QLogic Corporation Reports First Quarter Results

QLogic Corporation , a SAN infrastructure provider, this week announced its financial results for the first fiscal quarter ended July 1, 2001.

According to the company, gross revenues in the first quarter were $92.1 million, up 19% compared to the $77.4 million reported for the same quarter a year ago. First quarter pro forma net income grew 9% to $21.9 million, or $0.23 per share on a diluted basis, compared to the $20.2 million, or $0.21 per share on a diluted basis, recorded a year ago.

QLogic says actual net revenues for the quarter ended July 1, 2001 were $89.9 million, and are net of a $2.2 million sales discount for an adjustment in the value of warrants to Sun Microsystems. The Company’s actual first quarter earnings per share was $0.20 on a diluted basis, compared to $0.21 in the prior year.