QLogic Exceeds Revenue and EPS Guidance for Third Quarter of Fiscal 2016

SUMMARY OF RECONCILING ITEMS BETWEEN FORECASTED
NON-GAAP AND GAAP EARNINGS PER DILUTED SHARE

FOURTH QUARTER OF FISCAL 2016

QLogic is forecasting fourth quarter non-GAAP earnings per diluted share of $0.23 - $0.27. The Company estimates that GAAP earnings per diluted share will be lower than non-GAAP earnings per diluted share by $0.07 - $0.09 per share in the fourth quarter of fiscal 2016. This difference is comprised of the following:

 
Stock-based compensation       $0.05 - $0.06
Amortization of acquisition-related intangible assets and license fee $0.05
Income taxes ($0.03 - $0.02)
$0.07 - $0.09
 

The Company’s forecasted guidance is a forward-looking statement and does not include the effects of future acquisitions/divestitures, unanticipated asset impairments and other special charges, and other non-recurring items not reflective of ongoing operations. Our forward-looking estimates of both GAAP and non-GAAP measures of our financial performance may differ materially from our actual results and should not be relied upon as statements of fact.

 
QLOGIC CORPORATION
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 

(unaudited — in thousands)

 
      December 27,       March 29,
2015 2015
ASSETS
Current assets:
Cash and cash equivalents $ 87,069 $ 115,241
Marketable securities   212,405     201,174  
Total cash and marketable securities 299,474 316,415
Accounts receivable, net 69,736 87,436
Inventories 40,276 29,978
Other current assets   17,023     21,802  
Total current assets 426,509 455,631
Property and equipment, net 74,081 78,501
Goodwill 167,232 167,232
Purchased intangible assets, net 66,521 77,659
Deferred tax assets 44,424 48,880
Other assets   18,625     20,752  
$ 797,392   $ 848,655  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 27,756 $ 40,497
Accrued compensation 16,466 22,476
Accrued taxes 1,439 2,711
Other current liabilities   9,756     11,718  
Total current liabilities 55,417 77,402
Accrued taxes 12,616 14,516
Other liabilities   6,937     9,721  
Total liabilities   74,970     101,639  
Stockholders’ equity:
Common stock 218 215
Additional paid-in capital 1,010,007 983,579
Retained earnings 1,750,891 1,722,664
Accumulated other comprehensive loss (1,392 ) (99 )
Treasury stock   (2,037,302 )   (1,959,343 )
Total stockholders’ equity   722,422     747,016  
$ 797,392   $ 848,655  
 
 

QLOGIC CORPORATION

 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 

(unaudited — in thousands)

 
      Nine Months Ended
December 27,       December 28,
2015 2014
Cash flows from operating activities:
Net income $ 28,227 $ 39,445
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 30,618 35,511
Stock-based compensation 12,157 15,178
Deferred income taxes 4,616 (316 )
Asset impairments 1,954 1,455
Other non-cash items, net 674 1,257
Changes in operating assets and liabilities:
Accounts receivable 17,905 (29,892 )
Inventories (10,298 ) (12,903 )
Other assets 3,234 1,236
Accounts payable (7,365 ) 4,121
Accrued compensation (6,010 ) (7,501 )
Accrued taxes, net (8,543 ) 1,147
Other liabilities   (3,846 )   (11,398 )
Net cash provided by operating activities   63,323     37,340  
Cash flows from investing activities:
Purchases of available-for-sale securities (173,476 ) (123,431 )
Proceeds from sales and maturities of available-for-sale securities 159,911 116,260
Purchases of property and equipment (21,991 ) (15,420 )
Proceeds from disposition of assets held for sale   7,553      
Net cash used in investing activities   (28,003 )   (22,591 )
Cash flows from financing activities:
Proceeds from issuance of common stock under stock-based awards 20,010 5,144
Minimum tax withholding paid on behalf of employees for restricted stock units (5,736 ) (3,589 )
Purchases of treasury stock (78,859 ) (11,834 )
Other financing activities   1,093     (220 )
Net cash used in financing activities   (63,492 )   (10,499 )
Net increase (decrease) in cash and cash equivalents (28,172 ) 4,250
Cash and cash equivalents at beginning of period   115,241     91,258  
Cash and cash equivalents at end of period $ 87,069   $ 95,508  
 

QLOGIC CORPORATION

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