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

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 ability to improve its operational execution and achieve its 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 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.

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 Year Ended
April 3,

2016

      March 29,

2015

April 3,

2016

      March 29,

2015

Net revenues $ 119,424 $ 133,043 $ 458,913 $ 520,198
Cost of revenues   48,059   55,497   187,464   214,146
Gross profit   71,365   77,546   271,449   306,052
Operating expenses:
Engineering and development 31,287 36,157 128,774 144,260
Sales and marketing 14,236 16,690 56,618 64,330
General and administrative 6,621 7,238 25,454 32,512
Special charges   1,192   5,648   11,806   10,520
Total operating expenses   53,336   65,733   222,652   251,622
Operating income 18,029 11,813 48,797 54,430
Interest and other income, net   856   594   1,929   763
Income before income taxes 18,885 12,407 50,726 55,193
Income taxes   646   1,259   4,260   4,600
Net income $ 18,239 $ 11,148 $ 46,466 $ 50,593
Net income per share:
Basic $ 0.22 $ 0.13 $ 0.55 $ 0.58
Diluted $ 0.22 $ 0.13 $ 0.54 $ 0.57
Number of shares used in per share calculations:
Basic   82,911   87,298   85,122   87,584
Diluted   83,980   88,969   86,110   88,463
 
 
           

QLOGIC CORPORATION

RECONCILIATION OF GAAP NET INCOME TO

NON-GAAP NET INCOME

(unaudited — in thousands, except per share amounts)

 
Three Months Ended Year Ended
April 3,

2016

      March 29,

2015

April 3,

2016

      March 29,

2015

GAAP net income $ 18,239 $ 11,148 $ 46,466 $ 50,593
Items excluded from GAAP net income:
Stock-based compensation 4,471 5,367 16,628 20,545
Amortization of acquisition-related intangible assets 3,408 4,382 14,267 17,299
Amortization of license fee 686 718 2,554 2,828
Acquisition-related charges 1,226
Special charges 1,192 5,648 11,806 10,520
Income tax adjustments   (2,791 )   (2,412 )   (7,258 )   (6,024 )
Total non-GAAP adjustments   6,966   13,703   37,997   46,394
Non-GAAP net income $ 25,205 $ 24,851 $ 84,463 $ 96,987
Net income per diluted share:
GAAP net income $ 0.22 $ 0.13 $ 0.54 $ 0.57
Adjustments   0.08   0.15   0.44   0.53
Non-GAAP net income $ 0.30 $ 0.28 $ 0.98 $ 1.10
 

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