To: Douglas Nordgren who wrote (983 ) 1/21/1999 5:33:00 PM From: Douglas Nordgren Respond to of 4808
QLGC Reports Record 3Q, FC 18% of Revenuebiz.yahoo.com 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. QLogic Corporation is a leading designer and supplier of semiconductor and board-level I/O (input/output) and enclosure management products. The Company's products provide high-performance interface connections between computer systems and their attached data storage peripherals, such as hard disk drives, tape drives and RAID subsystems. In addition, QLogic provides enclosure management products that monitor and communicate management information related to components that are critical to computer system and storage subsystem reliability and availability. QLogic's highly integrated, fully featured solutions are targeted at the computer system, storage device and storage subsystem marketplaces. The Company believes that its I/O and enclosure management solutions encompass one of the industry's broadest ranges of fibre channel and SCSI technologies, and offer OEM customers a simple, low risk migration path between technologies.