QLGC results:
Wednesday July 19, 4:30 pm Eastern Time
Company Press Release
Qlogic Corporation Reports Record First
Quarter Results
COSTA MESA, Calif.--(BUSINESS WIRE)--July 19, 2000--QLogic Corporation (Nasdaq:QLGC - news), a leader in
the I/O industry, announced today that revenues for its first fiscal quarter ended July 2, 2000, rose to a record
$68.3 million, up 58% compared to the $43.2 million reported for the same quarter a year ago. First quarter net
income grew 83% to $21.1 million, or $0.27 per share on a diluted basis, compared to the $11.5 million, or
$0.15 per share on a diluted basis, recorded a year ago.
During the first quarter, QLogic recorded expanded revenues across each of its Fibre Channel and SCSI I/O
product lines. ``Fibre Channel revenues continued to outpace the rest of our I/O business in the first quarter,
expanding 204% from a year ago to $28.4 million, or 42% of total revenue. Sequentially, Fibre Channel
revenues grew 30%,'' said H.K. Desai, the Company's Chairman, CEO and President. ``In addition, growth in our
traditional SCSI business grew 20% from a year ago, resulting in part from OEM launches of new peripheral
products.''
On May 8, 2000 QLogic announced that it had entered into an agreement to merge with Ancor Communications,
Incorporated (NASDAQ: ANCR - news), a leading provider of Fibre Channel switches. Under the terms of the
agreement, which have been unanimously approved by the Board of Directors of both companies, QLogic will
exchange 0.5275 shares of common stock for each share of Ancor common stock. Both the Federal Trade
Commission and the Department of Justice have granted early termination of the Hart-Scott-Rodino waiting
period for the acquisition. The companies previously announced that meetings of their respective stockholders
to consider the transaction will be held on August 1, 2000. |
