QLogic: Fiscal 2Q12 Financial Results

(in US$ millions)	2Q11	2Q12	6 mo. 11	6 mo. 12
Revenues	146.5	150.2	289.1	301.8
*Growth*		3%		4%
Net income (loss)	30.0	28.7	55.4	61.1

QLogic Corp. announced its second quarter financial results for the period ended October 2, 2011.

Second Quarter Highlights

Net revenue: $150.2 million
GAAP net income: $28.7 million or $0.28 per diluted share
Non-GAAP net income: $35.1 million or $0.34 per diluted share
Operating margin: 21.3% GAAP, 27.4% non-GAAP
Cash generated from operations: $41.5 million

Financial Results
Net revenue for the second quarter of fiscal 2012 was $150.2 million and increased 2.5% from $146.5 million in the same quarter last year.

Revenue from Host Products increased to $105.6 million during the second quarter of fiscal 2012 from $104.2 million in the same quarter last year.

Revenue from Network Products was $27.8 million during the second quarter of fiscal 2012 and increased from $27.2 million in the same quarter last year.

Revenue from Silicon Products increased to $13.9 million during the second quarter of fiscal 2012 from $12.4 million in the same quarter last year.

Net income on a GAAP basis for the second quarter of fiscal 2012 was $28.7 million, or $0.28 per diluted share, compared to $30.0 million, or $0.28 per diluted share, for the second quarter of fiscal 2011. Net income on a non-GAAP basis for the second quarter of fiscal 2012 was $35.1 million, or $0.34 per diluted share, compared to $36.6 million, or $0.34 per diluted share, for the second quarter of fiscal 2011.

"Despite macroeconomic challenges, we are pleased with our financial execution and discipline during the second quarter of fiscal 2012. We delivered revenue and earnings per share that approximated the mid-point of our guidance," said Simon Biddiscombe, president and chief executive officer, QLogic. "During the quarter, we extended our Adaptive Convergence strategy with the public introduction of a new portfolio of innovative high performance networking products with the flexibility to power 16Gb FC and 10GbE converged networks from the same hardware. We are continuing to introduce highly innovative new products that we believe will position us to capitalize on the significant opportunities in cloud computing, convergence and virtualized environments."