BSNS WIRE) QLogic Corporation Reports Fourth Quarter and Fiscal 2000 Resul
QLogic Corporation Reports Fourth Quarter and Fiscal 2000 Results
Business Editors
ALISO VIEJO, Calif.--(BUSINESS WIRE)--May 10, 2000--
We urge investors and security holders to read QLogic's
Registration Statement on Form S-4 and the Prospectus/Proxy Statement
of QLogic and Ancor relating to the merger transaction described
below, when they become available, because they will contain important
information. When these and other documents relating to the
transaction are filed with the U.S. Securities and Exchange
Commission, they may be obtained free at the SEC's web site at
www.sec.gov. You may also obtain each of these documents (when they
become available) for free from QLogic or from Ancor by directing your
request to the investor relations contact persons identified below.
QLogic Corporation (Nasdaq:QLGC), a leader in the I/O industry,
today reported its financial results for the fourth fiscal quarter
ended April 2, 2000.
Revenues rose to a record $60.1 million, up 71% compared to the
$35.1 million reported for the same quarter a year ago. Pro forma net
income, which excludes the effect of an acquired in-process technology
charge, grew 116% to $18.5 million, or $0.24 per share on a diluted
basis, compared with net income of $8.5 million, or $0.11 per share on
a diluted basis for the fourth quarter a year ago.
During the fiscal 2000 fourth quarter, QLogic completed the
acquisition of certain intellectual property from Borg Adaptive
Technologies, Inc., a wholly-owned subsidiary of nStor Corporation.
Results for the fiscal 2000 fourth quarter include a $7.5 million
charge for the write-off of acquired in-process technology related to
the Borg transaction. Actual net income for the quarter, which
includes this charge and related tax effects, grew by 58% to $13.5
million, or diluted net income per share of $0.17.
For fiscal 2000, revenues expanded 73% to a record $203.1 million
compared to $117.2 million reported for the prior fiscal year.
Excluding the in-process technology charge and related tax effects,
net income for fiscal 2000 grew 129% to a record $58.9 million, or a
diluted net income per share of $0.76. Including this acquired
in-process technology charge and the related tax effects, net income
for fiscal 2000 grew 110% to $54.0 million, or diluted net income per
share of $0.70.
"Fiscal 2000 was a year of significant growth and progress for
QLogic," noted H.K. Desai, Chairman, CEO & President. "Many new
milestones and financial records were achieved which included the
introduction of leading edge technology to our product base,
appointment to the Nasdaq-100(R), our second and third stock splits,
and growth in revenues to over $200 million. In particular, Fibre
Channel revenues significantly contributed to this growth, expanding
over 200% to $60 million in fiscal year 2000."
Earlier this week QLogic announced that it entered into an
agreement to acquire Ancor Communications, Incorporated (NASDAQ:
ANCR), a leading provider of Fibre Channel switches. The acquisition
of Ancor will extend QLogic's extensive portfolio of products based on
Fibre Channel technology. Ancor's SANbox(TM) family is recognized as
one of the broadest lines of Fibre Channel switches in the industry,
delivering the hardware and fabric management software essential for
SAN infrastructures. The merged company is expected to leverage key
customer relationships to produce synergistic Fibre Channel solutions
for the rapidly growing SAN marketplace.
With the exception of historical information, the statements set
forth above include forward-looking statements that involve risks and
uncertainties. The Company wishes to advise readers that a number of
important factors could cause actual results to differ materially from
those in the forward-looking statements. Those factors include
uncertainties concerning the identification and integration of
appropriate acquisitions and new technical personnel; new and changing
technologies and uncertain customer acceptance of those technologies;
a change in semiconductor foundry capacity or conditions; fluctuations
in the growth of I/O markets; fluctuations or cancellations in orders
from OEM customers; the Company's ability to compete effectively with
other companies; cancellation of OEM products associated with design
wins; and reductions in the need for space and increased costs of
operations due to facility relocation. Carrying additional expansion
space may increase costs and adversely impact future earnings. These
and other factors which could cause actual results to differ
materially are also discussed in the company's filings with the
Securities and Exchange Commission, including its recent filings on
Form S-3, Form 10-K, and Form 10-Q. Trademarks and registered
trademarks are the property of the companies with which they are
associated.
About QLogic
A member of the Nasdaq-100(R) Index, QLogic Corporation sold more
Fibre Channel host bus adapters in 1999 than any other manufacturer in
the world according to IDC. The company is also a leading designer and
supplier of semiconductor and board-level I/O and enclosure management
products targeted at the computer system, storage device and storage
subsystem marketplaces. QLogic high-performance controllers are
implemented in products from technology leaders such as AMI, Compaq,
Dell, Fujitsu, Hitachi, IBM, Iwill, Quantum, Raidtec, Siemens, Sun
Microsystems and Unisys. The company's high-performance Fibre Channel
and SCSI solutions play a key role in enabling enterprise-level
storage area networks (SANs) and the company's enclosure management
products monitor and communicate component information that is
critical to computer system and storage subsystem reliability and
availability. For more information about QLogic and its products,
contact QLogic Corp., 26600 Laguna Hills Drive, Aliso Viejo, CA 92656;
telephone: 800/662-4471 (sales); 949/389-6000 (corporate); fax:
949/389-6126; home page: qlogic.com.
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