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QLogic Reports Q3 Results
QLogic reports Q3 results for fiscal year 2008; record revenue achieved
January 25, 2008
2 Min Read
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.Net income on a GAAP basis for the third quarter of fiscal 2008 was $31.9 million, or $0.23 per diluted share, and included stock-based compensation expense, acquisition-related charges, and the related income tax effects. Net income on a GAAP basis for the third quarter of fiscal 2007 was $35.5 million, or $0.22 per diluted share, and included stock-based compensation expense, acquisition-related charges, and the related income tax effects. Net income on a non-GAAP basis for the third quarter of fiscal 2008 was $41.0 million, or $0.30 per diluted share.
We are very pleased with our overall financial performance during the third quarter. We achieved record revenue of $158 million, which increased 13% sequentially from the September quarter,” said H. K. Desai, QLogic’s chief executive officer. “Our strong revenue performance during the quarter was driven by a 13% sequential increase in revenue from Fibre Channel HBAs and a greater than 20% sequential increase for both Fibre Channel and InfiniBand switch products.”
QLogic Corp.
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