QLogic Reports First Quarter Results for Fiscal Year 2015

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

June 29,

2014

               

June 30,

2013

 
Net revenues $ 119,449 $ 113,116
Cost of revenues   48,754     36,619  
Gross profit   70,695     76,497  
 
Operating expenses:
Engineering and development 37,821 40,387
Sales and marketing 16,034 19,413
General and administrative 8,900 7,739
Special charges   2,544     12,033  
Total operating expenses   65,299     79,572  
 
Operating income (loss) 5,396 (3,075 )
 
Interest and other income, net   142     773  
 
Income (loss) before income taxes 5,538 (2,302 )
 
Income tax expense (benefit)   (462 )   748  
 
Net income (loss) $ 6,000   $ (3,050 )
 
Net income (loss) per share:
Basic $ 0.07 $ (0.03 )
Diluted $ 0.07 $ (0.03 )
 
Number of shares used in per share calculations:
Basic 87,395 89,146
Diluted 88,253 89,146
 
 
     

QLOGIC CORPORATION

RECONCILIATION OF GAAP NET INCOME (LOSS) TO

NON-GAAP NET INCOME

(unaudited — in thousands, except per share amounts)

 
Three Months Ended

June 29,

2014

               

June 30,

2013

 
GAAP net income (loss) $ 6,000 $ (3,050 )
Items excluded from GAAP net income (loss):
Stock-based compensation 5,540 8,171
Amortization of acquisition-related intangible assets 4,448 243
Acquisition-related charges 771
Amortization of license fee 699
Special charges 2,544 12,033
Income tax effect   (1,516 )   (981 )
Total non-GAAP adjustments   12,486     19,466  
Non-GAAP net income $ 18,486   $ 16,416  
 
Net income (loss) per diluted share:
GAAP net income (loss) $ 0.07 $ (0.03 )
Adjustments   0.14     0.21  
Non-GAAP net income $ 0.21   $ 0.18  
 
Number of shares used in non-GAAP per diluted share calculations

88,253

89,770

 
 

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