Financial

posted on 22 July 2008 16:09

QLogic reported a strong first quarter for the period ending June 29, 2008, with revenues of $168.4 million, up 20 percent on the year ago figure of $139.8 million.

GAAP net income was $31.6 million ($0.24/share) compared to the year-ago quarter's $19.0 million ($0.12/share).

The company has three product ranges:

- Host products (HBAs) revenue increased from $104.2 million a year ago to $120.7 million,up 16 percent.
- Network products (switches) revenues rose 22 percent to $29.9 million from $24.5 million.
- Silicon products revenues were $15.6 million, a massive 62 percent rise on the equivalent 2007 number: $9.6 million.

QLogic CEO H.K. Desai said: "We are very pleased with our strong financial performance and the achievement of record revenue during the first quarter. Our strong revenue performance was driven by sequential growth of 9% for both our Host Products and Network Products from the fourth quarter of fiscal 2008."

QLogic expects revenues for the second 2008 quarter to be $168-$172M. In FY2009 QLogic expects Host Products to grow in the high-single digit growth for its host products. It foresees growth in the mid 20 percent area for Network and Silicon products.

This performance compares positively for QLogic compared to that of HBA competitor Emulex.

^{[Chris Mellor.]}