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): October 16, 2014
QLOGIC CORPORATION
(Exact name of registrant as specified in its charter)
Delaware | 0-23298 | 33-0537669 | ||
(State of incorporation) | (Commission File Number) |
(IRS Employer Identification No.) |
26650 Aliso Viejo Parkway, Aliso Viejo, California | 92656 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (949) 389-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
On October 16, 2014, the Company reported the financial results for its second fiscal quarter ended September 28, 2014. A copy of the press release issued by the Company concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information contained herein and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing. The information in this report, including Exhibit 99.1 hereto, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that section.
Discussion of Non-GAAP Financial Measures
In addition to the results presented on a generally accepted accounting principles (GAAP) basis in the press release included in Exhibit 99.1, the Company has also included certain non-GAAP financial measures. These non-GAAP financial measures include non-GAAP net income and non-GAAP net income per diluted share.
The Company believes that these supplemental non-GAAP financial measures, when presented in conjunction with the corresponding GAAP financial measures, provide useful information to investors and management regarding financial and business trends relating to its results of operations. However, non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Companys business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP.
The Company has presented non-GAAP net income and non-GAAP net income per diluted share, on a basis consistent with its historical presentation, to assist investors in understanding the Companys core net income and core net income per diluted share on an on-going basis. These non-GAAP financial measures may also assist investors in making comparisons of the Companys core profitability with historical periods. Although the non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies, the Company believes that these non-GAAP financial measures may also assist investors in making comparisons of the Companys core profitability with the corresponding results for its competitors. Management also believes that non-GAAP net income and non-GAAP net income per diluted share are important measures in the evaluation of the Companys profitability.
Management uses non-GAAP net income and non-GAAP net income per diluted share in its evaluation of the Companys core after-tax results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. In addition, the Company prepares and maintains its budgets and forecasts for future periods on a basis consistent with these non-GAAP financial measures. Management believes that providing these non-GAAP financial measures allows investors to view the Companys financial results in the way that management views the financial results.
The Company excludes the following items from its non-GAAP financial measures:
Stock-based compensation. Stock-based compensation consists of expenses associated with stock options and restricted stock units granted by the Company and purchases of common stock under the Companys Employee Stock Purchase Plan. Stock-based compensation is a non-cash expense that varies in amount from period to period as a result of factors that are difficult to predict and are generally outside the control of the Company, such as the market price and associated volatility of the Companys common stock. Accordingly, management believes these expenses are not reflective of the Companys core operating expenses and excludes them when assessing its core operating results and from its internal budgets and forecasts.
Amortization of acquisition-related intangible assets. In connection with acquisitions, the Company records purchased intangible assets which are amortized over their estimated useful lives. The amortization is a non-cash expense which is not considered by management when assessing the core operating results of the Company. The acquisition-related intangible assets and the related amortization can vary significantly based on the size and frequency of acquisitions.
Amortization of license fee. The Company entered into a patent license agreement that covers certain products in exchange for a one-time payment. The cost of the license attributable to future periods is amortized over the license term. This license is an infrequent and unusual transaction that management does not believe is directly related to its core operating performance. The amortization of the license fee is a non-cash expense which is not considered by management when assessing the core operating results of the Company. Management excludes such amortization expense when evaluating internal performance and believes that exclusion of this expense is useful to investors in evaluating the performance of its ongoing operations between fiscal periods and relative to its competitors.
Acquisition-related charges. Acquisition-related charges include the amortization of acquired inventory valuation step-up resulting from fair value adjustments required under purchase accounting for business combinations. Management believes these charges are unrelated to the Companys core business and does not consider these costs when assessing the core operating results of the Company.
Special charges. Special charges include exit costs, asset impairments and other costs. The exit costs include severance and related costs associated with involuntarily terminated employees, the estimated costs associated with the portion of a facility under a non-cancelable lease that the Company ceased using and other related charges. Management believes these charges are unrelated to the Companys core business and does not consider these special charges when assessing the core operating results of the Company.
Income tax effects. Income tax expense is adjusted by the difference in the amount of tax expense that would result from the use of the non-GAAP results instead of the GAAP results when calculating the Companys tax expense, as well as the effects of any valuation allowance adjustments related to deferred tax assets. Management believes changes in valuation allowances related to the Companys deferred tax assets associated with non-core assets (i.e., investment securities, state tax credits and net operating loss carryforwards) are unrelated to the Companys core business. Accordingly, management does not consider changes in valuation allowances related to such deferred tax assets when assessing the core operating results of the Company.
