QLogic Reports Third Quarter Results For Fiscal Year 2012

QLogic Corp. (Nasdaq:QLGC), a leading supplier of high performance network infrastructure solutions, today 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.

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