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QLogic: Fiscal 2Q16 Financial Results

Revenue and profit down

(in $ million) 2Q15 2Q16 6 mo. 15 6 mo. 16
Revenue 127.5 103.4 247.0 216.8
Growth   -19%   -11%
Net income (loss) 11.0 2.2 17.0 4.8

QLogic Corp. announced its second quarter financial results for the period ended September 27, 2015.

Net revenue for the second quarter of fiscal 2016 was $103.4 million compared to $127.5 million in the same quarter last year.

Revenue from Advanced Connectivity Platforms was $93.4 million during the second quarter of fiscal 2016 compared to $114.9 million in the same quarter last year.

Net income on a GAAP basis for the second quarter of fiscal 2016 was $2.2 million, or $0.03 per diluted share, compared to $11.0 million, or $0.12 per diluted share, for the second quarter of fiscal 2015. Net income on a non-GAAP basis for the second quarter of fiscal 2016 was $14.7 million, or $0.17 per diluted share, compared to $22.0 million, or $0.25 per diluted share, for the second quarter of fiscal 2015.

During the second quarter, we prioritized our investment programs to renew focus on our core FC and Ethernet product portfolios. We have launched new FC products and achieved significant design wins with our 25/50/100Gb differentiated Ethernet solutions,” said Jean Hu, CFO and acting CEO. “We believe we are making important progress on the business and operational fronts and remain sharply focused on improving our financial performance in the second half of fiscal 2016 and beyond.

Business Outlook for the Third Quarter of Fiscal 2016
QLogic expects to achieve net revenue in the range of $115 – $121 million for the third quarter of fiscal 2016. The company is forecasting third quarter non-GAAP earnings per diluted share of $0.24 – $0.28. QLogic estimates that GAAP earnings per diluted share will be lower than non-GAAP earnings per diluted share by $0.08 – $0.13 per share in the third quarter of fiscal 2016.

Comments

Abstracts of the earnings call transcript:

Jean Hu, acting CEO and CFO
"(...) we delivered revenue about the middle point of our guidance range, and the net income per diluted share about the high end of our guidance range.
"Second quarter revenue from legacy connectivity products, which are comprised primarily of FC switch products was $10 million and it declined from $12.6 million recorded in the second quarter of last year.
"At the middle point of our guidance range [for next quarter], we expect revenue from Advanced Connectivity Platforms to be approximately $108 million, representing a sequential increase over 16%. Revenue from Legacy Connectivity Products is expected to be approximately $10 million."

Roger Klein, SVP and GM:
"We are confident that we are on track for our 12th consecutive year of Fibre Channel adapter market share leadership for calendar year 2015, a position we earned and have maintained since 2004. QLogic has shipped over 17 million Fibre Channel adapter ports serving SAN connectivity needs."

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