blvd., Fremont, California                 94555
          -------------------------------------------              ---------
            (Address of principal executive offices)               ZIP Code


Registrant's telephone number (including area code): (510) 796-6100

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.    

                                 Yes   X     No
                                     -----      -----

APPLICABLE ONLY TO CORPORATE ISSUERS

     Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.


       Common Stock, $.01 par value                   20,269,347 shares
       ----------------------------                   -----------------
                  Class                       Outstanding at March 28, 1998

                                       
<PAGE>

PART I.  FINANCIAL INFORMATION

Item 1.  Unaudited Condensed Consolidated Financial Statements 

                                  MYLEX CORPORATION    
                              CONSOLIDATED BALANCE SHEET    
                                     (IN $000'S)  
<TABLE>
<CAPTION>
                                                         MAR 28       DEC 27  
ASSETS                                                    1998         1997   
                                                       ----------   --------- 
<S>                                                    <C>         <C>       
CURRENT ASSETS:
  CASH AND EQUIVALENTS                                 $   11,544  $   21,521 
  SHORT-TERM MARKETABLE INVESTMENTS                        35,068      23,062 

  ACCOUNTS RECEIVABLE                                      17,572      15,071 
  ALLOWANCE FOR DOUBTFUL ACCOUNTS                            (178)       (190)
                                                       ----------   --------- 
  ACCOUNTS RECEIVABLE, NET                                 17,394      14,881 

  INVENTORIES                                              24,548      25,866 
  PREPAID EXPENSES AND OTHER CURRENT ASSETS                 9,290      10,617 
                                                       ----------   --------- 
       TOTAL CURRENT ASSETS                                97,844      95,947 

PROPERTY AND EQUIPMENT, NET                                 8,117       8,325 
OTHER ASSETS                                                  192         211 
                                                       ----------   --------- 
       TOTAL ASSETS                                    $  106,153  $  104,483 
                                                       ----------   --------- 
                                                       ----------   --------- 

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  ACCOUNTS PAYABLE                                     $    9,745  $    5,700 
  ACCRUED LIABILITIES                                       6,923       6,488 
                                                       ----------   --------- 
       TOTAL CURRENT LIABILITIES                           16,668      12,188 

STOCKHOLDERS' EQUITY
  COMMON STOCK                                                209         209 
  TREASURY STOCK                                           (8,216)     (7,292)
  ADDITIONAL PAID-IN CAPITAL                               65,635      65,396 
  NOTES RECEIVABLE FROM STOCKHOLDERS                         (866)       (720)
  RETAINED EARNINGS                                        32,723      34,702 
                                                       ----------   --------- 
    TOTAL STOCKHOLDERS' EQUITY                             89,485      92,295 
      TOTAL LIABILITIES AND
        STOCKHOLDERS' EQUITY                           $  106,153  $  104,483 
                                                       ----------   --------- 
                                                       ----------   --------- 
</TABLE>

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


                                       2
<PAGE>

                                  MYLEX CORPORATION
              CONSOLIDATED STATEMENTS OF OPERATIONS, THREE MONTHS ENDED
                          (IN $000'S, EXCEPT FOR SHARE DATA)
<TABLE>
<CAPTION>

                                                         MAR 28       MAR 31  
                                                          1998         1997   
                                                        ---------   --------- 
<S>                                                     <C>          <C>      
NET SALES                                               $  28,348   $  35,914 
COST OF SALES                                              18,659      30,276 
                                                        ---------   --------- 
  GROSS PROFIT                                              9,689       5,638 

OPERATING EXPENSES:
  SELLING AND MARKETING                                     4,782       3,619 
  RESEARCH AND DEVELOPMENT                                  6,087       4,395 
  GENERAL AND ADMINISTRATION                                2,180       2,396 
                                                        ---------   --------- 
    TOTAL OPERATING EXPENSES                               13,049      10,410 
                                                        ---------   --------- 
OPERATING LOSS                                             (3,360)     (4,772)

