QLogic Exceeds Revenue and EPS Guidance for 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. 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.

                         

QLOGIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited — in thousands)

 
April 3,

2016

March 29,

2015

ASSETS
Current assets:
Cash and cash equivalents $ 125,408 $ 115,241
Marketable securities   229,439   201,174
Total cash and marketable securities 354,847 316,415
Accounts receivable, net 55,546 87,436
Inventories 39,745 29,978
Other current assets   13,268   21,802
Total current assets 463,406 455,631
Property and equipment, net 71,738 78,501
Goodwill 167,232 167,232
Purchased intangible assets, net 62,998 77,659
Deferred tax assets 41,003 48,880
Other assets   17,491   20,752
$ 823,868 $ 848,655
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 29,576 $ 40,497
Accrued compensation 19,389 22,476
Accrued taxes 955 2,711
Other current liabilities   11,156   11,718
Total current liabilities 61,076 77,402
Accrued taxes 9,510 14,516
Other liabilities   5,904   9,721
Total liabilities   76,490   101,639
Stockholders’ equity:
Common stock 218 215
Additional paid-in capital 1,015,666 983,579
Retained earnings 1,769,130 1,722,664
Accumulated other comprehensive loss (334 ) (99 )
Treasury stock   (2,037,302 )   (1,959,343 )
Total stockholders’ equity   747,378   747,016
$ 823,868 $ 848,655
 
 
               

QLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited — in thousands)

 
Year Ended
April 3,

2016

          March 29,

2015

Cash flows from operating activities:
Net income $ 46,466 $ 50,593
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 39,463 47,119
Stock-based compensation 16,628 20,545
Deferred income taxes 7,887 (1,457 )
Asset impairments 1,954 3,697
Other non-cash items, net 930 1,136
Changes in operating assets and liabilities:
Accounts receivable 32,230 (22,337 )
Inventories (9,767 ) (11,942 )
Other assets 7,820 3,924
Accounts payable (3,573 ) 3,487
Accrued compensation (3,087 ) (4,480 )
Accrued taxes, net (11,951 ) 821
Other liabilities   (3,479 )   (8,610 )
Net cash provided by operating activities   121,521   82,496
Cash flows from investing activities:
Purchases of available-for-sale securities (241,789 ) (189,707 )
Proceeds from sales and maturities of available-for-sale securities 212,072 173,403
Purchases of property and equipment (26,761 ) (26,118 )
Proceeds from disposition of assets held for sale   7,553  
Net cash used in investing activities   (48,925 )   (42,422 )
Cash flows from financing activities:
Proceeds from issuance of common stock under stock-based awards 21,612 9,717
Minimum tax withholding paid on behalf of employees for restricted stock units (6,150 ) (4,690 )
Purchases of treasury stock (78,859 ) (21,140 )
Other financing activities   968   22
Net cash used in financing activities   (62,429 )   (16,091 )
Net increase in cash and cash equivalents 10,167 23,983
Cash and cash equivalents at beginning of year   115,241   91,258
Cash and cash equivalents at end of year $ 125,408 $ 115,241
 
 

QLOGIC CORPORATION

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