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QLogic Q4 net income down

Revenue from network products was $25.1m compared to $27.5m in the same quarter in 2008

By CBR Staff Writer

QLogic, a supplier of network infrastructure services, has reported a net income of $19.2m, or $0.16 per diluted share, for the fourth quarter ended March 29, 2009, compared to a net income of $22.76m, or $0.17 per diluted share, for the same period in 2008.

The company has reported net revenues of $130.55m for the fourth quarter of fiscal 2009, compared to $159.72m for the same quarter of fiscal 2008.

QLogic said that for the fiscal year 2009, net revenues were $633.86m, compared to $597.86m for the fiscal 2008. Company’s net income on a GAAP basis was $108.79m, or $0.85 per diluted share, compared to $96.21m, or $0.67 per diluted share, for the fiscal 2008. Non-GAAP net income for fiscal 2009 was $154.2m, or $1.20 per diluted share, and increased from $141.3m or $0.99 per diluted share for fiscal 2008.

HK Desai, CEO at QLogic, said: Despite a tough macroeconomic environment in the second half of the year, QLogic was able to deliver record revenues for fiscal year 2009. As we enter a challenging fiscal 2010, we believe that we have set the appropriate goals and strategies to drive long-term growth in revenues and profitability.

QLogic is enagaged in high performance networking, including adapters, switches and ASICs. Company claims that leading OEMs and channel partners worldwide rely on company’s products for their data, storage and server networking services.

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