Each of the foregoing items has been excluded from the non-GAAP financial measures presented by the Company. Management believes that such exclusion is appropriate since these items are not reflective of the Companys core operating activities and thus excludes them from their internal budgets and forecasts, as well as their assessment of core operating performance.
Item 8.01 Other Events
On October 16, 2014, the Company announced that its board of directors authorized a program to repurchase up to $100 million of the Companys outstanding common stock over a period of up to 18 months. Stock will be purchased from time to time, in the open market or through private transactions, subject to market conditions. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including the Companys stock price, corporate and regulatory requirements and other market and economic conditions.
Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
99.1 | Press Release*, dated October 16, 2014, reporting the financial results of QLogic Corporation for its second fiscal quarter ended September 28, 2014. |
* | The press release is being furnished pursuant to Item 9.01, and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. |
SIGNATURES
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 hereunto duly authorized.
QLOGIC CORPORATION | ||
October 16, 2014 | /s/ Jean Hu | |
Jean Hu | ||
Senior Vice President and | ||
Chief Financial Officer |
EXHIBIT INDEX
Exhibit |
Description of Document | |
99.1 | Press Release, dated October 16, 2014, reporting the financial results of QLogic Corporation for its second fiscal quarter ended September 28, 2014. |
Exhibit 99.1
Media Contact:
Steve Sturgeon
QLogic Corporation
858.472.5669
steve.sturgeon@qlogic.com
Investor Contact:
Doug Naylor
QLogic Corporation
949.542.1330
doug.naylor@qlogic.com
QLOGIC EXCEEDS REVENUE AND EPS GUIDANCE FOR Q2 FY2015
Announces Approval of a $100 million Stock Repurchase Program
ALISO VIEJO, Calif., October 16, 2014QLogic Corp. (Nasdaq:QLGC), a leading supplier of high performance network infrastructure solutions, today 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 companys 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 Boards ongoing commitment to enhancing shareholder value, as well as our confidence in our long-term business growth prospects and financial outlook.
QLogic uses certain non-GAAP financial measures to supplement financial statements based on GAAP. A summary of these non-GAAP financial measures and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure, as well as a description of the reasons that management believes that these non-GAAP financial measures provide useful information to investors and the additional purposes for which management uses these non-GAAP financial measures, is presented in the accompanying financial schedules.
QLogics second quarter fiscal 2015 conference call is scheduled for today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Prasad Rampalli, president and chief executive officer, and Jean Hu, senior vice president and chief financial officer, will host the conference call. The call is being webcast live via the Internet at http://ir.qlogic.com and will include certain prepared materials. Phone access to participate in the conference call is available at (888) 539-3612, pass code: 5088706.
The financial information and the prepared materials that the company intends to discuss during the conference call will be available on the companys website at http://ir.qlogic.com for twelve months following the conference call. A replay of the webcast will be available at http://ir.qlogic.com for twelve months.
Follow QLogic @ twitter.com/qlogic
QLogic the Ultimate in Performance
QLogic (Nasdaq:QLGC) is a global leader and technology innovator in high performance server and storage networking connectivity products. Leading OEMs and channel partners worldwide rely on QLogic for their server and storage networking solutions. For more information, visit www.qlogic.com.
Disclaimer Forward-Looking Statements
This press release contains statements relating to future results of the company (including certain beliefs and projections regarding business and market trends, as well as our confidence in our long-term business growth prospects and financial outlook and belief that we are well positioned to continue solid revenue and earnings per share performance during the second half of fiscal 2015) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied in the forward-looking statements. The company advises readers that these potential risks and uncertainties include, but are not limited to: potential fluctuations in operating results; gross margins that may vary over time; unfavorable economic conditions; the stock price of the company may be volatile; the companys dependence on the networking markets served; the ability to maintain and gain market or industry acceptance of the companys products; the companys dependence on a small number of customers; the companys ability to compete effectively with other companies; uncertain benefits from strategic business combinations, acquisitions and divestitures; the ability to attract and retain key personnel; the complexity of the companys products; declining average unit sales prices of comparable products; the companys dependence on sole source and limited source suppliers; the companys dependence on relationships with certain third-party subcontractors and contract manufacturers; sales fluctuations arising from customer transitions to new products; seasonal fluctuations and uneven sales patterns in orders from customers; changes in the companys tax provisions or adverse outcomes resulting from examination of its income tax returns; international economic, currency, regulatory,
political and other risks; facilities of the company and its suppliers and customers are located in areas subject to natural disasters; the ability to protect proprietary rights; the ability to satisfactorily resolve any infringement claims; a reduction in sales efforts by current distributors; declines in the market value of the companys marketable securities; changes in and compliance with regulations; difficulties in transitioning to smaller geometry process technologies; the use of open source software in the companys products; system security risks, data protection breaches and cyber-attacks; and the companys ability to borrow under its credit agreement is subject to certain covenants.
