QLogic fourth-quarter profit up 60%

By SiliconIndia   |   Wednesday, 30 April 2003, 07:00 Hrs
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CALIFORNIA: Storage area networks equipment company QLogic Corp. (Nasdaq:QLGC) Tuesday said its fourth quarter profit rose 60 percent on market share gains from rivals and increased sales of high-speed Fibre Channel standard equipment.

QLogic reported fourth-quarter net profit of $29.9 million, or 31 cents a share, compared with net income of $18.7 million, or 20 cents a share, a year earlier.

Revenues in the quarter ended March 30 rose to $120.6 million from $92.3 million a year earlier.

QLogic posted earnings before items of 33 cents a share, compared with earnings excluding charges of 22 cents a share a year earlier. The Aliso Viejo, California-based company forecast earnings for the current quarter in the range expected by Wall Street as sales rose 2 percent to 5 percent from the fourth quarter.

The company said it expected earnings per share, excluding charges, to be in a range of 30 cents to 34 cents in the June-ended quarter.

"QLogic has again established new records for quarterly revenue and net income," H.K. Desai, QLogic's chairman, chief executive and president said. "Our total revenues increased 6 percent sequentially and our net income grew 9 percent sequentially."

Desai said the companies revenues from equipment based on the Fibre Channel standard rose 44 percent from a year earlier to $86 million, representing 71 percent of the company's total revenue.

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