QLogic ReportsYear-End Earnings

Net revenue increased 13% from the comparable quarter last year to $147.1 million.

Income from continuing operations: $18.4 million GAAP, $35.2 million non-GAAP.

Income from continuing operations per diluted share: $0.12 GAAP, $0.22 non-GAAP.

Cash generated from operations was $70.4 million.

$543.9 million in cash and short-term marketable securities as of April 1.

Repurchased $77.5 million of outstanding common stock.

Fiscal Year Highlights

Net revenue increased 19% from last year to a record $586.7 million.

Income from continuing operations: $105.4 million GAAP, $152.1 million non-GAAP.

Income from continuing operations per diluted share: $0.66 GAAP, $0.95 non-GAAP.

Cash generated from operations was $191.1 million.Financial Results

Net revenue for the fourth quarter of fiscal 2007 was $147.1 million and increased 13% from $130.5 million in the comparable quarter last year. Revenue from SAN Infrastructure Products, which is comprised primarily of HBAs, switches and silicon, was $143.3 million during the fourth quarter of fiscal 2007, an increase of 18% from the comparable quarter last year.

We are pleased with our strong financial performance and annual revenue growth during fiscal year 2007. The year was highlighted by record revenue of $586.7 million, which grew 19% from the prior year, and cash generated from operations of $191.1 million,” said H. K. Desai, QLogic’s chief executive officer. “We continue to believe the strength in our core business will be enhanced with the expected contribution from our new, emerging technology products.”

QLogic Corp.