More detailed information on these and additional factors that could affect the companys operating and financial results are described in the companys Forms 10-K, 10-Q and other reports filed, or to be filed, with the Securities and Exchange Commission. The company urges all interested parties to read these reports to gain a better understanding of the business and other risks that the company faces. The forward-looking statements contained in this press release are made only as of the date hereof, and the company does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
QLogic and the QLogic logo are registered trademarks of QLogic Corporation. Other trademarks and registered trademarks are the property of the companies with which they are associated.
QLOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited in thousands, except per share amounts)
Three Months Ended | Six Months Ended | |||||||||||||||
September 28, 2014 |
September 29, 2013 |
September 28, 2014 |
September 29, 2013 |
|||||||||||||
Net revenues |
$ | 127,503 | $ | 112,622 | $ | 246,952 | $ | 225,738 | ||||||||
Cost of revenues |
52,093 | 36,313 | 100,847 | 72,932 | ||||||||||||
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Gross profit |
75,410 | 76,309 | 146,105 | 152,806 | ||||||||||||
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Operating expenses: |
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Engineering and development |
35,480 | 34,790 | 73,301 | 75,177 | ||||||||||||
Sales and marketing |
15,453 | 16,431 | 31,487 | 35,844 | ||||||||||||
General and administrative |
8,697 | 7,553 | 17,597 | 15,292 | ||||||||||||
Special charges |
2,259 | 4,349 | 4,803 | 16,382 | ||||||||||||
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Total operating expenses |
61,889 | 63,123 | 127,188 | 142,695 | ||||||||||||
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Operating income |
13,521 | 13,186 | 18,917 | 10,111 | ||||||||||||
Interest and other income, net |
296 | 25 | 438 | 798 | ||||||||||||
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Income before income taxes |
13,817 | 13,211 | 19,355 | 10,909 | ||||||||||||
Income taxes |
2,807 | 2,234 | 2,345 | 2,982 | ||||||||||||
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Net income |
$ | 11,010 | $ | 10,977 | $ | 17,010 | $ | 7,927 | ||||||||
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Net income per share: |
||||||||||||||||
Basic |
$ | 0.13 | $ | 0.13 | $ | 0.19 | $ | 0.09 | ||||||||
Diluted |
$ | 0.12 | $ | 0.13 | $ | 0.19 | $ | 0.09 | ||||||||
Number of shares used in per share calculations: |
||||||||||||||||
Basic |
87,914 | 87,430 | 87,654 | 88,288 | ||||||||||||
Diluted |
88,102 | 87,669 | 88,177 | 88,720 |
QLOGIC CORPORATION
RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP NET INCOME
(unaudited in thousands, except per share amounts)
Three Months Ended | Six Months Ended | |||||||||||||||
September 28, 2014 |
September 29, 2013 |
September 28, 2014 |
September 29, 2013 |
|||||||||||||
GAAP net income |
$ | 11,010 | $ | 10,977 | $ | 17,010 | $ | 7,927 | ||||||||
Items excluded from GAAP net income: |
||||||||||||||||
Stock-based compensation |
4,735 | 4,818 | 10,275 | 12,989 | ||||||||||||
Amortization of acquisition-related intangible assets |
4,119 | 244 | 8,567 | 487 | ||||||||||||
Amortization of license fee |
695 | | 1,394 | | ||||||||||||
Acquisition-related charges |
263 | | 1,034 | | ||||||||||||
Special charges |
2,259 | 4,349 | 4,803 | 16,382 | ||||||||||||
Income tax effects |
(1,066 | ) | (346 | ) | (2,582 | ) | (1,327 | ) | ||||||||
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Total non-GAAP adjustments |
11,005 | 9,065 | 23,491 | 28,531 | ||||||||||||
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Non-GAAP net income |
$ | 22,015 | $ | 20,042 | $ | 40,501 | $ | 36,458 | ||||||||
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Net income per diluted share: |
||||||||||||||||
GAAP net income |
$ | 0.12 | $ | 0.13 | $ | 0.19 | $ | 0.09 | ||||||||
Adjustments |
0.13 | 0.10 | 0.27 | 0.32 | ||||||||||||
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Non-GAAP net income |
$ | 0.25 | $ | 0.23 | $ | 0.46 | $ | 0.41 | ||||||||
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Non-GAAP Financial Measures
The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with generally accepted accounting principles (GAAP). The non-GAAP financial measures presented exclude the items summarized in the above table. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results and that these items are not indicative of the companys on-going core operating performance.
