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QLogic Reports Second Quarter Results For Fiscal Year 2013

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

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