QLogic Reports Second Quarter Results for Fiscal Year 2007

                          QLOGIC CORPORATION
                CONDENSED CONSOLIDATED BALANCE SHEETS

                     (unaudited -- in thousands)

                                            Oct. 1, 2006 April 2, 2006
                                            ------------ -------------
                  ASSETS
Current assets:
  Cash and cash equivalents                     $89,795      $125,192
  Short-term investments                        446,862       540,448
  Accounts receivable, net                       69,462        67,571
  Inventories                                    43,692        39,440
  Other current assets                           48,686        46,441
                                            ------------ -------------
     Total current assets                       698,497       819,092

Property and equipment, net                      89,350        82,630
Goodwill                                         87,884        24,725
Purchased intangible assets, net                 40,122         7,954
Other assets                                     17,241         3,306
                                            ------------ -------------

                                               $933,094      $937,707
                                            ============ =============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                              $29,339       $32,160
  Accrued compensation                           25,007        23,520
  Income taxes payable                           19,054        12,920
  Deferred revenue                                5,704         3,662
  Other current liabilities                       7,515         6,091
                                            ------------ -------------
     Total current liabilities                   86,619        78,353

Deferred tax liabilities                          2,127             -
                                            ------------ -------------
     Total liabilities                           88,746        78,353
                                            ------------ -------------

Stockholders' equity:
  Common stock                                      196           195
  Additional paid-in capital                    559,261       537,648
  Retained earnings                             934,833       883,310
  Accumulated other comprehensive loss           (4,326)       (1,799)
  Treasury stock                               (645,616)     (560,000)
                                            ------------ -------------
     Total stockholders' equity                 844,348       859,354
                                                        ------------  -------------

                                                                                              $933,094            $937,707
                                                                                        ============  =============
 


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