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QLogic Corp. (QLGC) filed Quarterly Report for the period ended 2011-10-02.
Qlogic Corp. has a market cap of $1.41 billion; its shares were traded at around $13.54 with a P/E ratio of 9.8 and P/S ratio of 2.3. Qlogic Corp. had an annual average earning growth of 6.8% over the past 10 years. GuruFocus rated Qlogic Corp. the business predictability rank of 3-star.
This is the annual revenues and earnings per share of QLGC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of QLGC.
Highlight of Business Operations:
Net revenues were $150.2 million for the second quarter of fiscal 2012 compared to $151.6 million in the first quarter of fiscal 2012. Revenues from Host Products were $105.6 million in the second quarter of fiscal 2012 compared to $109.8 million in the first quarter of fiscal 2012. Revenues from Network Products of $27.8 million for the second quarter of fiscal 2012 increased sequentially by $5.9 million, or 27%, from $21.9 million in the first quarter of fiscal 2012. Revenues from Silicon Products were $13.9 million in the second quarter of fiscal 2012 compared to $16.8 million in the first quarter of fiscal 2012.Our net revenues are derived primarily from the sale of Host Products, Network Products and Silicon Products. Net revenues increased 2% to $150.2 million for the three months ended October 2, 2011 from $146.5 million for the three months ended September 26, 2010. The increase in net revenue was primarily the result of a $1.4 million, or 1%, increase in revenue from Host Products, a $0.6 million, or 2%, increase in revenue from Network Products and a $1.5 million, or 11%, increase in revenue from Silicon Products. The increase in revenue from Silicon Products was due to a 30% increase in the average selling price of the chips sold, partially offset by a 15% decrease in the quantity sold. Net revenues for the three months ended October 2, 2011 included $2.9 million of service and other revenues compared with $2.7 million of service and other revenues for the three months ended September 26, 2010. We do not expect service and other revenues to be significant to our overall revenues.
Net revenues increased 4% to $301.8 million for the six months ended October 2, 2011 from $289.1 million for the six months ended September 26, 2010. The increase was primarily the result of an $8.8 million, or 4%, increase in revenue from Host Products and a $6.4 million, or 26%, increase in revenue from Silicon Products, partially offset by a $3.3 million, or 6%, decrease in revenue from Network Products. The increase in revenue from Host Products was primarily due to an increase in the quantity of adapters sold. The increase in revenue from Silicon Products was due to a 16% increase in the average selling price of the chips sold and a 9% increase in the quantity sold. The decrease in revenue from Network Products was primarily due to a 13% decrease in the quantity of switches sold, partially offset by a 4% increase in the average selling price of these switches due to a favorable change in product mix.
Cash provided by operating activities increased to $81.8 million for the six months ended October 2, 2011 from $57.3 million for the six months ended September 26, 2010. Operating cash flow for the six months ended October 2, 2011 consisted of our net income of $61.1 million and net non-cash expenses of $36.1 million, partially offset by net cash used as a result of changes in operating assets and liabilities of $15.4 million. The changes in operating assets and liabilities included a $16.6 million increase in accounts receivable and a $3.6 million decrease in accrued compensation, partially offset by a $3.4 million decrease in inventories. The increase in accounts receivable was primarily due to the timing of cash collections and an increase in net revenues. The decrease in accrued compensation was primarily due to the timing of payment obligations. The decrease in inventories was due to the utilization of certain silicon chips purchased in fiscal 2011.
Cash provided by operating activities of $57.3 million for the six months ended September 26, 2010 consisted of our net income of $55.4 million and net non-cash expenses of $39.8 million, partially offset by net cash used as a result of changes in operating assets and liabilities of $37.9 million. The changes in operating assets and liabilities included a $13.2 million increase in accounts receivable, an $8.7 million decrease in accrued taxes, a $6.4 million decrease in accounts payable and a $5.5 million increase in inventories. The increase in accounts receivable was primarily due to the timing of cash collections and an increase in net revenues. The decreases in accrued taxes and accounts payable were primarily due to the timing of payment obligations. The increase in inventories was due to advanced purchases of silicon chips to maintain flexibility due to long lead times for these products.
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