INTEREST INCOME                                               337         382 
INTEREST EXPENSE                                              (42)          - 
OTHER EXPENSE                                                 (76)        (19)
                                                        ---------   --------- 
LOSS BEFORE TAXES                                          (3,141)     (4,409)

INCOME TAX (BENEFIT) EXPENSE                               (1,162)     (1,631)
                                                        ---------   --------- 
    NET LOSS                                            $  (1,979)  $  (2,778)
                                                        ---------   --------- 
                                                        ---------   --------- 
LOSS PER COMMON SHARE:

  BASIC                                                 $   (0.10)  $   (0.13)
  DILUTED                                               $   (0.10)  $   (0.13)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

  BASIC                                                    20,182      20.726 
  DILUTED                                                  20,182      20.726 
</TABLE>


SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


                                       3
<PAGE>

                                  MYLEX CORPORATION
               CONSOLIDATED STATEMENT OF CASH FLOWS, THREE MONTHS ENDED
                                     (IN $000'S)
<TABLE>
<CAPTION>
                                                         MAR 28       MAR 31  
                                                          1998         1997   
                                                        ---------   --------- 
<S>                                                     <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

  NET LOSS                                              $  (1,979)  $  (2,778)
  DEPRECIATION AND AMORTIZATION                               874         537 
  AMORTIZATION OF DISCOUNT/PREMIUM ON SHORT-TERM

    MARKETABLE INVESTMENTS                                   (255)        (34)
  CHANGES IN OPERATING ASSETS AND LIABILITIES

    ACCOUNTS RECEIVABLE                                    (2,513)      1,220 
    INVENTORIES                                             1,318       4,250 
    PREPAID EXPENSES AND
       OTHER CURRENT ASSETS                                 1,327         (28)
    ACCOUNTS PAYABLE                                        4,061       8,126 
    ACCRUED LIABILITIES                                       480        (974)
                                                        ---------   --------- 
NET CASH PROVIDED BY OPERATING ACTIVITIES               $   3,313   $  10,319 

CASH FLOWS FROM INVESTING ACTIVITIES:
  CAPITAL EXPENDITURES                                       (668)     (1,536)
  MATURITIES OF SHORT-TERM INVESTMENTS                     11,750       4,734 
  PURCHASE OF SHORT-TERM MARKETABLE INVESTMENTS           (23,501)     (5,448)
  DECREASE(INCREASE) IN OTHER ASSETS                           19          (9)
                                                        ---------   --------- 
NET CASH USED IN INVESTING ACTIVITIES                   $ (12,398)  $  (2,259)

CASH FLOWS FROM FINANCING ACTIVITIES:
  REPAYMENT OF CAPITAL LEASE OBLIGATIONS                        -        (118)
  PROCEEDS FROM EXERCISE OF STOCK OPTIONS                     178         386 
  TREASURY STOCK                                             (924)        -   
  NOTES RECEIVABLE FROM SHAREHOLDERS                         (146)       (255)
                                                        ---------   --------- 
NET CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES     $    (892)  $      13 
                                                        ---------   --------- 
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS         $  (9,977)  $   8,073 


CASH AND CASH EQUIVALENTS: AT BEGINNING OF PERIOD       $  21,521   $  15,849 
                                                        ---------   --------- 
                                                        ---------   --------- 
CASH AND CASH EQUIVALENTS: AT END OF PERIOD             $  11,544   $  23,922 
                                                        ---------   --------- 
                                                        ---------   --------- 

NON-CASH OPERATING ACTIVITY:
  TAX BENEFIT RELATED TO DISQUALIFYING DISPOSITION
    OF STOCK OPTIONS                                          $62         $44 


CASH PAID DURING THE PERIOD:
  CASH PAID FOR INTEREST                                      -           -   
  CASH PAID FOR INCOME TAXES                                  -           -   
</TABLE>

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


                                       4
<PAGE>

                                  MYLEX CORPORATION

                 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                      Unaudited

NOTE A.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     BASIS OF PRESENTATION

     In the opinion of the Company, the accompanying consolidated financial 
statements contain all adjustments (consisting only of normal recurring 
adjustments) necessary to fairly present the Company's financial position and 
its results of operations and cash flows as of the dates and for the periods 
indicated.

