QLogic Reports Fourth Quarter and Fiscal Year 2011 Results

ALISO VIEJO, Calif. — (BUSINESS WIRE) — May 5, 2011 — QLogic Corp. (Nasdaq: QLGC), a leading supplier of high performance network infrastructure solutions, today announced its financial results for the fourth quarter and fiscal year ended April 3, 2011.

Fourth Quarter Highlights

  • Net revenue: $152.3 million
  • GAAP net income: $33.3 million or $0.31 per diluted share
  • Non-GAAP net income: $39.3 million or $0.37 per diluted share
  • Operating margin: 23.6% GAAP, 29.5% non-GAAP
  • Cash generated from operations: $73.3 million

Fiscal Year Highlights

  • Net revenue: $597.2 million
  • GAAP net income: $139.1 million or $1.27 per diluted share
  • Non-GAAP net income: $167.8 million or $1.54 per diluted share
  • Operating margin: 23.4% GAAP, 30.2% non-GAAP
  • Cash generated from operations: $190.6 million

Financial Results

Net revenue for the fourth quarter of fiscal 2011, which included fourteen weeks, was $152.3 million and increased 5% from $145.7 million in the same quarter last year. Revenue from Host Products was $109.1 million during the fourth quarter of fiscal 2011 and increased 5% from $103.7 million in the same quarter last year. Revenue from Network Products was $24.3 million during the fourth quarter of fiscal 2011 and increased 8% from $22.6 million in the same quarter last year. Revenue from Silicon Products was $16.1 million during the fourth quarter of fiscal 2011 compared to $16.7 million in the same quarter last year.

Net income on a GAAP basis for the fourth quarter of fiscal 2011 increased to $33.3 million, or $0.31 per diluted share, from a net loss of $4.8 million, or $0.04 per diluted share, for the fourth quarter of fiscal 2010. The net loss on a GAAP basis for the fourth quarter of fiscal 2010 included a special tax charge of $29.7 million related to the Company’s globalization initiative. Net income on a non-GAAP basis for the fourth quarter of fiscal 2011 increased to $39.3 million, or $0.37 per diluted share, from $32.4 million, or $0.28 per diluted share, for the fourth quarter of fiscal 2010.

Net revenue for fiscal 2011, which included 53 weeks, increased 9% to $597.2 million from $549.1 million in fiscal 2010. Net income on a GAAP basis for fiscal 2011 was $139.1 million, or $1.27 per diluted share, and increased from $54.9 million, or $0.47 per diluted share for fiscal 2010. Net income on a non-GAAP basis for fiscal 2011 was $167.8 million, or $1.54 per diluted share, and increased from $117.7 million, or $1.00 per diluted share for fiscal 2010.

“Fiscal year 2011 was highlighted by improved financial performance, continued focus and investment in emerging technologies, and leadership in both our traditional and expansion markets. We grew market share and continued our share leadership in Fibre Channel adapters for a seventh consecutive year and took over the leadership position in converged adapters,” said Simon Biddiscombe, president and chief executive officer, QLogic. “Our results in the fourth quarter were highlighted by a more than 20% sequential increase in total revenues from converged and 10Gb Ethernet products. Our early success in these important expansion markets is key to our longer term growth plans. I believe that we are on the right path to capitalize on the significant incremental opportunities in the expanding high performance data center connectivity market.”

QLogic uses certain non-GAAP financial measures to supplement financial statements based on GAAP. A summary of these non-GAAP financial measures and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure, as well as a description of the reasons that management believes that these non-GAAP financial measures provide useful information to investors and the additional purposes for which management uses these non-GAAP financial measures, is presented in the accompanying financial schedules.

QLogic’s fiscal 2011 fourth quarter conference call is scheduled for today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Simon Biddiscombe, president and chief executive officer, and Jean Hu, senior vice president and chief financial officer, will host the conference call. The call is being webcast live via the Internet at http://ir.qlogic.com and www.earnings.com. Phone access to participate in the conference call is available at (719) 325-2388, pass code: 5266821.

The financial information that the company intends to discuss during the conference call will be available on the company’s website at http://ir.qlogic.com for twelve months following the conference call. A replay of the conference call will be available via webcast at http://ir.qlogic.com for twelve months.

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