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QLogic posts $114 M in Q3
By siliconindia
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Thursday, 16 January 2003, 20:30 IST
ALISO VIEJO: QLogic Corporation, the company that powers storage area networks (SANs), announced today its financial results for the third fiscal quarter ended December 29, 2002.
Revenues for the third quarter were a record $114.2 million, up 5% sequentially from $108.5 million in the September 2002 quarter on a pro forma basis. Fibre Channel revenues were up 7 percent sequentially to a record $80.6 million representing 71 percent of the company's total revenue.
Gross margin was 64.2 percent compared to 63.0 percent in the previous quarter. Third quarter pro forma net income increased 5 percent from the previous quarter to a record $28.5 million, or $0.30 per share on a diluted basis, compared to $27.0 million, or $0.28 per share on a diluted basis.
Revenues for the third quarter of $114.2 million increased 37 percent from the $83.6 million reported in the comparable quarter last year on a pro forma basis. Fibre Channel revenues grew 44% from the $56.1 million recorded in the December 2001 quarter. In addition, Fibre Channel revenues increased as a percentage of the Company's total revenue to 71 percent from 67 percent in the year ago comparable quarter. Third quarter pro forma net income of $28.5 million, or $0.30 per share on a diluted basis, increased 51% from $18.9 million, or $0.20 per share on a diluted basis, in the comparable quarter last year.