     Certain information and footnote disclosures normally contained in 
financial statements prepared in accordance with generally accepted 
accounting principles have been omitted.  These condensed consolidated 
financial statements should be read in conjunction with the financial 
statements incorporated by reference in the Company's Form 10-K for the year 
ended December 27, 1997. The results of operations for the three months ended 
March 28, 1998, are not necessarily indicative of the operating results for 
the full year.

     EARNINGS (LOSS) PER SHARE

     Earnings (loss) per share is based on the weighted average common and, 
when dilutive, potential common shares outstanding during each period, using 
the treasury stock method.  Potential common shares consist of dilutive 
shares issuable upon the exercise of stock options and warrants.  For the 
three months ended March 28, 1998 and March 31, 1997, the weighted average 
common shares outstanding was used in the computation of both basic and 
diluted loss per share since the effect of potential common shares was 
antidilutive. At March 31, 1998 and 1997, potential common shares consisted 
of 4,314,812 and 2,976,725 options to acquire shares of common stock with 
weighted-average exercise prices of $11.18 and $12.90, respectively.

NOTE B.   INVENTORIES (in $000's)
<TABLE>
<CAPTION>

                                   March 28,         December 28,
                                     1998                1997    
                                   ---------         ------------
            <S>                    <C>               <C>         
            Raw Material             $13,269              $14,976
            Work-in-process            4,998                3,428
            Finished Goods             6,281                7,462

                                   ---------         ------------
            Total                    $24,548              $25,866
</TABLE>


                                       5
<PAGE>

NOTE C.   CONTINGENCIES

     In October 1994, the former Chief Executive Officer of the Company, Dr. 
M.A. Chowdry, filed a complaint against the Company and its outside 
directors, claiming breach of an employment agreement that he entered into 
with the Company approximately three months prior to his termination as the 
Company's Chief Executive Officer.  The complaint alleges compensatory and 
consequential damages of over $5 million (which would vary based on the price 
of the Company's Common Stock) and unspecified punitive damages. The Company 
believes it has meritorious defenses and will vigorously defend this lawsuit. 
Nonetheless, given the unpredictable nature of legal proceedings, there can 
be no assurance that the Company will prevail. 

NOTE D.   NEW ACCOUNTING PRONOUNCEMENTS

     In June 1997, the Financial Accounting Standards Board (FASB) issued 
SFAS No. 130, "Reporting Comprehensive Income."  SFAS No. 130 establishes 
standards of reporting and display of comprehensive income and its components 
of net income and "other comprehensive income" in a full set of general 
purpose financial statements.  "Other comprehensive income" refers to 
revenues, expenses, gains and losses that are not included in net income, but 
rather are recorded directly in stockholder's equity.  SFAS No. 130 is 
effective for annual and interim periods beginning after October 15, 1997, 
and for periods ended before that date when presented for comparative 
purposes.  Total comprehensive losses for the three months ended March 31, 
1997 and 1998 are equal to the corresponding net losses reported in the 
consolidated statement of operations since the Company did not experience any 
items of other comprehensive income.

     In June 1997, the FASB issued SFAS No. 131, "Disclosures About Segments 
of an Enterprise and Related Information." SFAS No. 131 establishes standards 
of reporting information about operating segments in annual financial 
statements by public business enterprises and requires such enterprises to 
report selected information about operating segments in interim financial 
reports. SFAS No. 131 is effective for fiscal years beginning after December 
15, 1997.

The interim disclosures are not required to be made in the initial year of 
application, but the information for the interim periods for the initial year 
is required as comparative information in the second year of application. As 
such, the Company will display the information required by this statement, to 
the extent deemed applicable, commencing with the fiscal 1998 year-end 
financial statements.

