QLogic Exceeds Revenue and EPS Guidance for Q2 FY2015

More detailed information on these and additional factors that 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
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited — in thousands, except per share amounts)
 
      Three Months Ended       Six Months Ended
September 28,       September 29, September 28,       September 29,
2014 2013 2014 2013
 
Net revenues $ 127,503 $ 112,622 $ 246,952 $ 225,738
Cost of revenues   52,093   36,313   100,847   72,932
Gross profit   75,410   76,309   146,105   152,806
 
Operating expenses:
Engineering and development 35,480 34,790 73,301 75,177
Sales and marketing 15,453 16,431 31,487 35,844
General and administrative 8,697 7,553 17,597 15,292
Special charges   2,259   4,349   4,803   16,382
Total operating expenses   61,889   63,123   127,188   142,695
 
Operating income 13,521 13,186 18,917 10,111
 
Interest and other income, net   296   25   438   798
 
Income before income taxes 13,817 13,211 19,355 10,909
 
Income taxes   2,807   2,234   2,345   2,982
 
Net income $ 11,010 $ 10,977 $ 17,010 $ 7,927
 
Net income per share:
Basic $ 0.13 $ 0.13 $ 0.19 $ 0.09
Diluted $ 0.12 $ 0.13 $ 0.19 $ 0.09
 
Number of shares used in per share calculations:
Basic 87,914 87,430 87,654 88,288
Diluted 88,102 87,669 88,177 88,720
 
QLOGIC CORPORATION

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

(unaudited — in thousands, except per share amounts)
 
      Three Months Ended       Six Months Ended
September 28,       September 29, September 28,       September 29,
2014 2013 2014 2013
 
GAAP net income $ 11,010 $ 10,977 $ 17,010 $ 7,927
Items excluded from GAAP net income:
Stock-based compensation 4,735 4,818 10,275 12,989
Amortization of acquisition-related intangible assets 4,119 244 8,567 487
Amortization of license fee 695 1,394
Acquisition-related charges 263 1,034
Special charges 2,259 4,349 4,803 16,382

Income tax effects

  (1,066 )   (346 )   (2,582 )   (1,327 )
Total non-GAAP adjustments   11,005     9,065     23,491     28,531  
Non-GAAP net income $ 22,015   $ 20,042   $ 40,501   $ 36,458  
 
Net income per diluted share:
GAAP net income $ 0.12 $ 0.13 $ 0.19 $ 0.09
Adjustments   0.13     0.10     0.27     0.32  

Non-GAAP net income

$ 0.25   $ 0.23   $ 0.46   $ 0.41  
 

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