Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - QLOGIC CORP | a54827e8vk.htm |
Exhibit 99.1
Media Contact:
Steve Zivanic
QLogic Corporation
408.667.8039
steve.zivanic@qlogic.com
Steve Zivanic
QLogic Corporation
408.667.8039
steve.zivanic@qlogic.com
Investor Contact:
Simon Biddiscombe
QLogic Corporation
949.389.7533
simon.biddiscombe@qlogic.com
Simon Biddiscombe
QLogic Corporation
949.389.7533
simon.biddiscombe@qlogic.com
QLogic Announces Preliminary Third Quarter Results
for Fiscal Year 2010
for Fiscal Year 2010
Final Results to be Announced on Tuesday, January 26
ALISO VIEJO, Calif., January 12, 2010—QLogic Corp. (NSDQ:QLGC), a leading supplier of high
performance network infrastructure solutions, today announced preliminary results for its third
quarter ended December 27, 2009.
QLogic expects to report net revenue in the range of
$147 million to $149 million for the third
quarter of fiscal year 2010, which represents a sequential increase
of approximately 12 percent to
13 percent from the net revenue of $131.5 million for the second quarter of fiscal 2010. The
updated expected net revenue exceeds the previously forecasted third quarter net revenue range of
$134 million to $140 million.
“We are very pleased with our strong financial performance in the third quarter,” said H.K. Desai,
chief executive officer, QLogic. “Our revenue performance was driven by strong sequential growth
for our Host Products compared to the second quarter of fiscal 2010.”
The Company anticipates reporting GAAP net income per diluted share for the third quarter of
fiscal 2010 in the range of $0.23 to $0.24. On a non-GAAP basis, the Company expects to report net
income per diluted share of $0.29 to $0.30, compared to the previously forecasted range of $0.22
to $0.24 per diluted share. The non-GAAP net income per diluted share amounts exclude stock-based
compensation, acquisition-related charges, and the related income tax effects.
The Company will announce its third quarter
financial results for fiscal year 2010 after the close
of the market on Tuesday, January 26, 2010. Following the press release, QLogic will conduct a
conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). H.K. Desai, chief executive
officer, and Simon Biddiscombe, senior vice president and chief financial officer, will host the
call, which will be webcast live at http://ir.qlogic.com and www.earnings.com. Phone access will
be available at (719) 325-4876, pass code: 9984683. A replay of the conference call will be
available via webcast at http://ir.qlogic.com for twelve months.
Non-GAAP Financial Measurements
QLogic uses certain non-GAAP financial measures to supplement financial statements based on GAAP.
A summary of the non-GAAP financial measure presented herein and a reconciliation of this non-GAAP
financial measure to the most directly comparable GAAP financial measure, as well as a description
of the reasons that management believes that this non-GAAP financial measure provides useful
information
to investors and the additional purposes for which management uses this non-GAAP
financial measure is presented in the accompanying financial schedule.
Follow QLogic @ twitter.com/qlogic
About QLogic
QLogic (NSDQ:QLGC) is a global leader and technology innovator in high performance networking,
including adapters, switches and ASICs. Leading OEMs and channel partners worldwide rely on QLogic
products for their data, storage and server networking solutions. QLogic is a NASDAQ Global Select
company and is included in the S&P 500. For more information, visit www.qlogic.com.
Disclaimer — Forward Looking Statements
This press release contains statements relating to future results of the company (including
certain beliefs and projections regarding business trends) that are “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements
are subject to risks and uncertainties that could cause actual results to differ materially from
those projected or implied in the forward-looking statements. The company advises readers that
these potential risks and uncertainties include, but are not limited to: declines in information
technology spending levels; potential fluctuations in operating results; gross margins that may
vary over time; the stock price of the company may be volatile; the company’s dependence on the
networking markets served; potential adverse effects of server virtualization technology on the
company’s business; potential adverse effects of increased market acceptance of blade servers; the
ability to maintain and gain market or industry acceptance of the company’s products; the company’s
dependence on a small number of customers; seasonal fluctuations and uneven sales patterns in
orders from customers; the company’s ability to compete effectively with other companies; declining
average unit sales prices of comparable products; a reduction in sales efforts by current
distributors; the company’s dependence on sole source and limited source suppliers; the company’s
dependence on relationships with certain third-party subcontractors and contract manufacturers;
declines in the market value of the company’s investment securities; the complexity of the
company’s products; sales fluctuations arising from customer transitions to new products; changes
in the company’s tax provisions or adverse outcomes resulting from examination of its income tax
returns; environmental compliance costs; international economic, regulatory, political and other
risks; uncertain benefits from strategic business combinations; the ability to attract and retain
key personnel; difficulties in transitioning to smaller geometry process technologies; the ability
to protect proprietary rights; the ability to satisfactorily resolve any infringement claims;
reliance on third party technology; the use of “open source” software in the company’s products;
changes in regulations or standards regarding energy use of the company’s products; computer
viruses and other tampering with the company’s computer systems; and facilities of the company and
its suppliers and customers are located in areas subject to natural disasters.
