Tuesday May 7, 4:31 pm Eastern Time
Press Release
SOURCE: QLogic Corp.
QLogic Corporation Reports Fourth Quarter and Fiscal Year 2002 Results
ALISO VIEJO, Calif.--(BUSINESS WIRE)--May 7, 2002--QLogic Corporation (Nasdaq:QLGC - news), the only end-to-end storage network infrastructure provider, announced today its financial results for the fourth quarter and fiscal year ended March 31, 2002.
Revenues in the fourth quarter on a pro forma basis were $92.3 million, up 10% sequentially from $83.6 million in the December 2001 quarter. Compared to the record high $100.5 million reported for the same quarter a year ago, revenues decreased 8%. Fourth quarter pro forma net income increased 12% from the previous quarter to $21.1 million, or $0.22 per share on a diluted basis compared to $18.9 million, or $0.20 per share on a diluted basis. Pro forma net income decreased 21% from the March 2001 quarter of $26.6 million, or $0.28 per share on a diluted basis.
Net revenues on a GAAP basis for the quarter ended March 31, 2002 were $90.8 million, and are net of a $1.4 million sales discount for warrants issued to Sun Microsystems. This compares to net revenues of $99.7 million reported in the March 2001 quarter. The Company's fourth quarter net income recorded on a GAAP basis was $18.7 million or $0.20 per diluted share, compared to $25.2 million or $0.27 per diluted share in the prior year. The pro forma adjustments include merger and related charges, acquisition related stock compensation charges and amortization of goodwill and intangible assets.
For the full fiscal year 2002, revenues on a pro forma basis decreased 4% to $349.7 million, compared to $362.8 million reported a year ago. Fibre Channel revenues were up 22% for the year to a record $230.1 million representing 66% of the overall business up from 52% in the previous year. Pro forma net income for the full fiscal year 2002 decreased 18% to $79.7 million, or $0.84 per share on a diluted basis, compared to the $97.7 million or $1.03 per share recorded a year ago. Net income on a GAAP basis for the full fiscal year 2002 was $70.7 million, or $0.74 per diluted share, up 3% from $68.8 million or $0.72 per diluted share recorded in fiscal year 2001.
"We are encouraged by our fourth quarter results," said H.K. Desai, the Company's chairman, CEO and president. "Despite continued weak economic conditions, the company experienced growth in both its Fibre Channel and SCSI product segments. Fibre Channel revenues increased 9%, while SCSI revenues grew 14% sequentially driven by demand from a diverse range of customers. These results represent increasing market acceptance of QLogic product brands, especially SANblade host bus adapters."
The Company's balance sheet was again highlighted by a strong rise in cash and investments, ending the quarter with $492.5 million compared to $355.5 million at April 1, 2001.
QLogic's fourth quarter and fiscal year 2002 conference call is scheduled today at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time). H.K. Desai, chairman of the board, chief executive officer and president and Frank Calderoni, vice president and chief financial officer, will conduct the conference call. The call is being webcast live via the Internet at www.qlogic.com or via CCBN. Phone access is available at (913) 981-5518, passcode: 285179.
A replay of the conference call will be available via webcast at www.qlogic.com or audio at (719) 457-0820, passcode: 285179. The webcast will be available for 90 days. The audio replay will be available through May 17, 2002. |
