QLogic Reports Prelim Q3

ALISO VIEJO, Calif. -- QLogic Corp. (NASDAQ:QLGC), a leader in networking for storage and high performance computing (HPC), today announced preliminary results for its third quarter ended December 30, 2007.

QLogic expects to report net revenues in the range of $155 million to $157 million for the third quarter of fiscal year 2008, compared to the previously forecasted third quarter net revenue range of $147 million to $151 million. The preliminary third quarter revenue range represents approximately 10-12 percent sequential revenue growth from the $140.3 million reported by the Company for the second quarter of fiscal 2008.

The Company anticipates reporting GAAP net income per diluted share for the third quarter of fiscal 2008 in the range of $0.20 to $0.21. On a non-GAAP basis, the Company expects to report net income per diluted share of $0.27 to $0.28, compared to the previously forecasted range of $0.23 to $0.25 per share. The non-GAAP net income per diluted share amounts exclude stock-based compensation expense, acquisition-related charges, and the related income tax effects.

We are very pleased with our strong financial performance during the third quarter of fiscal 2008,” said H.K. Desai, the Company’s chief executive officer. “Our strong revenue performance was driven by double-digit sequential growth for both our Host Products and Network Products.”

QLogic Corp.