                                       6
<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
          RESULTS OF OPERATIONS

     Mylex Corporation is a leading producer of RAID technology and network 
management products.  Mylex produces high performance disk array (RAID) 
controllers, and complementary computer products for network servers, mass 
storage systems and workstations.  Through its wide range of RAID controllers 
and its line of Ultra-SCSI host adapter products, Mylex provides enabling 
intelligent I/O technologies that increase network management control, 
enhance CPU utilization, optimize I/O performance, and ensure data security 
and availability.  Products are sold globally through a network of OEMs, 
major distributors, VARs and system integrators.  More than twenty leading 
network file server and storage subsystem OEMs, including Digital Equipment 
Corporation, NEC and Siemens, have designed Mylex RAID controllers into their 
server and storage subsystem products.  The Company is incorporated in the 
State of Delaware and has its principal offices in Fremont, California.

     During the late 1980s and early 1990s, the Company's principal business 
involved the production and sale of system boards (so-called "mother boards") 
for personal computers. In the early 1990s, Mylex responded to changes in the 
computer industry by undertaking a series of product development initiatives 
designed to reposition the Company to address the storage and input/output, 
or "I/O," challenges facing the emerging client/server computing environment. 
In 1992, the Company introduced its first RAID controller product into the 
personal computer network market. Sales of RAID controller products have 
grown rapidly since 1992, and represented 92% of the Company's net sales 
during the first quarter of 1998.

     The trend toward client/server computing that began in the mid-1980s has 
placed particular demands on network storage systems and related I/O 
functions. The development of faster microprocessors and more robust computer 
bus architectures in network systems has often outstripped the capabilities 
of data storage and I/O technologies, leading to systems "bottlenecks".  To 
alleviate or avoid such bottlenecks, networks require continual improvements 
in stored data retrieval speed. In addition, the development of more complex 
applications and operating systems has created the need for increased network 
storage capacity. Meanwhile, the mission critical, enterprise-wide nature of 
networked computing often requires a high level of "fault tolerance," or the 
ability to preserve data from loss and to provide uninterrupted system 
service even if an individual data storage device fails. The emergence of 
data-intensive applications such as multimedia and video-on-demand are 
further driving the demands for speed, capacity and reliability in network 
storage devices. 

     Mylex RAID controllers enable increased speed, greater capacity, and a 
high degree of fault tolerance in network storage and I/O functions. RAID, 
which stands for redundant array of independent disks, is a method for 
distributing data across several disk drives 


                                       7
<PAGE>

and allowing the server microprocessor to access those drives simultaneously, 
thus increasing system storage I/O performance. In addition, lost data on any 
drive can be recreated using special RAID algorithms, thus ensuring the 
immediate availability of RAID protected data even in the event of a disk 
drive failure. Mylex controllers support all major operating systems and bus 
types, and the Company endeavors to rapidly develop products for new bus, 
operating system, and platform standards as they are defined. RAID controller 
products based on the PCI bus standard represented a substantial majority of 
its disk array product sales in the first three months of 1998.  The Company 
believes that its proprietary software and firmware, as well as its large 
installed base of RAID units, are key competitive advantages in the RAID 
controller market. 

     In addition to PCI RAID controllers, the Company offers external RAID 
controllers, including a fibre version, host bus adapters and a new product 
utilizing the Company's new Autonet-TM- Thin Server Engine.  Both the 
external RAID controllers and HBA products are highly suited to applications 
that demand high data throughput and low CPU utilization.  The Autonet-TM- 
product will allow the Company to participate in a market segment that uses 
thin server technology and is only now emerging as the next growth area in 
file management on the network.  Consequently, the Company has moved beyond 
the "single product" stage, allowing an offering of product solutions for 
desktop PC's to large networked systems.    

     As of March 28, 1998, the Company had approximately 380 employees. None 
of the employees are represented by a labor union or employed under any 
collective bargaining agreement.

