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QLogic Reports Q1 Results

QLogic reports first quarter results for fiscal year 2009

ALISO VIEJO, Calif. -- QLogic Corp. (NASDAQ:QLGC), a leader in networking for storage and high performance computing (HPC), today announced its first quarter financial results for the period ended June 29, 2008.

First Quarter Highlights

  • Net revenue increased 20% from the comparable quarter last year to a record $168.4 million.
  • Net income: $31.6 million GAAP, $42.0 million non-GAAP.
  • Net income per diluted share: $0.24 GAAP, $0.31 non-GAAP.
  • Cash generated from operations was $58.2 million.
  • $405.4 million in cash and marketable securities as of June 29, 2008.

Financial Results

Net revenue for the first quarter of fiscal 2009 was $168.4 million and increased 20% from $139.8 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 $120.7 million during the first quarter of fiscal 2009 and increased 16% from $104.2 million in the comparable quarter last year. Revenue from Network Products, which are comprised primarily of Fibre Channel and InfiniBand switches, was $29.9 million during the first quarter of fiscal 2009 and increased 22% from $24.5 million in the comparable quarter last year. Revenue from Silicon Products, which are comprised primarily of protocol chips and management controllers, was $15.6 million during the first quarter of fiscal 2009 and increased 62% from $9.6 million in the comparable quarter last year.

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