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QLogic Reports Q1 Results: Page 2 of 2

Net income on a GAAP basis for the first quarter of fiscal 2009 was $31.6 million, or $0.24 per diluted share, and increased from $19.0 million, or $0.12 per diluted share for the first quarter of fiscal 2008. Net income on a GAAP basis for the first quarter of fiscal 2009 includes stock-based compensation expense, acquisition-related charges, impairment charges related to marketable securities, and the related income tax effects. Net income on a non-GAAP basis for the first quarter of fiscal 2009 was $42.0 million, or $0.31 per diluted share, and increased from $30.2 million, or $0.20 per diluted share for the first quarter of fiscal 2008.

We are very pleased with our strong financial performance and the achievement of record revenue during the first quarter,” said H.K. Desai, QLogic’s chief executive officer. “Our strong revenue performance was driven by sequential growth of 9% for both our Host Products and Network Products from the fourth quarter of fiscal 2008.”

QLogic Corp.