QLogic Reports First Quarter Results for Fiscal 2017

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
July 3,

2016

        June 28,

2015

Net revenues $ 116,404 $ 113,405
Cost of revenues   48,302   47,067
Gross profit   68,102   66,338
Operating expenses:
Engineering and development 30,649 35,606
Sales and marketing 13,520 15,486
General and administrative 9,560 7,076
Special charges   (624 )   1,079
Total operating expenses   53,105   59,247
Operating income 14,997 7,091
Interest and other income, net   2,346   359
Income before income taxes 17,343 7,450
Income tax expense (benefit)   (940 )   4,894
Net income $ 18,283 $ 2,556
Net income per share:
Basic $ 0.22 $ 0.03
Diluted $ 0.22 $ 0.03
Number of shares used in per share calculations:
Basic   83,431   87,334
Diluted   84,542   88,914
 
 
               

QLOGIC CORPORATION

RECONCILIATION OF GAAP NET INCOME TO

NON-GAAP NET INCOME

(unaudited — in thousands, except per share amounts)

 
Three Months Ended
July 3,

2016

        June 28,

2015

GAAP net income $ 18,283 $ 2,556
Items excluded from GAAP net income:
Stock-based compensation 5,225 5,987
Amortization of acquisition-related intangible assets 4,328 3,636
Amortization of license fee 657 617
Transaction costs 2,716
Special charges (624 ) 1,079
Gains recognized on previously impaired investment securities (1,373 )
Income tax adjustments   (4,333 )   2,642
Total non-GAAP adjustments   6,596   13,961
Non-GAAP net income $ 24,879 $ 16,517
Net income per diluted share:
GAAP net income $ 0.22 $ 0.03
Adjustments   0.07   0.16
Non-GAAP net income $ 0.29 $ 0.19
 
 

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