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To: Bob Biersack who wrote (8404)	7/24/2001 4:47:36 PM
From: 2MAR$	Read Replies (1) \| Respond to of 208838

QLogic Q1 profit hits Street target, sales bit light ALISO VIEJO, Calif., July 24 (Reuters) - QLogic Corp. <QLGC.O>, which makes switches to tie together computer storage networks, reported on Tuesday first-quarter profit fell from the previous quarter, but met Wall Street's target, as a slowdown continued to grip the industry. QLogic pro-forma income, before one-time items, rose to $21.9 million, or 23 cents per diluted share, from $20.2 million or 21 cents per share, a year ago. However, the profit fell from $26.6 million, or 28 cents per share, in the previous quarter. Sales rose to $92.1 million for the period ended July 1 from $77.4 million a year ago but fell from the $100.5 million in the previous quarter. Wall Street analysts polled by Thomson Financial/First Call had expected sales of $93 million to $96 million, bringing operating earnings of 22 cents to 24 cents per diluted share, with a consensus estimate of 23 cents. ((Peter Henderson, San Francisco Bureau 415 677-2578 peter.henderson@reuters.com)) REUTERS * end of story *