Gross revenues in the second quarter were $81.7 million, down 7% compared to the $87.6 million reported for the same quarter a year ago. Second quarter pro forma net income decreased 26% to $17.8 million, or $0.19 per share on a diluted basis, compared to the $24.0 million, or $0.25 per share on a diluted basis, recorded a year ago.
Actual net revenues for the quarter ended September 30, 2001 were $80.9 million, and are net of a $0.9 million sales discount for warrants issued to Sun Microsystems. The Company’s actual second quarter earnings per share were $0.17 on a diluted basis, compared to a one cent loss per share in the prior year.
For the first six months of fiscal 2002, gross revenues expanded 5% to $173.8 million, compared to $165.0 million for the same period a year ago. Pro forma net income for the first six months of fiscal 2002 decreased 10% to $39.7 million, or $0.42 per share on a diluted basis, compared to the $44.2 million or $0.47 per share recorded on a pro forma basis for the same period a year ago.
Demand for Fibre Channel solutions grew sequentially during the second quarter, partially offsetting weakness in the SCSI business. Fibre Channel revenues accounted for 70% of total revenues, compared to 61% in Q1 of this year.
We are pleased with our performance this past quarter said H.K. Desai, the company’s chairman, CEO and president. Despite the current economic downturn, QLogic has continued to grow revenue in Fibre Channel, our key strategic market segment.
The Company’s balance sheet was highlighted by a strong rise in cash and investments, ending the quarter with $420.5 million compared to $379.7 million at July 1, 2001.
