While most of the industry seems to have come to terms with the fact that the tech market will probably remain sluggish for some time, it appears that QLogic Corp. (Nasdaq: QLGC) never got the memo. The storage networking company today posted a record first-quarter profit and also boosted its Fibre Channel revenues to an all-time high (see QLogic Reports Record Q1 Profits).
The Aliso Viejo, Calif., company saw its profits soar 37 percent over the same quarter last year, to $31.7 million, or 33 cents a share. Not including merger-related charges and sales discounts for stock warrants, QLogic posted a pro forma profit of 35 cents a share, beating the Wall Street consensus by 2 cents.
Revenues for the first fiscal quarter of 2004, ended June 29, 2003, also were at a record high, the company says, jumping 5 percent sequentially and 28 percent year over year to $126.2 million.
"We are very pleased with our results this past quarter," H.K. Desai, QLogic's chairman, president, and CEO, said on a conference call today. "We continue to grow market share in Fibre Channel."
Fibre Channel sales accounted for most of the growth, jumping 9 percent quarter-over-quarter, to $93.9 million. Overall, Fibre Channel revenues accounted for 74 percent of QLogics total revenue. Compared with the year-ago quarter, the company saw its Fibre Channel pro forma revenues soar 36 percent, up from $68.8 million. Meanwhile, on a less positive note, the companys SCSI revenues declined by 6 percent during the quarter.
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