QLogic Releases Second Quarter 2014 Financial Results
QLogic Corp. has announced its second quarter financial results for the period ended September 28, 2014.
Second Quarter Highlights
- Net revenue: $127.5 million, up 7% sequentially
- GAAP net income: $11.0 million or $0.12 per diluted share
- Non-GAAP net income: $22.0 million, or $0.25 per diluted share, up 19% sequentially
- Operating margin: 10.6% GAAP, 20.1% non-GAAP
- Cash and marketable securities: $276.8 million as of September 28, 2014
- Cash generated from operations: $28.4 million
Net revenue for the second quarter of fiscal 2015 was $127.5 million and increased 13% from $112.6 million in the same quarter last year. Revenue from Advanced Connectivity Platforms was $114.9 million during the second quarter of fiscal 2015 and increased 22% from $94.0 million in the same quarter last year.
The growth of our net revenue in the second quarter was driven by a sequential increase in revenue from Fibre Channel adapters of more than 5% and a sequential increase in revenue from Ethernet products of approximately $5 million.
Net income on a GAAP basis was $11.0 million or $0.12 per diluted share for the second quarter of fiscal 2015 compared to $11.0 million or$0.13 per diluted share for the second quarter of fiscal 2014. Net income on a non-GAAP basis for the second quarter of fiscal 2015 increased 10% to $22.0 million, or $0.25 per diluted share, from $20.0 million, or $0.23 per diluted share, for the second quarter of fiscal 2014.
QLogic also announced today that its board of directors has authorized a program to repurchase up to $100 million of the company’s outstanding common stock over a period of up to 18 months.
“I am very pleased with our financial performance in the second quarter. We delivered both revenue and non-GAAP earnings per diluted share that exceeded the high end of our guidance range. Based on our current execution, compelling product portfolio, and design win and qualification activity, we are well positioned to continue solid revenue and earnings per share performance during the second half of fiscal 2015,” said Prasad Rampalli, president and chief executive officer, QLogic. “The stock repurchase program that we announced today underscores the Board’s ongoing commitment to enhancing shareholder value, as well as our confidence in our long-term business growth prospects and financial outlook.”
