QLogic Exceeds Revenue and EPS Guidance for Q3 FY2015

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 INCOME

(unaudited — in thousands, except per share amounts)

 
Three Months Ended Nine Months Ended
December 28,

2014

  December 29,

2013

December 28,

2014

  December 29,

2013

 
Net revenues $ 140,203 $ 119,449 $ 387,155 $ 345,187
Cost of revenues   57,802     38,446   158,649   111,378
Gross profit   82,401     81,003   228,506   233,809
 
Operating expenses:
Engineering and development 34,802 35,235 108,103 110,412
Sales and marketing 16,153 16,113 47,640 51,957
General and administrative 7,677 7,406 25,274 22,698
Special charges   69     1,947   4,872   18,329
Total operating expenses   58,701     60,701   185,889   203,396
 
Operating income 23,700 20,302 42,617 30,413
 
Interest and other income (expense), net   (269 )   970   169   1,768
 
Income before income taxes 23,431 21,272 42,786 32,181
 
Income taxes   996     686   3,341   3,668
 
Net income $ 22,435   $ 20,586 $ 39,445 $ 28,513
 
Net income per share:
Basic $ 0.26 $ 0.24 $ 0.45 $ 0.32
Diluted $ 0.25 $ 0.24 $ 0.45 $ 0.32
 
Number of shares used in per share calculations:
Basic 87,728 86,855 87,679 87,810
Diluted 88,527 87,186 88,294 88,209
 
 
QLOGIC CORPORATION
RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP NET INCOME

(unaudited — in thousands, except per share amounts)

 
Three Months Ended Nine Months Ended
December 28,

2014

  December 29,

2013

December 28,

2014

  December 29,

2013

 
GAAP net income $ 22,435 $ 20,586 $ 39,445 $ 28,513
Items excluded from GAAP net income:
Stock-based compensation 4,903 5,058 15,178 18,047
Amortization of acquisition-related intangible assets 4,350 243 12,917 730
Amortization of license fee 716 2,110
Acquisition-related charges 192 1,226
Special charges 69 1,947 4,872 18,329
Income tax effects   (1,030 )   (2,237 )   (3,612 )   (3,564 )
Total non-GAAP adjustments   9,200     5,011     32,691     33,542  
Non-GAAP net income $ 31,635   $ 25,597   $ 72,136   $ 62,055  
 
Net income per diluted share:
GAAP net income $ 0.25 $ 0.24 $ 0.45 $ 0.32
Adjustments   0.11     0.05     0.37     0.38  
Non-GAAP net income $ 0.36   $ 0.29   $ 0.82   $ 0.70  
 

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