LIQUIDITY AND CAPITAL RESOURCES

     During the first quarter of 1998 the Company financed its operations 
primarily from cash balances and cash generated from operations.

     At March 28, 1998, the Company's working capital decreased to $81.2 
million from $83.8 million at December 27, 1997.  This decrease in working 
capital was due primarily to the increase of accounts payable by $4.0 
million, but was offset by a $1.9 million increase in current assets.  The 
increase in current assets resulted primarily from a $2.5 million increase in 
accounts receivable and a $2.0 million increase in the combined cash and 
short-term marketable securities balances, offset by $1.3 million decrease in 
both net inventories and prepaid expenses.  The increase in accounts 
receivable was due to a high percentage of the quarter's sales occurring in 
the last month of the quarter.  The increase in accounts payable was due to 
the majority of the Company's quarterly procurement and production occurring 
in the last month of the quarter.


                                       8
<PAGE>

     The Company's agreement with Comerica Bank for a $20 million unsecured 
revolving line of credit has been extended for another year, now expiring in 
June 1999. Borrowings under the line of credit bear interest at either the 
Bank's base rate, or the Eurodollar or Libor option rate plus 1 3/4%, at the 
election of the Company at the time of each advance.  The agreement contains 
covenants that relate to profitability, maintenance of specific financial 
ratios and limits on additional indebtedness without the prior consent of the 
Bank.

     The Company presently expects to finance near-term and long-term 
operations and capital requirements through cash provided by continuing 
operations, existing cash balances, short-term investments and borrowings 
under the revolving bank line of credit.  However, there can be no assurance 
that the Company will not require additional financing over the long-term, 
or, if required, that such financing will be available on terms favorable to 
the Company.  The Company has been engaged in a stock repurchase program 
pursuant to which it has purchased to date, for $8.5 million, 864,200 shares 
of the Company's Common Stock. Management's decision to repurchase shares in 
the future will be based on the Company's cash needs and market conditions 
from time to time.

RESULTS OF OPERATIONS

     SALES AND GROSS PROFITS.  The Company's net sales for the three months 
ended March 28, 1998, totaled $28.3 million, compared to $35.9 million for 
the corresponding period of fiscal year 1997, a decrease of approximately 
21%. Sales decreased, as compared to the first quarter of 1997, primarily due 
to the loss of two significant RAID controller OEM customers discussed below, 
and a 53% decline in the Company's host bus adapter (HBA) sales, as compared 
to the first quarter of 1997.  

     The reduced shipments to HP and IBM are attributable, respectively, to 
HP's award of a design win to one of the Company's competitors and to IBM's 
procurement strategy change, which has resulted in a switch from the 
procurement of their RAID controllers from the Company to an internally 
sourced controller. Sales have not been significantly impacted by inflation 
over the last three fiscal years.

     Gross profit for the three months ended March 28, 1998, was $9.7 million 
or 34% of net sales, compared to $5.6 million or 16% of net sales for the 
same period in 1997, or an increase of $4.1 million, or 73%.  The lower gross 
profits in the first quarter of 1997 was primarily attributable to a charge 
for inventory obsolescence taken in that quarter. 

     The Company's largest customer during the first quarter of 1998 was 
Digital Equipment Corporation ("DEC"), which accounted for $9.5 million or 
33% of the Company's net sales during that period. The Company's second and 
third largest customers during the 


                                       9
<PAGE>

quarter were Siemens and NEC, which accounted for $4.1 million or 14% of net 
sales and $2.1 million or 8% of net sales, respectively.  

     While the Company has in place OEM agreements with some of the Company's 
largest customers that define the terms of the Company's sales and support 
services, these agreements do not include specific quantity commitments.  The 
Company sells products to its customers on a purchase order basis.  As a 
result, historical sales cannot be relied upon as an accurate indicator of 
future sales.

