This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

QLogic Reports Third Quarter Results For Fiscal Year 2013

Stocks in this article: QLGC

QLogic Corp. (Nasdaq:QLGC), a leading supplier of high performance network infrastructure solutions, today announced its third quarter financial results for the period ended December 30, 2012.

Third Quarter Highlights

  • Net revenue: $119.4 million
  • GAAP income from continuing operations: $13.7 million or $0.15 per diluted share
  • Non-GAAP income from continuing operations: $18.3 million or $0.20 per diluted share
  • Operating margin: 12.1% GAAP, 18.1% non-GAAP
  • Cash and marketable securities: $495.2 million as of December 30, 2012
  • Cash generated from operations: $32.7 million

Financial Results

Net revenue for the third quarter of fiscal 2013 was $119.4 million compared to $142.8 million in the same quarter last year. Revenue from Host Products was $89.8 million during the third quarter of fiscal 2013 compared to $111.8 million in the same quarter last year. Revenue from Network Products was $20.1 million during the third quarter of fiscal 2013 compared to $18.5 million in the same quarter last year. Revenue from Silicon Products was $9.6 million during the third quarter of fiscal 2013 compared to $12.4 million in the same quarter last year.

Income from continuing operations on a GAAP basis for the third quarter of fiscal 2013 was $13.7 million, or $0.15 per diluted share, compared to $29.2 million, or $0.29 per diluted share, for the third quarter of fiscal 2012. Income from continuing operations on a non-GAAP basis for the third quarter of fiscal 2013 was $18.3 million, or $0.20 per diluted share, compared to $34.5 million, or $0.34 per diluted share, for the third quarter of fiscal 2012.

“During the December quarter, we reported financial results that exceeded our expectations. We delivered revenue of $119.4 million and non-GAAP income from continuing operations per diluted share of $0.20, both above our original guidance range,” said Simon Biddiscombe, president and chief executive officer, QLogic. “We are seeing stabilization in our business and I believe our investments in innovative technologies for new market opportunities position us well to deliver future growth.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs