QLogic: Fiscal 1Q13 Financial Results

QLogic Corp. announced its first quarter financial results for the period ended July 1, 2012.

First Quarter Highlights

• Net revenue: $130.4 million
• GAAP income from continuing operations: $18.4 million or $0.19 per diluted share
• Non-GAAP income from continuing operations: $25.3 million or $0.26 per diluted share
• Operating margin: 15.4% GAAP, 22.7% non-GAAP
• Cash and marketable securities: $496.3 million as of July 1, 2012
• Cash generated from operations: $27.0 million

Financial Results
Net revenue for the first quarter of fiscal 2013 was $130.4 million compared to $144.5 million in the same quarter last year. Revenue from Host Products was $101.0 million during the first quarter of fiscal 2013 compared to $108.9 million in the same quarter last year. Revenue from Network Products was $19.5 million during the first quarter of fiscal 2013 compared to $18.7 million in the same quarter last year. Revenue from Silicon Products was $9.8 million during the first quarter of fiscal 2013 compared to $16.8 million in the same quarter last year.

Income from continuing operations on a GAAP basis for the first quarter of fiscal 2013 was $18.4 million, or $0.19 per diluted share, compared to $34.2 million, or $0.32 per diluted share, for the first quarter of fiscal 2012. Income from continuing operations on a non-GAAP basis for the first quarter of fiscal 2013 was $25.3 million, or $0.26 per diluted share, compared to $41.2 million, or $0.39 per diluted share, for the first quarter of fiscal 2012.

"Despite the challenges and uncertainty within the global macroeconomic environment, we delivered revenues of $130.4 million," said Simon Biddiscombe, president and CEO, QLogic. "We remain committed to our strategy of Adaptive Convergence and will continue to focus on the execution of our goals of driving long-term growth in revenues and profitability."