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QLogic Corp. (QLGC) filed Quarterly Report for the period ended 2012-01-01.
Qlogic Corp. has a market cap of $1.75 billion; its shares were traded at around $17.42 with a P/E ratio of 14.3 and P/S ratio of 2.9. 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 of $152.7 million for the third quarter of fiscal 2012 increased from $150.2 million in the second quarter of fiscal 2012. Revenues from Host Products were $112.7 million for the third quarter of fiscal 2012 and increased sequentially by $7.1 million, or 7%, from the second quarter of fiscal 2012. Revenues from Network Products were $24.4 million for the third quarter of fiscal 2012 compared to $27.8 million in the second quarter of fiscal 2012. Revenues from Silicon Products were $12.5 million for the third quarter of fiscal 2012 compared to $13.9 million in the second quarter of fiscal 2012.Our net revenues are derived primarily from the sale of Host Products, Network Products and Silicon Products. Net revenues decreased 2% to $152.7 million for the three months ended January 1, 2012 from $155.8 million for the three months ended December 26, 2010. The decrease in net revenue was primarily the result of a $4.5 million, or 16%, decrease in revenue from Network Products, partially offset by a $1.8 million, or 17%, increase in revenue from Silicon Products. The decrease in revenue from Network Products was primarily due to a 31% decrease in the quantity of switches sold, partially offset by a 16% increase in the average selling price of these switches due to a favorable change in product mix. The increase in revenue from Silicon Products was primarily due to an increase in the average selling price of the chips sold. Net revenues for the three months ended January 1, 2012 included $3.1 million of service and other revenues compared with $2.7 million of service and other revenues for the three months ended December 26, 2010. We do not expect service and other revenues to be significant to our overall revenues.
Net revenues increased 2% to $454.5 million for the nine months ended January 1, 2012 from $444.9 million for the nine months ended December 26, 2010. The increase was primarily the result of an $8.0 million, or 2%, increase in revenue from Host Products and an $8.2 million, or 23%, increase in revenue from Silicon Products, partially offset by a $7.7 million, or 9%, decrease in revenue from Network Products. The increase in revenue from Host Products was primarily due to an increase in the average selling price of the 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 6% increase in the quantity sold. The decrease in revenue from Network Products was primarily due to a 20% decrease in the quantity of switches sold, partially offset by an 8% increase in the average selling price of these switches due to a favorable change in product mix.
Revenues by geographic area are presented based upon the ship-to location of the customer, which is not necessarily indicative of the location of the ultimate end-user of our products. No individual country other than the United States and China represented 10% or more of net revenues for the periods presented. Net revenues from customers in China were $20.2 million and $57.8 million for the three and nine months ended January 1, 2012, respectively, and $23.9 million and $64.1 million for the three and nine months ended December 26, 2010, respectively.
Cash provided by operating activities of $117.3 million for the nine months ended December 26, 2010 consisted of our net income of $105.8 million and net non-cash expenses of $59.4 million, partially offset by net cash used as a result of changes in operating assets and liabilities of $47.9 million. The changes in operating assets and liabilities included a $21.1 million decrease in accrued taxes, a $10.8 million increase in accounts receivable, a $6.5 million increase in inventories and a $6.2 million decrease in accounts payable. The decrease in accrued taxes was primarily due to the expiration of certain statutes of limitation, the retroactive reinstatement of the federal research tax credit and the timing of payment obligations. The increase in accounts receivable was primarily due to the timing of cash collections and an increase in net revenues. The increase in inventories was primarily due to advanced purchases of silicon chips to maintain flexibility due to long lead times for these products. The decrease in accounts payable was primarily due to the timing of payment obligations.
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