QLogic Reports Fourth Quarter and Fiscal Year 2014 Results

More detailed information on these and additional factors that could affect the company's operating and financial results are described in the company's Forms 10-K, 10-Q and other reports filed, or to be filed, with the Securities and Exchange Commission. The company urges all interested parties to read these reports to gain a better understanding of the business and other risks that the company faces. The forward-looking statements contained in this press release are made only as of the date hereof, and the company does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

QLogic and the QLogic logo are registered trademarks of QLogic Corporation. Other trademarks and registered trademarks are the property of the companies with which they are associated.

QLOGIC CORPORATION
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 

(unaudited — in thousands, except per share amounts)

 
  Three Months Ended   Year Ended
March 30,   March 31, March 30,   March 31,
  2014     2013     2014     2013  
 
Net revenues $ 115,720 $ 116,914 $ 460,907 $ 484,538
Cost of revenues   39,422     37,798     150,800     159,180  
Gross profit   76,298     79,116     310,107     325,358  
 
Operating expenses:
Engineering and development 36,598 40,206 147,010 156,097
Sales and marketing 16,410 20,562 68,367 78,512
General and administrative 9,399 7,948 32,097 32,899
Special charges   56,524         74,853      
Total operating expenses   118,931     68,716     322,327     267,508  
 
Operating income (loss) (42,633 ) 10,400 (12,220 ) 57,850
 
Interest and other income, net   1,492     1,072     3,260     4,007  
 

Income (loss) from continuing operations before income taxes

(41,141

)

11,472

(8,960

)

61,857

 
Income tax expense (benefit)   5,638     (18,163 )   9,306     (11,704 )
 
Income (loss) from continuing operations (46,779 ) 29,635 (18,266 ) 73,561
 
Loss from discontinued operations, net of income taxes               (425 )
 
Net income (loss) $ (46,779 ) $ 29,635   $ (18,266 ) $ 73,136  
 
Income (loss) from continuing operations per share:
Basic $ (0.54 ) $ 0.33 $ (0.21 ) $ 0.79
Diluted $ (0.54 ) $ 0.33 $ (0.21 ) $ 0.78
 
Loss from discontinued operations per share:
Basic $ $ $ $ (0.01 )
Diluted $ $ $ $
 
Net income (loss) per share:
Basic $ (0.54 ) $ 0.33 $ (0.21 ) $ 0.78
Diluted $ (0.54 ) $ 0.33 $ (0.21 ) $ 0.78
 
Number of shares used in per share calculations:
Basic 87,017 90,684 87,612 93,560
Diluted 87,017 91,105 87,612 93,998
 
QLOGIC CORPORATION
 
RECONCILIATION OF GAAP INCOME (LOSS) FROM CONTINUING OPERATIONS TO
NON-GAAP INCOME FROM CONTINUING OPERATIONS
 

(unaudited — in thousands, except per share amounts)

 
  Three Months Ended   Year Ended
March 30,   March 31, March 30,   March 31,
  2014     2013     2014     2013  
 
GAAP income (loss) from continuing operations $ (46,779 ) $ 29,635 $ (18,266 ) $ 73,561
Items excluded from GAAP income (loss) from continuing operations:
Stock-based compensation 4,591 7,068 22,638 30,363
Amortization of acquisition-related intangible assets 1,408 243 2,138 973
Amortization of license fee 133 133
Acquisition-related charges 1,517 1,517
Special charges 56,524 74,853
Gains recognized on previously impaired investment securities

(425

)

(425

)

Special income tax benefits (1) (19,338 ) (19,338 )
Other income tax effects   3,783     (1,978 )   219     (9,422 )
Total non-GAAP adjustments   67,531     (14,005 )   101,073     2,576  
Non-GAAP income from continuing operations $ 20,752   $ 15,630   $ 82,807   $ 76,137  
 
Income (loss) from continuing operations per diluted share:
GAAP income (loss) from continuing operations $ (0.54 ) $ 0.33 $ (0.21 ) $ 0.78
Adjustments   0.78     (0.16 )   1.15     0.03  
Non-GAAP income from continuing operations $ 0.24   $ 0.17   $ 0.94   $ 0.81  
 
Number of shares used in non-GAAP per diluted share calculations  

87,819

   

91,105

   

88,111

   

93,998

 
 
(1) Comprised of benefits associated with adjustments to certain tax positions previously subject to an IRS examination and the retroactive reinstatement of the federal research tax credit.

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