ALISO VIEJO, Calif. — (BUSINESS WIRE) — July 24, 2014 — QLogic Corp. (Nasdaq: QLGC), a leading supplier of high performance network infrastructure solutions, today announced its first quarter financial results for the period ended June 29, 2014.
Net revenue for the first quarter of fiscal 2015 was $119.4 million and increased 6% from $113.1 million in the same quarter last year. Revenue from Advanced Connectivity Platforms was $104.7 million during the first quarter of fiscal 2015 and increased 12% from $93.2 million in the same quarter last year. Revenue from Legacy Connectivity Products was $14.7 million during the first quarter of fiscal 2015 compared to $19.9 million in the same quarter last year.
“Fiscal year 2015 is off to a solid start as we delivered both revenue and non-GAAP earnings per diluted share that exceeded the midpoint of our guidance ranges. Our strong revenue performance was driven by a 12% year-over-year increase in revenue from Advanced Connectivity Platforms,” said Prasad Rampalli, president and chief executive officer, QLogic. “Our team executed very well to further establish QLogic as a leader in data and storage networking connectivity products. We are making significant progress in the enterprise Ethernet market and our revenue from these products is an important contributor to our overall growth. We continue to believe that we are well positioned to experience revenue growth through expanded market opportunities.”
Net income on a GAAP basis for the first quarter of fiscal 2015 increased to $6.0 million, or $0.07 per diluted share, from a net loss of $3.1 million, or $0.03 per diluted share, for the first quarter of fiscal 2014. Net income on a non-GAAP basis for the first quarter of fiscal 2015 increased 13% to $18.5 million, or $0.21 per diluted share, from $16.4 million, or $0.18 per diluted share, for the first quarter of fiscal 2014.
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 first quarter fiscal 2015 conference call is scheduled for today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Prasad Rampalli, 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. Phone access to participate in the conference call is available at (888) 278-8446, pass code: 7597692.
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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QLogic – the Ultimate in Performance
QLogic (Nasdaq: QLGC) is a global leader and technology innovator in high performance server and storage networking connectivity products. Leading OEMs and channel partners worldwide rely on QLogic for their server and storage networking solutions. For more information, visit www.qlogic.com.
Disclaimer – Forward-Looking Statements
This press release contains statements relating to future results of
the company (including certain beliefs and projections regarding
business and market trends, as well as our belief that we are making
significant progress in the enterprise Ethernet market and that we are
well positioned to experience revenue growth through expanded market
opportunities) that are "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected or implied in
the forward-looking statements. The company advises readers that these
potential risks and uncertainties include, but are not limited to:
potential fluctuations in operating results; gross margins that may vary
over time; unfavorable economic conditions; the stock price of the
company may be volatile; the company's dependence on the networking
markets served; the ability to maintain and gain market or industry
acceptance of the company's products; the company's dependence on a
small number of customers; the company's ability to compete effectively
with other companies; uncertain benefits from strategic business
combinations, acquisitions and divestitures; the ability to attract and
retain key personnel; the complexity of the company's products;
declining average unit sales prices of comparable products; the
company's dependence on sole source and limited source suppliers; the
company's dependence on relationships with certain third-party
subcontractors and contract manufacturers; sales fluctuations arising
from customer transitions to new products; seasonal fluctuations and
uneven sales patterns in orders from customers; changes in the company's
tax provisions or adverse outcomes resulting from examination of its
income tax returns; international economic, currency, regulatory,
political and other risks; facilities of the company and its suppliers
and customers are located in areas subject to natural disasters; the
ability to protect proprietary rights; the ability to satisfactorily
resolve any infringement claims; a reduction in sales efforts by current
distributors; declines in the market value of the company's marketable
securities; changes in and compliance with regulations; difficulties in
transitioning to smaller geometry process technologies; the use of "open
source" software in the company's products; system security risks, data
protection breaches and cyber-attacks; and the company’s ability to
borrow under its credit agreement is subject to certain covenants.