QLogic Reports Fourth Quarter and Fiscal Year 2013 Results

ALISO VIEJO, Calif. — (BUSINESS WIRE) — May 2, 2013QLogic 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 March 31, 2013.

Fourth Quarter Highlights

  • Net revenue: $116.9 million
  • GAAP income from continuing operations: $29.6 million or $0.33 per diluted share
  • Non-GAAP income from continuing operations: $15.6 million or $0.17 per diluted share
  • Cash and marketable securities: $455.5 million as of March 31, 2013

Fiscal Year Highlights

  • Net revenue: $484.5 million
  • GAAP income from continuing operations: $73.6 million or $0.78 per diluted share
  • Non-GAAP income from continuing operations: $76.1 million or $0.81 per diluted share

Financial Results

Net revenue for the fourth quarter of fiscal 2013 was $116.9 million compared to $135.1 million in the same quarter last year. Revenue from Host Products was $89.6 million during the fourth quarter of fiscal 2013 compared to $105.6 million in the same quarter last year. Revenue from Network Products was $18.2 million during the fourth quarter of fiscal 2013 and increased from $16.3 million in the same quarter last year. Revenue from Silicon Products was $9.1 million during the fourth quarter of fiscal 2013 compared to $13.1 million in the same quarter last year.

Income from continuing operations on a GAAP basis for the fourth quarter of fiscal 2013 was $29.6 million, or $0.33 per diluted share, compared to $29.5 million, or $0.29 per diluted share, for the fourth quarter of fiscal 2012. Income from continuing operations on a GAAP basis for the fourth quarter of fiscal 2013 includes special income tax benefits totaling $19.3 million associated with adjustments to certain tax positions previously subject to an IRS examination and the retroactive reinstatement of the federal research tax credit. Income from continuing operations on a non-GAAP basis for the fourth quarter of fiscal 2013 was $15.6 million, or $0.17 per diluted share, compared to $34.7 million, or $0.34 per diluted share, for the fourth quarter of fiscal 2012.

Net revenue for fiscal 2013 was $484.5 million compared to $558.6 million in fiscal 2012. Income from continuing operations on a GAAP basis for fiscal 2013 was $73.6 million, or $0.78 per diluted share, compared to $119.4 million, or $1.16 per diluted share for fiscal 2012. Income from continuing operations on a non-GAAP basis for fiscal 2013 was $76.1 million, or $0.81 per diluted share, compared to $142.3 million, or $1.39 per diluted share for fiscal 2012.

“We are very pleased with our financial performance in the March quarter. We delivered revenue of $116.9 million and non-GAAP income from continuing operations per diluted share of $0.17, both at the high end of our guidance range,” said Simon Biddiscombe, president and chief executive officer, QLogic. “Despite a challenging enterprise data center spending environment, we continue to believe that the investments we have made over the last couple of years position us well to deliver future growth and shareholder value.”

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 fourth quarter fiscal 2013 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 (888) 283-6901, pass code: 5443989.

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.

Follow QLogic @ twitter.com/qlogic

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