     The Company's backlog as of March 28, 1998, totaled $11.5 million, as 
compared to $5.1 million as of the end of the first quarter in 1997.  The 
increase in the backlog is primarily attributable to increased orders placed 
by the Company's largest customer.

     Because almost all of the orders for the Company's products may be 
canceled prior to shipment and its customers have the right to change 
delivery schedules, the Company believes that backlog as of any particular 
date may not be indicative of actual net revenues for any succeeding period.  
Of the total $11.5 million backlog at March 28, 1998, all but a small 
percentage of the orders making up that backlog would have been scheduled for 
delivery within the three months ending June 27, 1998, unless the orders were 
canceled or rescheduled by the respective customer.

PRODUCTS

     During the last half of 1993, the Company shifted its principal activity 
from the supply of system board products to the manufacture of I/O devices 
and storage management enhancing computer peripheral products.  Additionally, 
the acquisition of BusLogic in early 1996 has broadened the Company's product 
offering with a complementary line of host bus adapters.  Mylex designs its 
products to provide solutions for all popular operating systems, including 
Novell Netware, Windows NT, SCO UNIX, Solaris and Unixware.  Mylex products 
also work with all popular hardware platforms.  These include personal 
computer platforms that use PCI architecture and workstation platforms, 
including Sun Microsystems, Silicon Graphics and IBM RS-6000 workstations 
that use the Company's SCSI-to-SCSI products. 

     Despite testing, new products may be affected by quality, reliability or 
interoperability problems, which could result in returns, delays in 
collecting accounts receivable, unexpected service or warranty expenses, 
reduced and delayed orders and a decline in the Company's competitive 
position.  In addition, there can be no assurance that new products or 
technologies developed by others, or the emergence of new industry standards, 
will not render the Company's products or technologies noncompetitive or 
obsolete.  For example, efforts by the Company's OEM customers and other 
manufacturers to integrate additional functions into system boards, to use 
chip sets that incorporate additional functionality, or to design and utilize 
their own controllers and other 


                                       10
<PAGE>

devices rather than purchase the Company's products could have a material
adverse effect on the Company's business and operating results. 

     All of the Company's current RAID controller products are based on the 
Intel i960 family of processors.  If another company develops a processor for 
RAID applications which renders the i960 processor noncompetitive, whether as 
a result of cost, specifications or other advantages of the new processor, or 
if Intel ceases to produce the i960 processor or support the Company's 
efforts to develop products based on the i960 processor, the Company will be 
forced to develop new products based on another processor. Such development 
efforts will be costly, and there can be no assurance that the Company will 
be able to timely complete such development efforts or that such products, if 
developed, will have the same degree of market acceptance or the same gross 
margin as the Company's present RAID products. 

Raid Controllers

     Each bus-based Mylex RAID controller includes a proprietary application 
specific integrated circuit, or "ASIC," that serves as an interface with the 
host computer, a RISC processor, up to five SCSI channels to manage the 
transfer of data to and from the disk drives in the array and a dynamic cache 
memory ranging in size from 2 to 128 MB, depending on the product, to buffer 
the transfer of information to and from the disks.  The controller also 
includes Mylex firmware residing on an EEPROM that implements the RAID 
algorithms and the algorithms necessary for the cache and supporting 
software, including I/O drivers, configuration utilities and system 
monitoring programs. 

     Mylex disk array controllers DAC960PG, DAC960PJ, DAC960PL and DAC960PU 
provide high performance, fault tolerant data storage solutions for the PCI 
bus platforms.  The Mylex external disk array controllers, DAC960SF and 
DAC960SX, bring the performance of RAID technology, which can operate in dual 
active mode, to virtually any hardware platform without requiring special 
host software.  The Mylex disk array products are designed for both internal 
and external storage options and are compatible with most commonly used 
operating systems. 

