QLogic Reports First Quarter Results for Fiscal Year 2016

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
June 28,

2015

                June 29,

2014

 
Net revenues $ 113,405 $ 119,449
Cost of revenues   47,067   48,754  
Gross profit   66,338   70,695  
 
Operating expenses:
Engineering and development 35,606 37,821
Sales and marketing 15,486 16,034
General and administrative 7,076 8,900
Special charges   1,079   2,544  
Total operating expenses   59,247   65,299  
 
Operating income 7,091 5,396
 
Interest and other income, net   359   142  
 
Income before income taxes 7,450 5,538
 
Income tax expense (benefit)   4,894   (462 )
 
Net income $ 2,556 $ 6,000  
 
Net income per share:
Basic $ 0.03 $ 0.07
Diluted $ 0.03 $ 0.07
 
Number of shares used in per share calculations:
Basic 87,334 87,395
Diluted 88,914 88,253
 
 
     

QLOGIC CORPORATION

RECONCILIATION OF GAAP NET INCOME TO

NON-GAAP NET INCOME

(unaudited — in thousands, except per share amounts)

 
Three Months Ended
June 28,

2015

                June 29,

2014

 
GAAP net income $ 2,556 $ 6,000
Items excluded from GAAP net income:
Stock-based compensation 5,987 5,540
Amortization of acquisition-related intangible assets 3,636 4,448
Amortization of license fee 617 699
Acquisition-related charges 771
Special charges 1,079 2,544
Income tax adjustments   2,642   (1,516 )
Total non-GAAP adjustments   13,961   12,486  
Non-GAAP net income $ 16,517 $ 18,486  
 
Net income per diluted share:
GAAP net income $ 0.03 $ 0.07
Adjustments   0.16   0.14  
Non-GAAP net income $ 0.19 $ 0.21  
 
 

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