QLogic: Fiscal 4Q15 Financial Results

(in $ million)	4Q14	4Q15	FY14	FY15
Revenue	115.7	133.0	460.9	520.2
*Growth*		15%		*13%*
Net income (loss)	(46.8)	11.1	(18.3)	(50.6)

QLogic Corp. announced its financial results for the fourth quarter and fiscal year ended March 29, 2015.

Fourth Quarter Highlights

Net revenue: $133.0 million
GAAP net income: $11.1 million or $0.13 per diluted share
Non-GAAP net income: $24.9 million or $0.28 per diluted share
Cash and marketable securities: $316.4 million as of March 29, 2015
Cash generated from operations: $45.2 million

Fiscal Year Highlights

Net revenue: $520.2 million
GAAP net income: $50.6 million or $0.57 per diluted share
Non-GAAP net income: $97.0 million or $1.10 per diluted share
GAAP operating income: $54.4 million
Non-GAAP operating income: $106.8 million
Operating margin: 10.5% GAAP, 20.5% non-GAAP

Net revenue for the fourth quarter of fiscal 2015 was $133.0 million and increased 15% from $115.7 million in the same quarter last year. Revenue from Advanced Connectivity Platforms was $120.7 million during the fourth quarter of fiscal 2015 and increased 19% from $101.1 million in the same quarter last year.

Net income on a GAAP basis for the fourth quarter of fiscal 2015 increased to $11.1 million, or $0.13 per diluted share, from a net loss of $46.8 million, or $0.54 per diluted share, for the fourth quarter of fiscal 2014. Net income on a non-GAAP basis for the fourth quarter of fiscal 2015 increased 20% to $24.9 million, or $0.28 per diluted share, from $20.8 million, or $0.24 per diluted share, for the fourth quarter of fiscal 2014.

Net revenue for fiscal 2015 was $520.2 million and increased 13% from $460.9 million in fiscal 2014. Revenue from Advanced Connectivity Platforms was $465.0 million during fiscal 2015 and increased 20% from $386.7 million in fiscal 2014. Net income on a GAAP basis for fiscal 2015 increased to $50.6 million, or $0.57 per diluted share, from a net loss of $18.3 million, or $0.21 per diluted share, in fiscal 2014. Net income on a non-GAAP basis for fiscal 2015 increased to $97.0 million, or $1.10 per diluted share, from $82.8 million, or $0.94 per diluted share, in fiscal 2014.

“I am very pleased with our achievements during the fourth quarter and for the full year of fiscal 2015. We accomplished a great deal, including expansion of our market share position for both our FC and Ethernet products. In addition, during fiscal 2015, we were the first to sample the next generation 25/40/50/100GbE controllers to customers that serve the enterprise and cloud markets,” said Prasad Rampalli, president and CEO. “From a financial perspective, our revenue during fiscal 2015 increased by 13% over fiscal 2014 and our operating income and earnings per share expanded at even higher growth rates. Our focus on server and storage connectivity provides us excellent leverage from both a product development and customer engagement standpoint. I believe that as we continue to execute on our strategy, we are well positioned to deliver on our top and bottom line growth plans in the coming year.”

To hear the earnings call webcast