QLogic Reports Fourth Quarter and Fiscal Year 2015 Results

_______________
1 Based on calendar year 2014 reports from the Dell’Oro Group and Crehan Research

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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 our focus on server and storage connectivity provides us excellent leverage from both a product development and customer engagement standpoint, our belief that we will continue to execute on our strategy, and that, if we execute on our strategy, we are well positioned to deliver on our top and bottom line growth plans in the coming year) 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.

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 29,   March 30, March 29,   March 30,
2015   2014   2015   2014  
 
Net revenues $ 133,043 $ 115,720 $ 520,198 $ 460,907
Cost of revenues   55,497   39,422     214,146   150,800  
Gross profit   77,546   76,298     306,052   310,107  
 
Operating expenses:
Engineering and development 36,157 36,598 144,260 147,010
Sales and marketing 16,690 16,410 64,330 68,367
General and administrative 7,238 9,399 32,512 32,097
Special charges   5,648   56,524     10,520   74,853  
Total operating expenses   65,733   118,931     251,622   322,327  
 
Operating income (loss) 11,813 (42,633 ) 54,430 (12,220 )
 
Interest and other income, net   594   1,492     763   3,260  
 
Income (loss) before income taxes 12,407 (41,141 ) 55,193 (8,960 )
 
Income taxes   1,259   5,638     4,600   9,306  
 
Net income (loss) $ 11,148 $ (46,779 ) $ 50,593 $ (18,266 )
 
Net income (loss) per share:
Basic $ 0.13 $ (0.54 ) $ 0.58 $ (0.21 )
Diluted $ 0.13 $ (0.54 ) $ 0.57 $ (0.21 )
 
Number of shares used in per share calculations:
Basic 87,298 87,017 87,584 87,612
Diluted 88,969 87,017 88,463 87,612
 
QLOGIC CORPORATION
 
RECONCILIATION OF GAAP NET INCOME (LOSS) TO
NON-GAAP NET INCOME
 

(unaudited — in thousands, except per share amounts)

 
  Three Months Ended   Year Ended
March 29,   March 30, March 29,   March 30,
  2015     2014     2015     2014  
 
GAAP net income (loss) $ 11,148 $ (46,779 ) $ 50,593 $ (18,266 )
Items excluded from GAAP net income (loss):
Stock-based compensation 5,367 4,591 20,545 22,638
Amortization of acquisition-related intangible assets 4,382 1,408 17,299 2,138
Amortization of license fee 718 133 2,828 133
Acquisition-related charges 1,517 1,226 1,517
Special charges 5,648 56,524 10,520 74,853
Gains recognized on previously impaired investment securities

(425

)

(425

)

Income tax effects   (2,412 )   3,783     (6,024 )   219  
Total non-GAAP adjustments   13,703     67,531     46,394     101,073  
Non-GAAP net income $ 24,851   $ 20,752   $ 96,987   $ 82,807  
 
Net income (loss) per diluted share:
GAAP net income (loss) $ 0.13 $ (0.54 ) $ 0.57 $ (0.21 )
Adjustments   0.15     0.78     0.53     1.15  
Non-GAAP net income $ 0.28   $ 0.24   $ 1.10   $ 0.94  
 
Number of shares used in non-GAAP per diluted share calculations  

88,969

   

87,819

   

88,463

   

88,111

 

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