QLogic: Fiscal 1Q10 Financial Results

QLogic Corp. announced its first quarter financial results for the period ended June 28, 2009.

First Quarter Highlights

• Net revenue: $122.8 million.
• Net income: $15.0 million GAAP, $23.9 million non-GAAP.
• Net income per diluted share: $0.13 GAAP, $0.20 non-GAAP.
• Cash generated from operations: $16.9 million.
• Cash and investment securities: $354.8 million as of June 28, 2009.

Financial Results
Net revenue for the first quarter of fiscal 2010 was $122.8 million compared to $168.4 million in the same quarter last year. Revenue from Host Products was $88.3 million during the first quarter of fiscal 2010 compared to $120.7 million in the same quarter last year. Revenue from Network Products was $25.0 million during the first quarter of fiscal 2010 compared to $29.9 million in the same quarter last year. Revenue from Silicon Products was $7.4 million during the first quarter of fiscal 2010 compared to $15.6 million in the same quarter last year.

Net income on a GAAP basis for the first quarter of fiscal 2010 was $15.0 million, or $0.13 per diluted share, compared to $31.6 million, or $0.24 per diluted share for the first quarter of fiscal 2009. Net income on a non-GAAP basis for the first quarter of fiscal 2010 was $23.9 million, or $0.20 per diluted share, compared to $42.0 million, or $0.31 per diluted share for the first quarter of fiscal 2009.

“We are pleased with the stability of the revenue from our Host and Network Products, which was consistent with our expectations,” said H. K. Desai, chief executive officer, QLogic. “We are also encouraged by the signs of stabilization within our business as demonstrated in the trends we are seeing from our OEM customers.”