     Products currently under development include a controller optimized for 
multimedia and video imaging, controllers that will provide for high speed 
serial and low voltage differential (LVD) interfaces to disk drives, 
clustering of storage subsystems and low-cost RAID solutions.  There can be 
no assurance that the Company will introduce its products under development. 
If these products are introduced, there can be no assurance that they will 
gain or sustain market acceptance or that their sales will produce adequate 
gross margins. 


                                       11
<PAGE>

Host Bus Adapters

     The Company's host adapter products are ideal for data intensive LAN 
servers, desktop publishing workstations and multimedia applications where 
efficient I/O is essential.  The HBA will support up to 15 SCSI devices that 
include disk, tape, floppy, CD-ROM and optical drives and scanners.  These 
devices can either be internal or external to the system and be used in a 
multi-tasking configuration. As an ongoing improvement to HBA product line, 
the Company decided in the last half of 1997 to add RAID level 0 and 0+1 
functionality to address an emerging market for RAID in the workstation and 
low-end server market.  During the first quarter of 1998, the Company sales 
of HBA's were significantly reduced as both the Asia Pacific region and 
domestic distribution channels experienced weaken sales.

Network Attached Storage Products

     In addition to RAID controllers and host bus adapters, the Company has 
developed a new product called AutoNet-TM-, which is a scalable, low cost 
thin server engine.  Thin server technology allows the server to be optimized 
to perform file services with minimal complexity and cost.   Standard servers 
are based on personal computer architectures, and while they perform well for 
many applications they are overly complex and costly for basic network 
services. Initial applications for the new servers, based on the Autonet-TM- 
engine, are expected to be in the areas of file service and network attached 
storage.  There can be no assurance that the Company will be able to develop 
and introduce the AutoNet products in a timely manner or that any such 
products will gain or sustain market acceptance.  Because Autonet-TM- is a 
new class of product, its sales ramp and revenue contribution to the Company 
is unpredictable.

Product Risks

     The markets for the Company's products are characterized by rapidly 
changing technology, evolving industry standards and relatively short product 
life cycles. The Company's ability to compete successfully will depend on its 
ability, on a timely and cost-effective basis, to enhance its existing 
products and to introduce new products, such as its new high performance and 
low cost PCI and external disk array controllers and network attached storage 
products, based on Autonet-TM-, with features that meet changing customer 
requirements and with competitive prices.  There can be no assurance that the 
Company will be successful in doing so.  Delays in product enhancement and 
development or the failure of the Company's new products or enhancements to 
gain or sustain market acceptance could have a material adverse effect on the 
Company's business and operating results.


                                       12
<PAGE>

SALES AND MARKETING EXPENSES

     Sales and marketing expenses for the three months ended March 28, 1998, 
totaled $4.8 million, an increase of $1.2 million or 32% from the 
corresponding period in 1997.  Sales and marketing expenses represented 17% 
of net sales for the three months ended March 28, 1998, as compared to 10% 
for the same period a year ago.  This increase in sales and marketing 
expenses resulted primarily from expenses related to increased sales and 
marketing headcount and the resulting increase in compensation expense and to 
increased travel cost necessary to service of the Company's customers.  

RESEARCH AND DEVELOPMENT EXPENSES

     Research and development expenses for the three months ended March 28, 
1998, totaled $6.1 million, an increase of 38%, from the $4.4 million 
incurred during the corresponding period in 1997.  Research and development 
expenses represented 22% of net sales for the three months ended March 28, 
1998, as compared to 12% in the comparable 1997 quarter.  Research and 
development expenses increased during the first quarter of 1998 due primarily 
to expenses incurred for staffing and development for the Company's new 
Autonet-TM- network attached storage product, the continued expansion and 
increased staffing of the Company's R&D facility in Boulder, Colorado, and 
prototype expenses related to the Company's new products.  The Company 
continued its investment in research and development activities during the 
first quarter of 1998 in an effort to implement its strategies of maintaining 
leadership in the RAID market, to take advantage of its existing and 
prospective SCSI IC technology, and to introduce new products, such as 
Autonet-TM-.  However, no assurance can be given that such leadership will be 
maintained, that the Company will be successful in taking advantage of its 
SCSI IC technology, or that the Company will be able to introduce its new 
product offerings on a timely basis.