More detailed information on these and additional factors which could affect the company’s
operating and financial results are described in the company’s Forms 10-K, 10-Q and other reports
filed, or to be filed, with the Securities and Exchange Commission. The company urges all
interested parties to read these reports to gain a better understanding of the business and other
risks that the company faces. The forward-looking statements contained in this press release are
made only as of the date hereof, and the company does not intend to update or revise these
forward-looking statements, whether as a result of new information, future events or otherwise.
QLogic and the QLogic logo are registered trademarks of QLogic Corporation. Other trademarks and
registered trademarks are the property of the companies with which they are associated.
QLOGIC CORPORATION
RECONCILIATION OF GAAP NET INCOME PER DILUTED SHARE PRELIMINARY RESULTS
TO NON-GAAP NET INCOME PER DILUTED SHARE PRELIMINARY RESULTS
TO NON-GAAP NET INCOME PER DILUTED SHARE PRELIMINARY RESULTS
(unaudited)
| Three Months Ended | ||
| December 27, 2009 | ||
GAAP net income per diluted share preliminary results
|
$0.23 — 0.24 | |
Items excluded from GAAP net income per diluted share,
including stock-based compensation, acquisition-related
charges, and the related income tax effects
|
0.06 | |
Non-GAAP net income per diluted share preliminary results
|
$0.29 — 0.30 | |
Non-GAAP Financial Measures
The non-GAAP financial measure contained herein is a supplement to the corresponding financial
measure prepared in accordance with generally accepted accounting principles (GAAP). The non-GAAP
financial measure presented excludes the items summarized in the above table. Management believes
that adjustments for these items assist investors in making comparisons of period-to-period
operating results and that these items are not indicative of the company’s on-going core operating
performance.
The company has presented non-GAAP net income per diluted share, on a basis consistent with its
historical presentation, to assist investors in understanding the company’s core net income per
diluted share on an on-going basis. This non-GAAP financial measure may also assist investors in
making comparisons of the company’s core net profitability with historical periods and comparisons
of the company’s core net profitability with the corresponding results for competitors. Management
believes that non-GAAP net income per diluted share is an important measure in the evaluation of
the company’s profitability. This non-GAAP financial measure excludes the adjustments described in
the above table, and thus provides an overall measure of the company’s on-going net profitability
on a diluted per share basis.
Management uses non-GAAP net income per diluted share in its evaluation of the company’s core
after-tax results of operations and trends between fiscal periods and believes that this measure is
an important component of its internal performance measurement process. In addition, the company
prepares and maintains its budgets and forecasts for future periods on a basis consistent with this
non-GAAP financial measure. Management believes that providing this non-GAAP financial measure
allows investors to view the company’s financial results in the way that management views the
financial results.
The non-GAAP financial measure presented herein has certain limitations in that it does not reflect
all of the costs associated with the operations of the company’s business as determined in
accordance with GAAP. Therefore, investors should consider this non-GAAP financial measure in
addition to, and not as a substitute for, or as superior to, measures of financial performance
prepared in accordance with GAAP. The non-GAAP financial measure presented by the company may be
different from the non-GAAP financial measures used by other companies.
For additional information on the items excluded from the non-GAAP financial measure presented and
why the company believes that this non-GAAP financial measure provides useful supplemental
information to investors, the company refers you to the Form 8-K regarding this release filed today
with the Securities and Exchange Commission.