QLogic's Sound Quarter

QLogic(QLGC Quote - Cramer on QLGC - Stock Picks) grew first-quarter revenue by 22% and boosted net income by 30% from a year ago, the storage networking equipment maker announced after the closing bell Wednesday.

Net revenue in the first quarter of fiscal 2006 was a record $158.8 million, while net income was $41.8 million, or 45 cents per diluted share. Analysts polled by Thomson First Call had forecast a 43-cent profit on revenue of $156 million.

Revenue for the company's core Fibre Channel products was $125.5 million, an increase of 20% over the comparable quarter last year.

The company generated $55 million in cash from operations and repurchased the same amount of common stock.

QLogic was expected to give guidance for the second quarter in a conference call later Wednesday.

In recent after-hours trading, shares were off 2 cents to $33.75.