QLogic Reports Fourth Quarter and Fiscal Year 2005 Results
Revenue and Net Income Reach Record Levels
qlogic.com
Aliso Viejo, Calif., May 4, 2005 – QLogic Corporation (Nasdaq:QLGC), the company that powers storage area networks (SANs), today announced its financial results for the fourth quarter and fiscal year ended April 3, 2005.
Net revenue for the fourth quarter of fiscal 2005 was a record $157.2 million and increased 23% from the $128.3 million reported in the comparable quarter last year. Fibre Channel product revenue for the fourth quarter of fiscal 2005 was $118.2 million and represented 75% of the Company’s total revenue. Fibre Channel product revenue for the fourth quarter was up 18% from the comparable quarter last year. Net income on a GAAP basis for the fourth quarter of fiscal 2005 was a record $46.2 million, or $0.49 per share on a diluted basis, an increase of 40% from the $32.9 million, or $0.34 per share on a diluted basis, reported in the fourth quarter of last year.
During the fourth quarter of fiscal 2005, net revenue increased 5% sequentially from the $150.3 million reported in the third quarter of fiscal 2005. Fibre Channel product revenue for the fourth quarter of fiscal 2005 was up 1% sequentially from the third quarter of fiscal 2005. Fourth quarter net income on a GAAP basis increased 6% from the $43.4 million, or $0.46 per share on a diluted basis, reported in the third quarter of fiscal 2005.
Net revenue for fiscal 2005 was $571.9 million, up 9% from the $523.9 million reported for fiscal 2004. Net income on a GAAP basis for fiscal 2005 was $157.6 million, or $1.68 per share on a diluted basis, an increase of 18% from the $133.7 million, or $1.39 per share on a diluted basis, reported for fiscal 2004.
“We are very pleased with our achievement of both record revenue and record net income for the fourth quarter and the full fiscal year 2005,” said H.K. Desai, the Company’s chairman, chief executive officer and president. “In addition to these significant achievements, QLogic attained the number one ranking for total Fibre Channel HBA revenue and port shipments for calendar year 2004, according to Dell’Oro Group’s 2004 SAN Report.”
The Company uses certain non-GAAP measures to supplement financial statements based on GAAP. A summary of these non-GAAP financial measures and a complete reconciliation of each non-GAAP measure to the most directly comparable GAAP measure, as well as a description of the reasons that management believes that these non-GAAP financial measures provide useful information to investors and the additional purposes for which management uses these non-GAAP financial measures is presented in the accompanying financial schedules.
Non-GAAP net income for the fourth quarter of fiscal 2005 was $46.7 million, or $0.50 per share on a diluted basis, and increased 34% from the $34.7 million, or $0.36 per share on a diluted basis, reported in the fourth quarter of last year. Non-GAAP net income for the fourth quarter of fiscal 2005 increased 3% sequentially from the $45.1 million, or $0.48 per share on a diluted basis, reported for the third quarter of fiscal 2005.
During fiscal 2005, the Company’s non-GAAP net income was $163.5 million, or $1.75 per share on a diluted basis, an increase of 15% from the $142.5 million, or $1.48 per share on a diluted basis, reported last year.
During fiscal 2005, the Company generated $182 million in cash from operations and used $85 million to purchase its common stock pursuant to the Company’s stock repurchase programs. The Company’s balance sheet at the end of fiscal 2005 was highlighted by $812 million of cash and short-term investments and over $1 billion in total assets... |