The company has presented non-GAAP net income and non-GAAP net income per diluted share, on a basis consistent with its historical presentation, to assist investors in understanding the companys core net income and core net income per diluted share on an on-going basis. These non-GAAP financial measures may also assist investors in making comparisons of the companys core net profitability with historical periods and comparisons of the companys core net profitability with the corresponding results for competitors. Management believes that non-GAAP net income and non-GAAP net income per diluted share are important measures in the evaluation of the companys profitability. These non-GAAP financial measures exclude the adjustments described in the above table, and thus provide an overall measure of the companys on-going net profitability and related profitability on a per diluted share basis.
Management uses non-GAAP net income and non-GAAP net income per diluted share in its evaluation of the companys core after-tax results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. In addition, the company prepares and maintains its budgets and forecasts for future periods on a basis consistent with these non-GAAP financial measures. Management believes that providing these non-GAAP financial measures allows investors to view the companys financial results in the way that management views the financial results.
The non-GAAP financial measures presented herein have certain limitations in that they do not reflect all of the costs associated with the operations of the companys business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the company may be different from the non-GAAP financial measures used by other companies.
For additional information on the items excluded from the non-GAAP financial measures and why the company believes that these non-GAAP financial measures provide useful supplemental information to investors, the company refers you to the Form 8-K regarding this release filed today with the Securities and Exchange Commission.
A summary of the non-GAAP adjustments presented in the table above by the financial statement line impacted is as follows:
(unaudited in thousands) | Three Months Ended | Six Months Ended | ||||||||||||||
September 28, 2014 |
September 29, 2013 |
September 28, 2014 |
September 29, 2013 |
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Non-GAAP Adjustments: |
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Cost of revenues: |
||||||||||||||||
Stock-based compensation |
$ | 258 | $ | 239 | $ | 613 | $ | 823 | ||||||||
Amortization of acquisition-related intangible assets |
4,119 | 244 | 8,567 | 487 | ||||||||||||
Amortization of license fee |
695 | | 1,394 | | ||||||||||||
Acquisition-related charges |
263 | | 1,034 | | ||||||||||||
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Total cost of revenue adjustments |
5,335 | 483 | 11,608 | 1,310 | ||||||||||||
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Operating expenses: |
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Engineering and development: |
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Stock-based compensation |
2,309 | 2,257 | 5,280 | 6,608 | ||||||||||||
Sales and marketing: |
||||||||||||||||
Stock-based compensation |
1,073 | 1,230 | 2,083 | 3,023 | ||||||||||||
General and administrative: |
||||||||||||||||
Stock-based compensation |
1,095 | 1,092 | 2,299 | 2,535 | ||||||||||||
Special charges |
2,259 | 4,349 | 4,803 | 16,382 | ||||||||||||
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Total operating expense adjustments |
6,736 | 8,928 | 14,465 | 28,548 | ||||||||||||
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Total non-GAAP adjustments before income taxes |
12,071 | 9,411 | 26,073 | 29,858 | ||||||||||||
Income tax effects |
(1,066 | ) | (346 | ) | (2,582 | ) | (1,327 | ) | ||||||||
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Total non-GAAP adjustments |
$ | 11,005 | $ | 9,065 | $ | 23,491 | $ | 28,531 | ||||||||
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QLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited in thousands)
September 28, 2014 |
March 30, 2014 |
|||||||
ASSETS | ||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 86,930 | $ | 91,258 | ||||
Marketable securities |
189,839 | 186,783 | ||||||
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Total cash and marketable securities |
276,769 | 278,041 | ||||||
Accounts receivable, net |
85,469 | 65,213 | ||||||
Inventories |
30,142 | 18,036 | ||||||
Deferred tax assets |
13,997 | 15,080 | ||||||
Other current assets |
18,841 | 16,590 | ||||||
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Total current assets |
