QLogic Exceeds Revenue and EPS Guidance for Third Quarter of Fiscal 2016

  • Delivers net revenue of $122.7 million, up 19% sequentially
  • Generates non-GAAP operating margin of 25.5% (17.5% GAAP)
  • Achieves non-GAAP diluted EPS of $0.33 ($0.28 GAAP)

ALISO VIEJO, Calif. — (BUSINESS WIRE) — January 28, 2016QLogic Corp. (Nasdaq: QLGC), a leading supplier of high performance network infrastructure solutions, today announced its third quarter financial results for the period ended December 27, 2015.

Net revenue for the third quarter of fiscal 2016 was $122.7 million compared to $140.2 million in the same quarter last year. Revenue from Advanced Connectivity Platforms was $112.5 million during the third quarter of fiscal 2016 compared to $124.7 million in the same quarter last year.

Net income on a GAAP basis for the third quarter of fiscal 2016 was $23.4 million, or $0.28 per diluted share, compared to $22.4 million, or $0.25 per diluted share, for the third quarter of fiscal 2015. Net income on a non-GAAP basis for the third quarter of fiscal 2016 was $28.0 million, or $0.33 per diluted share, compared to $31.6 million, or $0.36 per diluted share, for the third quarter of fiscal 2015.

“I am very pleased with our financial performance and execution during the third quarter. We delivered both revenue and non-GAAP earnings per diluted share above the high end of our guidance range,” said Jean Hu, chief financial officer and acting chief executive officer, QLogic. “We believe that as we execute on our strategy to focus on providing differentiated solutions for both Fibre Channel and Ethernet connectivity platforms across enterprise and cloud data centers, we will be well positioned to deliver earnings growth and enhanced shareholder value.”

Business Outlook for the Fourth Quarter of Fiscal 2016

QLogic expects to achieve net revenue in the range of $113 - $119 million for the fourth quarter of fiscal 2016. The Company is forecasting fourth quarter non-GAAP earnings per diluted share of $0.23 - $0.27. QLogic estimates that GAAP earnings per diluted share will be lower than non-GAAP earnings per diluted share by $0.07 - $0.09 per share in the fourth quarter of fiscal 2016. The Company’s forecasted guidance is a forward-looking statement and does not include the effects of future acquisitions/divestitures, unanticipated asset impairments and other special charges, and other non-recurring items not reflective of ongoing operations. Our forward-looking estimates of both GAAP and non-GAAP measures of our financial performance may differ materially from our actual results and should not be relied upon as statements of fact.

Non-GAAP Financial Measures

QLogic uses certain non-GAAP financial measures to supplement financial statements based on GAAP. A summary of the historical 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.

Conference Call

QLogic’s third quarter fiscal 2016 conference call is scheduled for today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Jean Hu, chief financial officer and acting chief executive officer, will host the conference call. The call is being webcast live at http://ir.qlogic.com. Phone access to participate in the conference call is available at (719) 457-2648, conference ID: 7027428.

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 webcast will also be available at http://ir.qlogic.com for twelve months.

Follow QLogic @ twitter.com/qlogic

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) that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation, the company’s belief that as it executes on its strategy that it will be well positioned to deliver earnings growth and enhanced shareholder value, and its ability to achieve the company’s business outlook and financial guidance. 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 company’s ability to compete effectively with other companies; the ability to attract and retain key personnel; the company’s dependence on a small number of customers; the ability to maintain and gain market or industry acceptance of the company’s 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; uncertain benefits from strategic business combinations, acquisitions and divestitures; the complexity of the company’s products; declining average unit sales prices of comparable products; sales fluctuations arising from customer transitions to new products; seasonal fluctuations and uneven sales and purchasing patterns with customers and suppliers; 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.

1 | 2 | 3 | 4 | 5 | 6  Next Page »

Review Article Be the first to review this article
Downstream : Solutuions for Post processing PCB Designs

Featured Video
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
H-1B Visa: de Geus’ tragedy looms large
Peggy AycinenaIP Showcase
by Peggy Aycinena
IP for Cars: Lawsuits are like Sandstorms
More Editorial  
Mechanical Designer/Engineer for Palo Alto Networks at Santa Clara, CA
Technical Support Engineer for EDA Careers at Freemont, CA
Staff Software Engineer - (170059) for brocade at San Jose, CA
ASIC/FPGA Design Engineer for Palo Alto Networks at Santa Clara, CA
Lead Java Platform Engineer IOT-WEB for EDA Careers at San Francisco Area, CA
Technical Support Engineer EU/Germany/UK for EDA Careers at N/A, United Kingdom
Upcoming Events
Embedded Systems Conference ESC Boston 2017 at Boston Convention & Exhibition Center Boston MA - May 3 - 4, 2017
2017 GPU Tech Conference at San Jose McEnery Convention Center 150 West San Carlos Street San Jose CA - May 8 - 11, 2017
High Speed Digital Design and PCB Layout at 13727 460 Ct SE North Bend WA - May 9 - 11, 2017
Nanotech 2017 Conference & Expo at Gaylord National Hotel & Convention Center WA - May 14 - 17, 2017
Verific: SystemVerilog & VHDL Parsers

Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy