Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: w2j2 who wrote (27531)	7/19/2000 4:39:17 PM
From: Nine_USA	Read Replies (1) \| Respond to of 29386

QLGC results: Wednesday July 19, 4:30 pm Eastern Time Company Press Release Qlogic Corporation Reports Record First Quarter Results COSTA MESA, Calif.--(BUSINESS WIRE)--July 19, 2000--QLogic Corporation (Nasdaq:QLGC - news), a leader in the I/O industry, announced today that revenues for its first fiscal quarter ended July 2, 2000, rose to a record $68.3 million, up 58% compared to the $43.2 million reported for the same quarter a year ago. First quarter net income grew 83% to $21.1 million, or $0.27 per share on a diluted basis, compared to the $11.5 million, or $0.15 per share on a diluted basis, recorded a year ago. During the first quarter, QLogic recorded expanded revenues across each of its Fibre Channel and SCSI I/O product lines. ``Fibre Channel revenues continued to outpace the rest of our I/O business in the first quarter, expanding 204% from a year ago to $28.4 million, or 42% of total revenue. Sequentially, Fibre Channel revenues grew 30%,'' said H.K. Desai, the Company's Chairman, CEO and President. ``In addition, growth in our traditional SCSI business grew 20% from a year ago, resulting in part from OEM launches of new peripheral products.'' On May 8, 2000 QLogic announced that it had entered into an agreement to merge with Ancor Communications, Incorporated (NASDAQ: ANCR - news), a leading provider of Fibre Channel switches. Under the terms of the agreement, which have been unanimously approved by the Board of Directors of both companies, QLogic will exchange 0.5275 shares of common stock for each share of Ancor common stock. Both the Federal Trade Commission and the Department of Justice have granted early termination of the Hart-Scott-Rodino waiting period for the acquisition. The companies previously announced that meetings of their respective stockholders to consider the transaction will be held on August 1, 2000.