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QLogic Reports 08

ALISO VIEJO, Calif. -- QLogic Corp. (NASDAQ:QLGC), a leader in networking for storage and high performance computing (HPC), today announced its financial results for the fourth quarter and fiscal year ended March 30, 2008.

Fourth Quarter Highlights

  • Net revenue increased 9% from last year to a record $159.7 million.
  • Net income: $22.8 million GAAP, $37.7 million non-GAAP.
  • Net income per diluted share: $0.17 GAAP, $0.28 non-GAAP.
  • Cash generated from operations was $49.0 million.
  • $376.4 million in cash and marketable securities as of March 30, 2008.
  • Repurchased $36.2 million of outstanding common stock.
    Fiscal Year Highlights
  • Net revenue was a record $597.9 million.
  • Net income: $96.2 million GAAP, $141.3 million non-GAAP.
  • Net income per diluted share: $0.67 GAAP, $0.99 non-GAAP.
  • Cash generated from operations was $211.6 million.
  • Repurchased $351.5 million of outstanding common stock.

Financial Results

Net revenue for the fourth quarter of fiscal 2008 was $159.7 million. Revenue from Host Products, which are comprised primarily of Fibre Channel and iSCSI Host Bus Adapters (HBAs) and InfiniBand Host Channel Adapters (HCAs), was $110.3 million during the fourth quarter of fiscal 2008 and increased 5% from $105.1 million in the comparable quarter last year. Revenue from Network Products, which are comprised primarily of Fibre Channel and InfiniBand switches, was $27.5 million during the fourth quarter of fiscal 2008 and increased 6% from $25.9 million in the comparable quarter last year. Revenue from Silicon Products, which are comprised primarily of protocol chips and management controllers, was $13.9 million during the fourth quarter of fiscal 2008 and was consistent with the comparable quarter last year. Other revenue, which is comprised primarily of royalties and service fees, was $7.9 million during the fourth quarter of fiscal 2008 and increased from $2.1 million in the comparable quarter last year.

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