QLogic Reports Fourth Quarter and Fiscal Year 2007 Results

                          QLOGIC CORPORATION

                CONDENSED CONSOLIDATED BALANCE SHEETS

                     (unaudited -- in thousands)

                                         April 1, 2007   April 2, 2006
                                       --------------- ---------------
ASSETS
Current assets:
  Cash and cash equivalents                   $76,804        $125,192
  Short-term marketable securities            467,118         540,448
  Accounts receivable, net                     73,538          67,571
  Inventories                                  38,935          39,440
  Other current assets                         40,758          46,441
                                       --------------- ---------------
    Total current assets                      697,153         819,092

Property and equipment, net                    90,913          82,630
Goodwill                                      102,910          24,725
Purchased intangible assets, net               55,093           7,954
Other assets                                   25,290           3,306
                                       --------------- ---------------

                                             $971,359        $937,707
                                       =============== ===============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                            $29,280         $32,160
  Accrued compensation                         34,483          23,520
  Income taxes payable                         15,729          12,920
  Deferred revenue                              7,368           3,662
  Other current liabilities                     7,674           6,091
                                       --------------- ---------------
    Total current liabilities                  94,534          78,353

Deferred tax liabilities                        2,294               -
                                       --------------- ---------------
    Total liabilities                          96,828          78,353
                                       --------------- ---------------

Stockholders' equity:
  Common stock                                    198             195
  Additional paid-in capital                  608,515         537,648
  Retained earnings                           988,728         883,310
  Accumulated other comprehensive
   income (loss)                                  169          (1,799)
  Treasury stock                             (723,079)       (560,000)
                                       --------------- ---------------
    Total stockholders' equity                874,531         859,354
                                       --------------- ---------------

                                                          $971,359                $937,707
                                                                              ===============  ===============
 


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