COSTA MESA, Calif.--(BUSINESS WIRE)--Oct. 15, 1998--QLogic
Corporation (NASDAQ:QLGC), a leader in the I/O industry, announced
today that revenues for its second fiscal quarter ended September 27,
1998 rose to a record $27.7 million, compared to the $19.6 million
reported for the same quarter a year ago. Results for the fiscal 1999
second quarter ended September 27, 1998 included a charge of $1.6
million for the write-off of in-process technology in connection with
the acquisition of Silicon Design Resources, Inc. Including the
in-process technology charge and the related tax effects, second
quarter net income grew 72% to $5.2 million, or a record $0.57 per
share on a diluted basis, compared to the same quarter a year ago.
Excluding this charge and the related tax effects, the net income for
the fiscal 1999 second quarter ended September 27, 1998 would have
been $6.3 million, or $0.68 per share on a diluted basis, up 107% from
the $3.0 million, or $0.39 per share on a diluted basis, recorded a
year ago.
"Since commencing this fiscal year, QLogic's quarterly revenue
growth rate has more than doubled over the rates achieved in
comparable quarters last year," noted H.K. Desai, the Company's
president and chief executive officer. "Second quarter revenues rose
by 41% from the same quarter a year ago and grew 15% sequentially from
the first quarter of fiscal 1999. Much of the expansion in revenues
was attributable to growth in demand for I/O solutions sold to host
computer OEMs, principally manufacturers of servers. Although all of
QLogic's major product sectors expanded in the second quarter, the
revenue contribution from fibre channel, which now exceeds 14% of
revenue, and enclosure management products, provided notable new
sources of incremental growth."
For the first six months of fiscal 1999 ended September 27, 1998,
revenues expanded 37% to $51.8 million, compared to the $37.8 million
reported for the same period a year ago. Including the charge of $1.6
million for the write-off of in-process technology in connection with
the second quarter acquisition of Silicon Design Resources, Inc. and
the related tax effects, net income for the first six months of fiscal
1999 rose to $10.0 million, or $1.09 per share on a diluted basis, an
increase of 89% compared to the same period a year ago. Excluding the
in-process technology charge, the net income would have been $11.1
million, or $1.20 per share on a diluted basis, for the six months
ended September 27, 1998, an increase of 109% compared to the net
income of $5.3 million, or $0.75 per share on a diluted basis,
reported for the same period a year ago.
QLogic Corporation is a leading designer and supplier of
semiconductor and board-level I/O (input/output) products. The
Company's products provide a high performance connection between
computer systems and their attached data storage peripherals, such as
hard disk and tape drives, CD-ROM drives and RAID subsystems. QLogic
provides I/O technology solutions by designing and marketing single
chip controller and adapter board products for both sides of the
computer/peripheral device interlink, or "bus." Historically, the
Company has targeted the high performance sector of the I/O market,
focusing primarily on the small computer system interface (SCSI)
standard. The Company is utilizing its I/O expertise to develop
products for emerging I/O standards such as fibre channel. Fibre
channel is experiencing early industry acceptance as a higher
performance solution that maintains signal integrity while allowing
for increased connectivity between a computer system and its data
storage peripherals.
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