QLogic: Preliminary Fiscal 2Q10 Financial Results

QLogic Corp. announced preliminary results for its second quarter ended September 26, 2010.

QLogic expects to report net revenue in the range of $146 million to $147 million for the second quarter of fiscal 2011, which represents a sequential increase of approximately 2 percent to 3 percent from the net revenue of $142.6 million for the first quarter of fiscal 2011. The updated expected net revenue is consistent with the high end of the previously forecasted second quarter net revenue range of $143 million to $147 million.

"We are very pleased with our strong financial performance in the second quarter," said H.K. Desai, chief executive officer, QLogic. "Our revenue performance was driven by sequential growth for each of our Host Products, Network Products and Silicon Products compared to the first quarter of fiscal 2011. In addition, we expect our gross margin to be higher and our operating expenses to be lower than the previously provided guidance."

The Company anticipates reporting GAAP net income per diluted share for the second quarter of fiscal 2011 in the range of $0.26 to $0.27. On a non-GAAP basis, the Company expects to report net income per diluted share of $0.32 to $0.33, compared to the previously forecasted range of $0.29 to $0.32 per diluted share. The non-GAAP net income per diluted share amounts exclude stock-based compensation, acquisition-related charges, and the related income tax effects.