QLogic Corporation Reports Record Third Quarter Results
COSTA MESA, Calif.--(BUSINESS WIRE)--Jan. 21, 1999--QLogic Corporation (Nasdaq: QLGC - news), a leader in the I/O industry, announced today that revenues for its third fiscal quarter ended December 27, 1998 rose to a record $30.3 million, up 45% compared to the $20.9 million reported for the same quarter a year ago. Net income for the third quarter of fiscal 1999 grew 81% to $7.1 million, or a record $0.76 per share on a diluted basis, compared to the $3.9 million, or $0.43 per share on a diluted basis recorded a year ago.
''Continuing the achievements of the first and second quarters, QLogic's third quarter revenue growth more than doubled over the rate achieved in the comparable period last year,'' noted H.K. Desai, the Company's president and chief executive officer. ''Although business from the SCSI sector continued to grow in the third quarter, most of the expansion in net revenues was attributable to increased demand for fibre channel solutions, which contributed more than 18% of third quarter revenue.''
For the first nine months of fiscal 1999 ended December 27, 1998, revenues expanded 40% to $82.1 million, compared to the $58.7 million reported for the same period a year ago. Net income for the first nine months grew 86% to $17.2 million, or $1.84 per share on a diluted basis, compared to net income of $9.2 million, or $1.19 per share on a diluted basis from a year ago.
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