QLogic Corporation Reports Earnings

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QLogic Corporation the leading SAN infrastructure provider, this week announced its financial results for the fourth fiscal quarter and fiscal year ended April 1, 2001.

Gross revenues in the fourth quarter rose to a record $100.5 million, up 55% compared to the $64.7 million reported for the same quarter a year ago. Fourth quarter pro forma net income grew 55% to $26.6 million, or $0.28 per share on a diluted basis, compared to the $17.1 million, or $0.18 per share on a diluted basis, recorded a year ago.

For the full fiscal year 2001, gross revenues expanded 67% to $362.8 million, compared to $216.9 million for the same period a year ago. Pro forma net income grew 79% to $97.7 million, or $1.03 per share on a diluted basis, compared to the $54.4 million, or $0.59 per share recorded on a pro forma basis a year ago.
Actual net revenues for the quarter ending April 1, 2001 were $99.7 million, and are net of a $0.9 million sales discount for an adjustment in the value of warrants to Sun Microsystems (See Note (1) to the accompanying condensed consolidated financial statements).

Actual net revenues for fiscal 2001 amounted to $357.5 million, net of $5.2 million in sales discounts related to the Sun warrant agreement. Taking into effect these discounts, and other items excluded in pro forma results, the Company’s actual earnings per share in the fourth quarter are $0.27 on a diluted basis, compared to $0.12 in the prior year. The Company’s actual full year earnings per share was $0.72 on a diluted basis, compared to $0.52 in the prior year.

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