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QLogic Announces Preliminary Third Quarter Results For Fiscal Year 2013



  QLogic Announces Preliminary Third Quarter Results For Fiscal Year 2013

     Revenue and Earnings per Share Expected to Exceed Previous Forecast

Business Wire

ALISO VIEJO, Calif. -- January 15, 2013

QLogic Corp. (Nasdaq:QLGC), a leading supplier of high performance network
infrastructure solutions, today announced preliminary results for its third
quarter ended December 30, 2012.

QLogic expects to report net revenue of approximately $119 million for the
third quarter of fiscal 2013. The expected net revenue exceeds the high end of
the previously forecasted third quarter net revenue range of $112 million to
$118 million. The preliminary results were driven by higher than expected
revenue from Host Products and particularly strong performance from Network
Products.

The Company anticipates reporting GAAP income from continuing operations per
diluted share for the third quarter of fiscal 2013 in the range of $0.14 to
$0.15. On a non-GAAP basis, the Company expects to report income from
continuing operations per diluted share in the range of $0.19 to $0.20, above
the previously forecasted range of $0.14 to $0.19 per diluted share. The
non-GAAP income from continuing operations per diluted share amount excludes
stock-based compensation, acquisition-related charges, and the related income
tax effects.

The Company will announce its third quarter financial results for fiscal year
2013 after the close of the market on Thursday, January 24, 2013. Following
the January 24, 2013, press release, QLogic will conduct a conference call at
2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Simon Biddiscombe, president
and chief executive officer, and Jean Hu, 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
(877) 675-4750, pass code: 2146165. 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

QLogic – the Ultimate in Performance

QLogic (Nasdaq: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. 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 and
market trends and our anticipated net revenue and income from continuing
operations per diluted share) 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: unfavorable economic
conditions; 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; 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; the company's ability to
compete effectively with other companies; the complexity of the company's
products; declining average unit sales prices of comparable products; 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; the ability to attract and retain key personnel;
sales fluctuations arising from customer transitions to new products; seasonal
fluctuations and uneven sales patterns in orders from customers; a reduction
in sales efforts by current distributors; changes in the company's tax
provisions or adverse outcomes resulting from examination of its income tax
returns; international economic, currency, regulatory, political and other
risks; facilities of the company and its suppliers and customers are located
in areas subject to natural disasters; the ability to protect proprietary
rights; the ability to satisfactorily resolve any infringement claims;
uncertain benefits from strategic business combinations, acquisitions and
divestitures; declines in the market value of the company's marketable
securities; changes in and compliance with regulations; difficulties in
transitioning to smaller geometry process technologies; the use of "open
source" software in the company's products; and security system risks, data
protection breaches and cyber-attacks.

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 INCOME FROM CONTINUING OPERATIONS PER DILUTED
SHARE PRELIMINARY RESULTS TO NON-GAAP INCOME FROM CONTINUING
OPERATIONS PER DILUTED SHARE PRELIMINARY RESULTS
 
(unaudited)
 
                                                            Three Months Ended
                                                            December 30, 2012
                                                             
GAAP income from continuing operations per diluted
share                                                       $    0.14 – 0.15

preliminary results
Items excluded from GAAP income from continuing
operations per diluted share, including stock-based              0.05
compensation, acquisition-related charges, and the
related income tax effects
Non-GAAP income from continuing operations per              $    0.19 – 0.20
diluted share preliminary results
                                                                  

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 income from continuing operations per
diluted share, on a basis consistent with its historical presentation, to
assist investors in understanding the company’s core income from continuing
operations 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 income from continuing operations 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 income from continuing operations 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.

Contact:

Media Contact:
QLogic Corporation
Steve Sturgeon
858.472.5669
steve.sturgeon@qlogic.com
or
Investor Contact:
QLogic Corporation
Jean Hu
949.389.7579
jean.hu@qlogic.com
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