QLogic: Fiscal 2Q13 Financial Results

(in US$ million)	2Q11	2Q12	6 mo. 11	6 mo. 12
Revenues	136.3	117.9	280.8	248.2
*Growth*		-13%		*-12%*
Net income (loss)	28.7	11.9	61.1	30.3

QLogic Corp.
announced its second quarter financial results for the period ended September 30, 2012.

Second Quarter Highlights

Net revenue: $117.9 million
GAAP income from continuing operations: $11.8 million or $0.13 per diluted share
Non-GAAP income from continuing operations: $16.8 million or $0.18 per diluted share
Operating margin: 11.0% GAAP, 17.2% non-GAAP
Cash and marketable securities: $484.4 million as of September 30, 2012
Cash generated from operations: $41.8 million

Financial Results
Net revenue for the second quarter of fiscal 2013 was $117.9 million compared to $136.3 million in the same quarter last year.

Revenue from Host Products was $89.6 million during the second quarter of fiscal 2013 compared to $103.4 million in the same quarter last year. Revenue from Network Products was $17.6 million during the second quarter of fiscal 2013 compared to $19.0 million in the same quarter last year. Revenue from Silicon Products was $10.7 million during the second quarter of fiscal 2013 compared to $13.9 million in the same quarter last year.

Income from continuing operations on a GAAP basis for the second quarter of fiscal 2013 was $11.8 million, or $0.13 per diluted share, compared to $26.5 million, or $0.26 per diluted share, for the second quarter of fiscal 2012. Income from continuing operations on a non-GAAP basis for the second quarter of fiscal 2013 was $16.8 million, or $0.18 per diluted share, compared to $32.0 million, or $0.31 per diluted share, for the second quarter of fiscal 2012.

"Despite the challenging macroeconomic environment and weakness in enterprise server sales, we delivered fiscal second quarter revenue of $117.9 million, above the mid-point of our guidance range," said Simon Biddiscombe, president and CEO, QLogic. "During these difficult times, we remain committed to our long-term strategy of focus and investment in both our core and expansion markets to drive our future growth and shareholder value."

QLogic uses certain non-GAAP financial measures to supplement financial statements based on GAAP. A summary of these non-GAAP financial measures and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure, as well as a description of the reasons that management believes that these non-GAAP financial measures provide useful information to investors and the additional purposes for which management uses these non-GAAP financial measures, is presented in the accompanying financial schedules.

To read the earnings call transcript