Third Quarter Highlights
Net income per diluted share: $0.24 GAAP, $0.34 non-GAAP.
Cash generated from operations was $49.9 million.
$371.7 million in cash and marketable securities as of December 28, 2008.
Financial Results
Revenue from Host Products, which are comprised primarily of Fibre Channel and iSCSI host bus adapters and InfiniBand host channel adapters, was $112.2 million during the third quarter of fiscal 2009 compared to $118.9 million in the same quarter last year. Revenue from Network Products, which are consist of chiefly of Fibre Channel and InfiniBand switches, was $32.8 million during the third quarter of fiscal 2009 and increased 18% from $27.8 million in the comparable quarter last year. Revenue from Silicon Products, which are consist of primarily of protocol chips, was $16.5 million during the third quarter of fiscal 2009 and increased 78% from $9.3 million in the comparable quarter last year.
Net income on a GAAP basis for the third quarter of fiscal 2009 consist of stock-based compensation expense, acquisition-related charges, special charges, impairment charges on available-for-sale securities, net gains on trading securities, and the related income tax effects and valuation allowance on deferred tax assets. Net income on a non-GAAP basis for the third quarter of fiscal 2009 was $42.5 million, or $0.34 per diluted share, and increased from $41.0 million, or $0.30 per diluted share for the third quarter of fiscal 2008.
Despite a very challenging macroeconomic environment, QLogic delivered solid financial performance during the third quarter, said H.K. Desai, QLogic’s chief executive officer. We are confident that our technology focus and business strategies are fundamentally sound. We will continue to invest in key development projects and maximize operating efficiencies to drive market leadership and long-term success.
