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O.C. BUSINESS PLUS | ORANGE COUNTY EARNINGS

QLogic Beats Forecast With High Profits, Revenue

July 16, 1999|Jonathan Gaw

Costa Mesa-based QLogic Corp. said Thursday that its net income more than doubled in the fiscal first quarter on record revenue, handily beating analysts' estimates.

The company, which designs high-performance equipment that links computer systems and their accessories, said it earned $11.5 million, or 60 cents a share, for the three months ended June 27, up from $4.8 million, or 26 cents a share, a year ago.

Analysts had expected QLogic to post earnings of 49 cents a share for the quarter, according to a First Call survey.

Revenue rose 79% to a record $43.2 million from $24.1 million for the same period last year.

Each of the company's product lines saw increases, with the company's core business of small computer systems interface products growing 42% from a year ago and making up 70% of the company's sales. But the company also said that fiber channel products, considered the company's future, grew 272% from a year ago to $9.3 million.

The results were reported after the market closed Thursday. The company's stock closed at $139.88, up 5%, or $6.56 a share.

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