… QLogic: Fiscal 3Q11 Financial Results
Highest quarterly operating income in last two years
This is a Press Release edited by StorageNewsletter.com on February 7, 2011 at 2:57 pm| in US$ millions) | 3Q10 | 3Q11 | 9 mo. 10 | 9 mo. 11 |
| Revenues | 149.1 | 155.8 |
403.4 | 444.9 |
| Growth | 4% | 10% | ||
| Net income (loss) | 28.6 | 50.3 | 59.8 | 105.8 |
QLogic Corp. announced its third quarter financial results for the period ended December 26, 2010.
Third Quarter Highlights
- Net revenue: $155.8 million
- GAAP net income: $50.3 million or $0.47 per diluted share
- Non-GAAP net income: $57.2 million or $0.53 per diluted share
- Operating margin: 26.0% GAAP, 32.2% non-GAAP
- Cash generated from operations: $60.0 million
- Cash and investment securities: $343.2 million as of December 26, 2010
Financial Results
Net revenue for the third quarter of fiscal 2011 was $155.8 million and increased 4% from $149.1 million in the same quarter last year. Revenue from Host Products was $113.5 million during the third quarter of fiscal 2011 and increased 3% from $110.4 million in the same quarter last year. Revenue from Network Products was $28.9 million during the third quarter of fiscal 2011 and increased 6% from $27.4 million in the same quarter last year. Revenue from Silicon Products was $10.6 million during the third quarter of fiscal 2011 and increased 23% from $8.7 million in the same quarter last year.
Net income on a GAAP basis for the third quarter of fiscal 2011 increased to $50.3 million, or $0.47 per diluted share, from $28.6 million, or $0.25 per diluted share, for the third quarter of fiscal 2010. Net income on a non-GAAP basis for the third quarter of fiscal 2011 increased to $57.2 million, or $0.53 per diluted share, from $36.2 million, or $0.31 per diluted share, for the third quarter of fiscal 2010. The GAAP and non-GAAP net income per diluted share amounts for the third quarter of fiscal 2011 include the benefits associated with the retroactive reinstatement of the federal research tax credit and other third-quarter specific income tax items, which contributed $0.13 to net income per diluted share.
"We are very pleased with our strong financial performance in the third quarter. We experienced solid sequential revenue growth for both our Host and Network Products. In addition, we achieved our highest quarterly operating income in the last two years as a result of our strong gross margin performance and careful operating expense management," said Simon Biddiscombe, president and chief executive officer, QLogic. "Based on our accomplishments and execution against our strategies, we believe we will capitalize on the significant incremental opportunities in the rapidly expanding high performance data center connectivity market."
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