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Press Release Source: QLogic Corporation
QLogic Reports Preliminary Fourth Quarter Earnings Per Share for Fiscal 2004 in Line with Projections
Tuesday March 30, 7:02 pm ET
Revenue Lower Than Expected
ALISO VIEJO, Calif.--(BUSINESS WIRE)--March 30, 2004--QLogic Corporation (Nasdaq:QLGC - News) announced today it expects non-GAAP earnings per share for its fiscal fourth quarter ended March 28, 2004 to be approximately $0.36 per share on a diluted basis, which is at the low end of the range previously projected during the Company's third quarter conference call on January 14th. This projected earnings per share amount differs from projected diluted earnings per share of approximately $0.34 on a GAAP basis, due to the effect of approximately $0.02 per share related to non-cash merger related stock compensation charges. The Company expects to report revenue for the fourth quarter of approximately $128 million, compared to the range of $138-$141 million previously projected in January 2004.
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"Although we entered the fourth quarter expecting to continue the momentum generated by our revenue growth throughout the first three quarters of fiscal 2004, we experienced weaker than expected demand during the end of our fourth quarter. A majority of our revenue shortfall is related to a decline in expected orders from two original equipment manufacturer customers for host bus adapters at the end of the quarter. Despite the challenges encountered with our fourth quarter revenues, we expect that our overall gross margin percentage will be comparable to the prior quarter," said H.K. Desai, the Company's chairman, chief executive officer and president. "We continue to be confident about our future growth potential and the overall long-term health of our business."
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