QLogic: Fiscal 3Q12 Financial Results

(in US$ millions)	3Q11	3Q12	9 mo. 11	9 mo. 12
Revenues	155.8	152.7	444.9	454.5
*Growth*		-2%		2%
Net income (loss)	50.3	30.0	105.8	91.1

QLogic Corp. announced its third quarter financial results for the period ended January 1, 2012.

Third Quarter Highlights

Net revenue: $152.7 million
GAAP net income: $30.0 million or $0.30 per diluted share
Non-GAAP net income: $36.3 million or $0.36 per diluted share
Operating margin: 21.9% GAAP, 27.9% non-GAAP
Cash generated from operations: $52.3 million

Financial Results
Net revenue for the third quarter of fiscal 2012 was $152.7 million compared to $155.8 million in the same quarter last year. Revenue from Host Products was $112.7 million during the third quarter of fiscal 2012 compared to $113.5 million in the same quarter last year. Revenue from Network Products was $24.4 million during the third quarter of fiscal 2012 compared to $28.9 million in the same quarter last year. Revenue from Silicon Products increased to $12.4 million during the third quarter of fiscal 2012 from $10.6 million in the same quarter last year.

Net income on a GAAP basis for the third quarter of fiscal 2012 was $30.0 million, or $0.30 per diluted share, compared to $50.3 million, or $0.47 per diluted share, for the third quarter of fiscal 2011. Net income on a non-GAAP basis for the third quarter of fiscal 2012 was $36.3 million, or $0.36 per diluted share, compared to $57.2 million, or $0.53 per diluted share, for the third quarter of fiscal 2011. The GAAP and non-GAAP net income per diluted share amounts for the third quarter of fiscal 2011 include the benefits associated with the retroactive reinstatement of the federal research tax credit and other third-quarter specific income tax items, which contributed $0.13 to net income per diluted share.

"We are very pleased with our strong financial performance and execution during the third quarter. Our revenue of $152.7 million was at the upper end of our guidance range and I am particularly pleased with our revenue from Host Products, which grew 7 percent sequentially due to strength in FC and converged adapters," said Simon Biddiscombe, president and chief executive officer, QLogic. "As announced earlier this week, we entered into a definitive agreement to sell substantially all of the assets associated with our InfiniBand business. We believe this transaction will allow us to sharpen our focus on our core business and the growth opportunities in the data center with converged networking, enterprise Ethernet and storage area networking products."

To read the earnings call transcript