QLogic Exceeds Revenue and EPS Guidance for Third Quarter of Fiscal 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       Nine Months Ended
December 27,       December 28, December 27,       December 28,
2015 2014 2015 2014
Net revenues $ 122,730 $ 140,203 $ 339,489 $ 387,155
Cost of revenues   50,163     57,802     139,405   158,649
Gross profit   72,567     82,401     200,084   228,506
Operating expenses:
Engineering and development 29,626 34,802 97,487 108,103
Sales and marketing 13,272 16,153 42,382 47,640
General and administrative 6,832 7,677 18,833 25,274
Special charges   1,381     69     10,614   4,872
Total operating expenses   51,111     58,701     169,316   185,889
Operating income 21,456 23,700 30,768 42,617
Interest and other income (expense), net   561     (269 )   1,073   169
Income before income taxes 22,017 23,431 31,841 42,786
Income tax expense (benefit)   (1,416 )   996     3,614   3,341
Net income $ 23,433   $ 22,435   $ 28,227 $ 39,445
Net income per share:
Basic $ 0.28   $ 0.26   $ 0.33 $ 0.45
Diluted $ 0.28   $ 0.25   $ 0.32 $ 0.45
Number of shares used in per share calculations:
Basic   83,503     87,728     85,916   87,679
Diluted   84,307     88,527     86,876   88,294
 
 
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 27,       December 28, December 27,       December 28,
2015 2014 2015 2014
GAAP net income $ 23,433 $ 22,435 $ 28,227 $ 39,445
Items excluded from GAAP net income:
Stock-based compensation 4,236 4,903 12,157 15,178
Amortization of acquisition-related intangible assets 3,541 4,350 10,859 12,917
Amortization of license fee 688 716 1,868 2,110
Acquisition-related charges 192 1,226
Special charges 1,381 69 10,614 4,872
Income tax adjustments   (5,240 )   (1,030 )   (4,467 )   (3,612 )
Total non-GAAP adjustments   4,606     9,200     31,031     32,691  
Non-GAAP net income $ 28,039   $ 31,635   $ 59,258   $ 72,136  
Net income per diluted share:
GAAP net income $ 0.28 $ 0.25 $ 0.32 $ 0.45
Adjustments   0.05     0.11     0.36     0.37  
Non-GAAP net income $ 0.33   $ 0.36   $ 0.68   $ 0.82  
 

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