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

  • Q4 net revenue of $119.4 million
  • Q4 non-GAAP operating margin of 23.3% (15.1% GAAP)
  • Q4 non-GAAP diluted EPS of $0.30 ($0.22 GAAP)
  • Q4 cash from operations of $58.2 million

ALISO VIEJO, Calif. — (BUSINESS WIRE) — May 5, 2016QLogic Corp. (Nasdaq: QLGC), a leading supplier of high performance network infrastructure solutions, today announced its financial results for the fourth quarter and fiscal year ended April 3, 2016.

Net revenue for the fourth quarter of fiscal 2016, which included fourteen weeks, was $119.4 million compared to $133.0 million in the same quarter last year. Revenue from Advanced Connectivity Platforms was $109.5 million during the fourth quarter of fiscal 2016 compared to $120.7 million in the same quarter last year.

Net income on a GAAP basis for the fourth quarter of fiscal 2016 was $18.2 million, or $0.22 per diluted share, compared to $11.1 million, or $0.13 per diluted share, for the fourth quarter of fiscal 2015. Net income on a non-GAAP basis for the fourth quarter of fiscal 2016 was $25.2 million, or $0.30 per diluted share, compared to $24.9 million, or $0.28 per diluted share, for the fourth quarter of fiscal 2015.

Net revenue for fiscal 2016, which included 53 weeks, was $458.9 million compared to $520.2 million in fiscal 2015. Revenue from Advanced Connectivity Platforms was $417.9 million during fiscal 2016 compared to $465.0 million in fiscal 2015. Net income on a GAAP basis for fiscal 2016 was $46.5 million, or $0.54 per diluted share, compared to $50.6 million, or $0.57 per diluted share, in fiscal 2015. Net income on a non-GAAP basis for fiscal 2016 was $84.5 million, or $0.98 per diluted share, compared to $97.0 million, or $1.10 per diluted share, in fiscal 2015.

“I am very pleased with our financial performance during the fourth quarter and our strong finish for the second half of fiscal 2016. For the second consecutive 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. “Looking ahead, we will continue to focus on improving operational execution to deliver intelligent high performance connectivity solutions across both enterprise and cloud data centers.”

Business Outlook for the First Quarter of Fiscal 2017

QLogic expects to achieve net revenue in the range of $112 - $118 million for the first quarter of fiscal 2017, which quarter reflects a normal 13-week period. The Company is forecasting first 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 $0.11 - $0.13 per share in the first quarter of fiscal 2017. 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. The Company’s forward-looking estimates of both GAAP and non-GAAP measures of financial performance may differ materially from 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 fourth 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) 325-2215, conference ID: 8774275.

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 .

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