425,218 | 392,960 | ||||||
Property and equipment, net |
82,972 | 84,912 | ||||||
Goodwill |
192,492 | 194,107 | ||||||
Purchased intangible assets, net |
61,231 | 69,903 | ||||||
Deferred tax assets |
29,818 | 32,827 | ||||||
Other assets |
21,847 | 23,554 | ||||||
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$ | 813,578 | $ | 798,263 | |||||
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LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 37,178 | $ | 30,657 | ||||
Accrued compensation |
19,700 | 26,956 | ||||||
Accrued taxes |
2,312 | 981 | ||||||
Deferred revenue |
3,695 | 3,954 | ||||||
Other current liabilities |
8,824 | 16,123 | ||||||
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Total current liabilities |
71,709 | 78,671 | ||||||
Accrued taxes |
12,605 | 17,095 | ||||||
Other liabilities |
8,699 | 9,071 | ||||||
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Total liabilities |
93,013 | 104,837 | ||||||
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Stockholders equity: |
||||||||
Common stock |
215 | 214 | ||||||
Additional paid-in capital |
968,368 | 958,008 | ||||||
Retained earnings |
1,689,081 | 1,672,071 | ||||||
Accumulated other comprehensive income |
203 | 435 | ||||||
Treasury stock |
(1,937,302 | ) | (1,937,302 | ) | ||||
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Total stockholders equity |
720,565 | 693,426 | ||||||
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$ | 813,578 | $ | 798,263 | |||||
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QLOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited in thousands)
Six Months Ended | ||||||||
September 28, 2014 |
September 29, 2013 |
|||||||
Cash flows from operating activities: |
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Net income |
$ | 17,010 | $ | 7,927 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
23,855 | 15,730 | ||||||
Stock-based compensation |
10,275 | 12,989 | ||||||
Deferred income taxes |
4,077 | 3,632 | ||||||
Asset impairments |
1,011 | 2,429 | ||||||
Other non-cash items |
810 | 1,698 | ||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
(20,287 | ) | (1,818 | ) | ||||
Inventories |
(12,106 | ) | 2,797 | |||||
Other assets |
(840 | ) | 180 | |||||
Accounts payable |
6,162 | (102 | ) | |||||
Accrued compensation |
(7,256 | ) | (7,141 | ) | ||||
Accrued taxes, net |
(3,012 | ) | (905 | ) | ||||
Other liabilities |
(7,930 | ) | 3,249 | |||||
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Net cash provided by operating activities |
11,769 | 40,665 | ||||||
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Cash flows from investing activities: |
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Purchases of available-for-sale securities |
(84,318 | ) | (162,673 | ) | ||||
Proceeds from sales and maturities of available-for-sale securities |
80,376 | 172,629 | ||||||
Purchases of property and equipment |
(12,068 | ) | (15,389 | ) | ||||
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Net cash used in investing activities |
(16,010 | ) | (5,433 | ) | ||||
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Cash flows from financing activities: |
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Proceeds from issuance of common stock under stock-based awards |
3,536 | 4,565 | ||||||
Minimum tax withholding paid on behalf of employees for restricted stock units |
(3,450 | ) | (4,514 | ) | ||||
Purchases of treasury stock |
| (44,212 | ) | |||||
Other financing activities |
(173 | ) | (96 | ) | ||||
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Net cash used in financing activities |
(87 | ) | (44,257 | ) | ||||
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Net decrease in cash and cash equivalents |
(4,328 | ) | (9,025 | ) | ||||
Cash and cash equivalents at beginning of period |
91,258 | 95,532 | ||||||
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Cash and cash equivalents at end of period |
$ | 86,930 | $ | 86,507 | ||||
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QLOGIC CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION
(unaudited in thousands)
Net Revenues
A summary of the companys revenue components is as follows:
Three Months Ended | Six Months Ended | |||||||||||||||
September 28, 2014 |
September 29, 2013 |
September 28, 2014 |
September 29, 2013 |
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Advanced Connectivity Platforms |
$ | 114,877 | $ | 94,011 | $ | 219,578 | $ | 187,201 | ||||||||
Legacy Connectivity Products |
12,626 | 18,611 | 27,374 | 38,537 | ||||||||||||
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$ | 127,503 | $ | 112,622 | $ | 246,952 | $ | 225,738 | |||||||||
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