COMPANY PRESS RELEASE: QLogic Corporation the only end-to-end storage network infrastructure provider, has announced its financial results for the third fiscal quarter ended December 30, 2001.
Gross revenues in the third quarter were $83.6 million, down 14% compared to the $97.2 million reported for the same quarter a year ago, but up 2% sequentially from the September 2001 quarter.Third quarter pro forma net income decreased 29% to $18.9 million, or $0.20 per share on a diluted basis, compared to the $26.9 million, or $0.28 per share on a diluted basis, recorded a year ago.
Net revenues on a GAAP basis for the quarter ended December 30, 2001 were $82.6 million, and are net of a $1.0 million sales discount for warrants issued to Sun Microsystems.The Company’s third quarter earnings per share recorded on a GAAP basis were $0.18 on a diluted basis, compared to $0.26 in the prior year.
For the first nine months of fiscal 2002, gross revenues were down 2% to $257.4 million, compared to $262.2 million for the same period a year ago.Pro forma net income for the first nine months of fiscal 2002 decreased 18% to $58.5 million, or $0.62 per share on a diluted basis, compared to the $71.0 million or $0.75 per share recorded on a pro forma basis for the same period a year ago.
Results from this past quarter have been very encouraging, said H.K. Desai, the company’s chairman, CEO and president. Our strategy of addressing diverse markets is allowing the Company to remain highly profitable, yet allowing us to invest in the necessary infrastructure to support long term growth.