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To: Jenna who wrote (38586)	5/6/1999 5:12:00 PM
From: Jenna	Respond to of 120523

QLogic Corporation Reports Record Fourth Quarter beat by 5 cents I did not know it was reporting today but it does explain the anticipatory upswing. I was told May 12, guess they couldn't wait to get the news out. COSTA MESA, Calif.--(BUSINESS WIRE)--May 6, 1999--QLogic Corporation (Nasdaq:QLGC - news), a leader in the I/O industry, announced today that revenues for its fourth fiscal quarter ended March 28, 1999 rose to a record $35.1 million, up 54% compared to the $22.7 million reported for the same quarter a year ago. Fourth quarter net income grew 104% to $8.5 million, or a record diluted net income per share of $0.45 compared to the $4.2 million, or diluted net income per share of $0.23 from a year ago. For fiscal 1999, revenues expanded 44% to a record $117.2 million compared to $81.4 million reported for the prior fiscal year. Results for fiscal 1999 included a second quarter 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, net income for fiscal 1999 grew 92% to $25.7 million, or a record diluted net income per share of $1.38. Excluding this charge and the related tax effects, the net income for fiscal 1999 would have grown 100% to $26.8 million, or diluted net income per share of $1.43 from the $13.4 million, or diluted net income per share of $0.83, recorded a year ago. Throughout fiscal 1999, QLogic generated increasingly higher year-over-year revenue gains in each successive quarter. For the year as a whole, revenues expanded at more than twice the 18% growth rate achieved in fiscal 1998. ''QLogic's expanded revenue growth rate reflects the material contribution that we are now achieving with our fibre channel product line,'' noted H.K. Desai, President and Chief Executive Officer of QLogic. While the rate of growth of QLogic's traditional SCSI I/O business, which continued to dominate revenues, remained virtually unchanged from the prior year at 17%, the Company's fibre channel I/O revenue expanded 750% from the fourth quarter of fiscal 1998 to $7.3 million in the fourth quarter of fiscal 1999, and rose to 21% of net revenues.