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QLogic Continues to Click

Storage networking industry watchers have come to expect QLogic Corp. (Nasdaq: QLGC) to surpass their expectations, and the companys fiscal second quarter 2004 results, reported yesterday, didn’t disappoint (see QLogic Posts Record Results).

Citing increased sales of Fibre Channel and high-end products, the Aliso Viejo, Calif., company posted record second quarter earnings and revenues yesterday, handily beating the Street consensus.

“QLogic has shown consistent positive results… despite continued uncertainty concerning the economy,” said H.K. Desai, QLogic's chairman, president, and CEO, on a conference call after markets closed yesterday. “QLogic is one of best-performing companies in the storage infrastructure [sector]. We believe that our market share in FC will continue to grow.”

QLogic reported net profit of $34.2 million, or $0.35 a share, which is a 49 percent increase over the $23 million, or $0.24 a share, reported for the year-ago quarter. Excluding non-cash merger-related charges, the company posted earnings of $0.37 a share, beating the $0.35 consensus of analysts polled by Thomson First Call.

Meanwhile, revenues for the September quarter ticked up to $132.3 million -- a 23 percent hike from the $107.1 million QLogic posted for the same period last year, and nearly $2 million above Wall Street expectations.

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