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QLogic Reports Third Quarter Results for Fiscal Year 2009
QLogic Corp. (NASDAQ:QLGC), a leading supplier of high performance network infrastructure solutions, today announced its third quarter financial results for the period ended December 28, 2008.

Third Quarter Highlights

  • Net revenue increased 4% from the comparable quarter last year to $163.7 million.
  • Net income: $30.8 million GAAP, $42.5 million non-GAAP.
  • Net income per diluted share: $0.24 GAAP, $0.34 non-GAAP.
  • Cash generated from operations was $49.9 million.
  • $371.7 million in cash and marketable securities as of December 28, 2008.

Financial Results

Net revenue for the third quarter of fiscal 2009 was $163.7 million and increased 4% from $158.0 million in the comparable quarter last year. Revenue from Host Products, which are comprised primarily of Fibre Channel and iSCSI host bus adapters and InfiniBand host channel adapters, was $112.2 million during the third quarter of fiscal 2009 compared to $118.9 million in the same quarter last year. Revenue from Network Products, which are comprised primarily of Fibre Channel and InfiniBand switches, was $32.8 million during the third quarter of fiscal 2009 and increased 18% from $27.8 million in the comparable quarter last year. Revenue from Silicon Products, which are comprised primarily of protocol chips, was $16.5 million during the third quarter of fiscal 2009 and increased 78% from $9.3 million in the comparable quarter last year.

Net income on a GAAP basis for the third quarter of fiscal 2009 was $30.8 million, or $0.24 per diluted share, compared to $31.9 million, or $0.23 per diluted share for the third quarter of fiscal 2008. Net income on a GAAP basis for the third quarter of fiscal 2009 includes stock-based compensation expense, acquisition-related charges, special charges, impairment charges on available-for-sale securities, net gains on trading securities, and the related income tax effects and valuation allowance on deferred tax assets. Net income on a non-GAAP basis for the third quarter of fiscal 2009 was $42.5 million, or $0.34 per diluted share, and increased from $41.0 million, or $0.30 per diluted share for the third quarter of fiscal 2008.

“Despite a very challenging macroeconomic environment, QLogic delivered solid financial performance during the third quarter,” said H.K. Desai, QLogic’s chief executive officer. “We are confident that our technology focus and business strategies are fundamentally sound. We will continue to invest in key development projects and maximize operating efficiencies to drive market leadership and long-term success.”

QLogic uses certain non-GAAP financial measures to supplement financial statements based on GAAP. A summary of these non-GAAP financial measures and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure, as well as a description of the reasons that management believes that these non-GAAP financial measures provide useful information to investors and the additional purposes for which management uses these non-GAAP financial measures is presented in the accompanying financial schedules.

QLogic’s fiscal 2009 third quarter conference call is scheduled for today at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time). H.K. Desai, chief executive officer, and Simon Biddiscombe, senior vice president and chief financial officer, will host the conference call. The call is being webcast live via the Internet at http://ir.qlogic.com and www.earnings.com. Phone access to participate in the conference call is available at (913) 312-0849, pass code: 3198574.

The financial information that the company intends to discuss during the conference call will be available on the company’s website at http://ir.qlogic.com for twelve months following the conference call. A replay of the conference call will be available via webcast at http://ir.qlogic.com for twelve months.

Published Tuesday, January 27, 2009 6:07 AM by David Marshall
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