-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EURn6jcjmXeLEmAJx1o/zTrmarXJ1+LNVz1+oKGz9bYQYm97wp6czUp8J64z5Jlp S9P79wpmH0+RbXOtpi+lMA== 0000892569-97-001868.txt : 19970722 0000892569-97-001868.hdr.sgml : 19970722 ACCESSION NUMBER: 0000892569-97-001868 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970717 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970721 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: Q LOGIC CORP CENTRAL INDEX KEY: 0000918386 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 330537669 STATE OF INCORPORATION: DE FISCAL YEAR END: 0330 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23298 FILM NUMBER: 97643159 BUSINESS ADDRESS: STREET 1: 3545 HARBOR BLVD CITY: COSTA MESA STATE: CA ZIP: 92626 BUSINESS PHONE: 7144382200 8-K 1 FORM 8-K FOR PERIOD JULY 17, 1997 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 17, 1997 QLOGIC CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 0-23298 33-0537669 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No) 3545 Harbor Boulevard, Costa Mesa, California 92626 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (714) 438-7200 Not Applicable (Former name or former address, if changed since last report) Page 1 of 8 Exhibit Index on Page 4 2 ITEM 5. OTHER EVENTS On July 17, 1997, QLogic Corporation (the "Company"), issued a press release detailing its first quarter earnings per share. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by this reference. ITEM 7. EXHIBITS Exhibits: 99.1 Press Release dated July 17, 1997. -2- 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. QLOGIC CORPORATION Date: July 18, 1997 By: /S/ THOMAS R. ANDERSON --------------------------------- Thomas R. Anderson Vice President--Finance, Chief Financial Officer -3- 4 EXHIBIT INDEX
Sequential Exhibits Description Page No. -------- ----------- ---------- 99.1 Press release dated 5 July 17, 1997
-4- EX-99.1 2 PRESS RELEASE 1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE Editor's Contact: Thomas R. Anderson Michael R. Manning Vice President, CFO Secretary & Treasurer QLogic Corporation QLogic Corporation Phone: 714/668-5092 Phone: 714/668-5344 Fax: 714/668-5090 Fax: 714/668-5384 QLOGIC CORPORATION REPORTS FIRST QUARTER EARNINGS PER SHARE Costa Mesa, Calif., July 17, 1997 -- QLogic Corporation (Nasdaq:QLGC), a leader in the I/O industry, announced today that revenues for its first fiscal quarter ended June 29, 1997 rose to $18.2 million, up 15.5% compared to the $15.7 million reported for the same quarter a year ago. First quarter net income grew 132% to $2.2 million, or $0.35 per share, compared to the $967,000 or $0.16 per share, reported a year ago. "Growth in demand for QLogic's host computer I/O products continued to drive revenue expansion during the first quarter, with SCSI solutions continuing to dominate our business," noted H.K. Desai, the Company's president and chief executive officer. "In addition, customer interest in QLogic's new fibre channel products has led to a number of evaluation installations of our ISP2100 controller around the world." During the first quarter, the Company recorded further improvements in gross margin and operating margin, largely resulting from favorable product mix and manufacturing efficiencies. The increased profitability of the Company, coupled with improved cash management, allowed the Company's cash position to grow by $4.0 million during the first quarter to $23.1 million. -5- 2 QLogic Corporation is a leading designer and supplier of semiconductor and board-level I/O (input/output) products. The Company's products provide a high performance connection between computer systems and their attached data storage peripherals, such as hard disk and tape drives, CD-ROM drives and RAID subsystems, QLogic provides I/O technology solutions by designing and marketing single chip controller and adapter board products for both sides of the computer/peripheral device interlink, or "bus." Historically, the Company has targeted the high performance sector of the I/O market, focusing primarily on the small computer system interface (SCSI) standard. The Company is utilizing its I/O expertise to develop products for emerging I/O standards such as fibre channel. Fibre channel is experiencing early industry acceptance as a higher performance solution that maintains signal integrity while allowing for increased connectivity between a computer system and its data storage peripherals. With the exception of historical information, the statements set forth above include forward-looking statements that involve risks and uncertainties. The Company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include the Company's ability to develop and produce new technologies; new and changing technologies; a change in semiconductor foundry conditions; fluctuations in the growth of I/O markets; fluctuations or cancellations in orders from OEM customers; the Company's ability to compete effectively with other companies; and cancellation of OEM products associated with design wins. These and other factors which could cause actual results to differ materially from those in the forward-looking statements are also discussed in the Company's filings with the Securities and Exchange Commission, including its recent filings on Form S-3, 10-K and 10-Q. More information on QLogic is available from the Company's SEC filings. Contact QLogic Corporation, 3545 Harbor Blvd., Costa Mesa, CA 92626. Sales 800/662-4471. Corporate 714/438-2200. World Wide Web http://www.qlc.com. -6- 3 QLOGIC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) ASSETS
June 29, 1997 March 30, 1997 ------------- -------------- Current Assets: Cash and cash equivalents ......................................... $23,195 $19,091 Accounts and notes receivable, net ................................ 4,402 5,720 Inventories ....................................................... 5,860 4,794 Deferred income taxes ............................................. 1,834 1,149 Prepaid expenses and other current assets ......................... 467 391 ------ ------ Total current assets ............................................ 35,698 31,145 Property and equipment, net ....................................... 4,811 5,043 Other assets ...................................................... 1,289 775 ------ ------ $41,798 $36,963 ======= ======= LIABILITY AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses ............................. $13,596 $11,109 Current installments of capitalized lease obligations ............. 218 225 ------ ------ Total current liabilities ....................................... 13,814 11,334 Capitalized lease obligations, excluding current installments ..... 301 352 Other Non-current liabilities ..................................... 924 225 Total stockholders' equity ...................................... 26,759 24,353 ------ ------ $41,798 $36,963 ======= =======
-7- 4 QLOGIC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except share and per share data)
June 29 June 30, 1997 1996 ------- ------- Net revenues $18,172 $15,740 Cost of sales 7,840 9,585 Gross profit _______ _______ Operating expenses: Engineering and development 3,528 2,089 Selling and marketing 2,082 1,357 General and administrative 1,355 1,117 _______ ________ Total operating expense 6,965 4,563 _______ ________ Operating income 3,367 1,592 Interest income 292 59 Income before income taxes 3,649 1,651 Income tax provision 1,405 684 _______ ________ Net income $ 2,244 $ 967 ======== ======== Net income per common and equivalent shares 6,353,000 5,894,000 ========= =========
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