QLogic: Fiscal 1Q09 Financial Results

QLogic Corp. announced its first quarter financial results for the period ended June 29, 2008.

First Quarter Highlights

• Net revenue increased 20% from the comparable quarter last year to a record $168.4 million.
• Net income: $31.6 million GAAP, $42.0 million non-GAAP.
• Net income per diluted share: $0.24 GAAP, $0.31 non-GAAP.
• Cash generated from operations was $58.2 million.
• $405.4 million in cash and marketable securities as of June 29, 2008.

Financial Results
Net revenue for the first quarter of fiscal 2009 was $168.4 million and increased 20% from $139.8 million in the comparable quarter last year. Revenue from Host Products, which are comprised primarily of Fibre Channel and iSCSI host bus adapters and InfiniBand host channel adapters, was $120.7 million during the first quarter of fiscal 2009 and increased 16% from $104.2 million in the comparable quarter last year. Revenue from Network Products, which are comprised primarily of Fibre Channel and InfiniBand switches, was $29.9 million during the first quarter of fiscal 2009 and increased 22% from $24.5 million in the comparable quarter last year. Revenue from Silicon Products, which are comprised primarily of protocol chips and management controllers, was $15.6 million during the first quarter of fiscal 2009 and increased 62% from $9.6 million in the comparable quarter last year.

Net income on a GAAP basis for the first quarter of fiscal 2009 was $31.6 million, or $0.24 per diluted share, and increased from $19.0 million, or $0.12 per diluted share for the first quarter of fiscal 2008. Net income on a GAAP basis for the first quarter of fiscal 2009 includes stock-based compensation expense, acquisition-related charges, impairment charges related to marketable securities, and the related income tax effects. Net income on a non-GAAP basis for the first quarter of fiscal 2009 was $42.0 million, or $0.31 per diluted share, and increased from $30.2 million, or $0.20 per diluted share for the first quarter of fiscal 2008.

"We are very pleased with our strong financial performance and the achievement of record revenue during the first quarter," said H.K. Desai, QLogic’s chief executive officer. "Our strong revenue performance was driven by sequential growth of 9% for both our Host Products and Network Products from the fourth quarter of fiscal 2008."

1Q09 QLogic Earnings Conference Call