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QLogic Reports First Quarter Results For Fiscal Year 2013

QLogic Corp. (Nasdaq:QLGC), a leading supplier of high performance network infrastructure solutions, today announced its first quarter financial results for the period ended July 1, 2012.

First Quarter Highlights

  • Net revenue: $130.4 million
  • GAAP income from continuing operations: $18.4 million or $0.19 per diluted share
  • Non-GAAP income from continuing operations: $25.3 million or $0.26 per diluted share
  • Operating margin: 15.4% GAAP, 22.7% non-GAAP
  • Cash and marketable securities: $496.3 million as of July 1, 2012
  • Cash generated from operations: $27.0 million

Financial Results

Net revenue for the first quarter of fiscal 2013 was $130.4 million compared to $144.5 million in the same quarter last year. Revenue from Host Products was $101.0 million during the first quarter of fiscal 2013 compared to $108.9 million in the same quarter last year. Revenue from Network Products was $19.5 million during the first quarter of fiscal 2013 compared to $18.7 million in the same quarter last year. Revenue from Silicon Products was $9.8 million during the first quarter of fiscal 2013 compared to $16.8 million in the same quarter last year.

Income from continuing operations on a GAAP basis for the first quarter of fiscal 2013 was $18.4 million, or $0.19 per diluted share, compared to $34.2 million, or $0.32 per diluted share, for the first quarter of fiscal 2012. Income from continuing operations on a non-GAAP basis for the first quarter of fiscal 2013 was $25.3 million, or $0.26 per diluted share, compared to $41.2 million, or $0.39 per diluted share, for the first quarter of fiscal 2012.

“Despite the challenges and uncertainty within the global macroeconomic environment, we delivered revenues of $130.4 million,” said Simon Biddiscombe, president and chief executive officer, QLogic. “We remain committed to our strategy of Adaptive Convergence and will continue to focus on the execution of our goals of driving long-term growth in revenues and profitability.”

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