QLogic Reports Q3 Results

ALISO VIEJO, Calif. -- QLogic Corp. (NASDAQ:QLGC - News), a leader in networking for storage and high performance computing (HPC), today announced its third quarter financial results for the period ended December 30, 2007.

Third Quarter Highlights

• Net revenue was a record $158.0 million.
• Net income: $31.9 million GAAP, $41.0 million non-GAAP.
• Net income per diluted share: $0.23 GAAP, $0.30 non-GAAP.
• Cash generated from operations was $59.8 million.
• $378.4 million in cash and short-term marketable securities as of December 30.
• Repurchased $63.5 million of outstanding common stock.

Financial Results

Net revenue for the third quarter of fiscal 2008 was a record $158.0 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 $118.9 million during the third quarter of fiscal 2008 and increased 4% from $114.6 million in the comparable quarter last year. Revenue from Network Products, which are comprised primarily of Fibre Channel and InfiniBand switches, was $27.8 million during the third quarter of fiscal 2008 and increased 17% from $23.8 million in the comparable quarter last year. Revenue from Silicon Products, which are comprised primarily of protocol chips and management controllers, was $9.3 million during the third quarter of fiscal 2008 and decreased 46% from $17.0 million for the comparable quarter last year.