GENERAL AND ADMINISTRATIVE 

     General and administrative expenses for the three months ended March 28, 
1998, totaled $2.2 million, a decrease of $216 thousand from the 
corresponding period of 1997.  The decrease in expenses is primarily due to 
lower legal cost. General and administrative expenses were 8% of net sales 
for the three months ended March 28, 1998, as compared to 7% of net sales for 
the first quarter of 1997.


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<PAGE>

INCOME TAXES

     The Company's effective tax rate for the first quarter of 1998 was 37%, 
the same rate as the first quarter of 1997. 

     SAFE-HARBOR STATEMENT UNDER PRIVATE SECURITIES LITIGATION REFORM ACT OF 
1995: The statements contained in this Form 10-Q contains forward-looking 
information with respect to plans, projections or future performance of the 
Company, the occurrence of which involve certain risks and uncertainties that 
could cause actual results to differ materially.  These risks and 
uncertainties include, without limitation, changes in customer order 
patterns, particularly those resulting from fluctuations in actual or 
projected server shipments; demand and competition for the Company's existing 
and new products, particularly its RAID controller, SCSI host adapter and 
Network Power & Light's-TM- thin-server products; component availability; 
pricing pressures; the ability of the Company to ship ordered product in a 
timely manner; business conditions and growth in the computer industry and 
general economy; instability in foreign economies, particularly in Asia; the 
capability of the Company to meet the rapidly changing needs of its markets 
through timely product enhancements or new product introductions; the risk of 
inventory obsolescence due to shifts in market demand or other causes; the 
risk of a Company product being incompatible with new products of other 
companies; and other risks and uncertainties detailed in the Company's 
filings with the Securities and Exchange Commission, including the 1997 Form 
10-K. These forward-looking statements speak only as of the date hereof, and 
the Company disclaims any intent or obligation to update such statements.


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<PAGE>

PART II   OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

     In October 1994, the former Chief Executive Officer of the Company, Dr. 
M.A. Chowdry, filed a complaint against the Company and its outside 
directors, claiming breach of an employment agreement that he entered into 
with the Company approximately three months prior to his termination as the 
Company's Chief Executive Officer.  The complaint alleges compensatory and 
consequential damages of over $5 million (which would vary based on the price 
of the Company's Common Stock) and unspecified punitive damages. The Company 
has filed a cross complaint against Dr. Chowdry and believes it has 
meritorious defenses and will vigorously defend this lawsuit.  Nonetheless, 
given the unpredictable nature of legal proceedings, there can be no 
assurance that the Company will prevail. 

     The Company has incurred and expects to continue to incur substantial 
legal expenses in defending against Dr. Chowdry's suit.  Those expenses may 
fluctuate from quarter to quarter and are likely to increase. 

     Although there can be no assurance given with respect to the results of 
legal proceedings, based on information currently available to the Company, 
it believes that it does not have potential liability with respect to this 
proceeding that would have a material adverse effect on the Company. 

     In addition to the matter discussed above, the Company is a party to 
routine suits and claims arising in the ordinary course of its business which 
the Company does not believe will have a material adverse effect on its 
business.


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<PAGE>

                                     SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) 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, in Fremont, 
California, on the 12th day of May 1998.


                                        MYLEX CORPORATION


                                        By /s/ Colleen Gray
                                           -------------------------
                                             Colleen Gray
                                             Vice President of Finance and
                                             Chief Financial Officer


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<PAGE>

INDEX TO EXHIBITS


Mylex Corporation
Quarterly Report on Form 10-Q

                                                       Sequentially
Exhibit No.    Description                             Numbered Page
-----------    -----------                             -------------

     10.21     Second Amendment to Revolving Credit          
               Loan Agreement, dated April 29, 1998, 
               with Comerica Bank

     27.1      Financial Data Schedule


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