QLGC ( rated #4 in Forbe's 200)Reports Record Second Quarter Revenues
ALISO VIEJO, Calif.--(BUSINESS WIRE)--Oct. 18, 2000--QLogic Corporation (Nasdaq:QLGC - news), a leader in the I/O industry, announced today that gross revenues for its second fiscal quarter ended October 1, 2000, rose to a record $87.6 million, up 71% compared to the $51.1 million reported for the same quarter a year ago. Second quarter pro forma net income grew 84% to a record $22.7 million, or $0.24 per share on a diluted basis, compared to the $12.3 million, or $0.14 per share on a diluted basis, recorded a year ago. Results for this period and all prior periods have been consolidated with the results of Ancor Communications, which merged with the Company on August 1, 2000.
For the first six months of fiscal 2001, gross revenues expanded 72% to $165.0 million, compared to $95.8 million for the same period a year ago. Pro forma net income for the first six months of fiscal 2001 rose 88% to $42.2 million, or $0.45 per share on a diluted basis, compared to the $22.4 million, or $0.25 per share recorded on a pro forma basis for the same period a year ago.
Net revenues for the quarter amounted to $86.0 million. Net revenues for the quarter included a $1.6 million sales discount for an adjustment in the value of warrants to Sun Microsystems. (See (1) editorial addendum to the financial statements.) Excluding the warrant charge and the related tax effects, pro forma net income per share for the quarter would have been $0.25 per share on a diluted basis. Net revenues for the first six months of fiscal 2001 amounted to $162.7 million, with $2.3 in sales discounts related to the Sun agreement.
Actual results for the second quarter ended October 1, 2000 included operating expenses of $48.6 million and net loss of $1.3 million, compared to a net income of $12.3 million a year ago. Actual second quarter expenses included a charge of $22.9 million in merger and related acquisition expenses for the Ancor merger, and a higher tax rate due to certain non-deductible merger costs.
During the second quarter, QLogic had solid growth in both its Fibre Channel host bus adapter and SCSI I/O product lines. ``Fibre Channel gross revenues continued to outpace the rest of our I/O business in the second quarter, expanding 195% from a year ago, and 24% sequentially, to $46.7 million, or 53% of total gross revenues,'' said H.K. Desai, the Company's chairman, CEO and president. ``In addition, growth in our traditional SCSI business grew 24% from a year ago, and 10% sequentially, as our peripheral customers continued to show considerable strength.''
The Company's balance sheet was highlighted by a strong rise in its cash and investments position. As a result of the merger, and strong positive cash flow during the quarter, the ending cash and investments balances grew to a record $295 million, compared to $244 million at April 2, 2000.
About QLogic
QLogic Corporation (NASDAQ:QLGC - news) is changing the way the world views Storage Area Networks (SANs), serving OEMs, VARs and system integrators with the broadest line of SAN infrastructure components in the industry. With over 15 years of enterprise storage experience, the company delivers a full range of Fibre Channel switches, PCI host bus adapters, controller silicon and management chips for systems and peripherals, as well as the QLogic Management Suite of SAN management software solutions. A member of the Nasdaq-100® Index, QLogic recently emerged on the Forbes 500 and Business Week 200 lists. QLogic is integrated in over 200 OEM solutions, including: AMI, Compaq, Dell, EMC, Fujitsu, Hitachi, HP, IBM, INRANGE, Iwill, MTI Technology Corp., Quantum, Raidtec, Siemens, Sun and Unisys. 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.
Note: All QLogic-issued press releases appear on the company's web site (www.qlogic.com). Any announcement that does not appear on the QLogic web site has not been issued by QLogic. |
