10-Q Filing

QLOGIC CORP CIK: 918386 Q1 2010

Filing Information

Form Type	10-Q
Accession Number	`0000950123-10-071231`
Period End Date	20100630
Filing Date	20100802
Fiscal Year	2010
Fiscal Period	Q1
XBRL Instance	qlgc-20100627.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 34 Cash Flow Statement 68

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.50M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$182.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$190.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$203.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.54M	USD	Point-in-time
Short-term investment securities	`ShortTermInvestments`	$185.37M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Short-term investment securities	`ShortTermInvestments`	$165.63M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,501 and $1,505 as of June 27, 2010 and March 28, 2010, respectively	`AccountsReceivableNetCurrent`	$73.30M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,501 and $1,505 as of June 27, 2010 and March 28, 2010, respectively	`AccountsReceivableNetCurrent`	$74.55M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Inventories	`InventoryNet`	$24.41M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$19.40M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$10.98M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$11.17M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$11.64M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$9.85M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$470.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$489.20M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$83.50M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$79.95M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	204.89M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	205.71M	shares	Point-in-time
Goodwill	`Goodwill`	$119.75M	USD	Point-in-time
Goodwill	`Goodwill`	$119.75M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	95.38M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	92.59M	shares	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$16.75M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$17.39M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$36.92M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$30.03M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.64M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.98M	USD	Point-in-time
Total Assets	`Assets`	$720.46M	USD	Point-in-time
Total Assets	`Assets`	$750.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$36.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$35.82M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$22.73M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$16.61M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$2.63M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$2.92M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$9.24M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$9.76M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$11.07M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$9.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$74.38M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$82.44M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$70.58M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$65.66M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$6.73M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$7.40M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$6.66M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$6.99M	USD	Point-in-time
Total liabilities	`Liabilities`	$153.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$167.40M	USD	Point-in-time
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized; 205,710,000 and 204,893,000 shares issued at June 27, 2010 and March 28, 2010, respectively	`CommonStockValue`	$205.00K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized; 205,710,000 and 204,893,000 shares issued at June 27, 2010 and March 28, 2010, respectively	`CommonStockValue`	$206.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$778.85M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$789.46M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.27B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.25B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.21M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.35M	USD	Point-in-time
Treasury stock, at cost: 95,377,000 and 92,586,000 shares at June 27, 2010 and March 28, 2010, respectively	`TreasuryStockValue`	$1.45B	USD	Point-in-time
Treasury stock, at cost: 95,377,000 and 92,586,000 shares at June 27, 2010 and March 28, 2010, respectively	`TreasuryStockValue`	$1.50B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$583.34M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$567.03M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$750.74M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$720.46M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`SalesRevenueNet`	$122.78M	USD	1 Quarter
Net revenues	`SalesRevenueNet`	$142.61M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$49.70M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$44.47M	USD	1 Quarter
Gross profit	`GrossProfit`	$78.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$92.91M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$34.08M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$34.71M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$20.43M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$19.46M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.31M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.47M	USD	1 Quarter
Special charges	`BusinessExitCosts`	$931.00K	USD	1 Quarter
Special charges	`BusinessExitCosts`	-	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$61.86M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$64.54M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$16.45M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$28.37M	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncomeNet`	$2.92M	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncomeNet`	$1.68M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$19.37M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$30.05M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$4.60M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$4.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.96M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.45M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	111.42M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	118.86M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	113.73M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	119.47M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$14.96M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.45M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$8.01M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$8.07M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.62M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$10.32M	USD	1 Quarter
Amortization of acquisition-related intangible assets	`AmortizationOfAcquisitionRelatedIntangibleAssets`	$1.16M	USD	1 Quarter
Amortization of acquisition-related intangible assets	`AmortizationOfAcquisitionRelatedIntangibleAssets`	$2.21M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$6.58M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.26M	USD	1 Quarter
Net gains on investment securities	`GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments`	$711.00K	USD	1 Quarter
Net gains on investment securities	`GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments`	$1.20M	USD	1 Quarter
Other non-cash items	`OtherNoncashExpense`	$-5.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashExpense`	$25.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-312.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.25M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$5.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-11.39M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$9.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-76.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-687.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-9.14M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInOtherEmployeeRelatedLiabilities`	$-12.75M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInOtherEmployeeRelatedLiabilities`	$-5.55M	USD	1 Quarter
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$-10.03M	USD	1 Quarter
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$-6.16M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-144.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$570.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-283.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.51M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$30.64M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.95M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$34.60M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$113.53M	USD	1 Quarter
Proceeds from sales and maturities of available-for-sale securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$45.66M	USD	1 Quarter
Proceeds from sales and maturities of available-for-sale securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$64.06M	USD	1 Quarter
Proceeds from disposition of trading securities	`ProceedsFromPaymentsForTradingSecurities`	$5.80M	USD	1 Quarter
Proceeds from disposition of trading securities	`ProceedsFromPaymentsForTradingSecurities`	$9.35M	USD	1 Quarter
Distributions from other investment securities	`ProceedsFromSaleAndMaturityOfOtherInvestments`	$293.00K	USD	1 Quarter
Distributions from other investment securities	`ProceedsFromSaleAndMaturityOfOtherInvestments`	-	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.96M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.30M	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$13.66M	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$15.40M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-64.30M	USD	1 Quarter
Proceeds from issuance of common stock under stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$1.70M	USD	1 Quarter
Proceeds from issuance of common stock under stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$4.55M	USD	1 Quarter
Excess tax benefits from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-244.00K	USD	1 Quarter
Excess tax benefits from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$1.03M	USD	1 Quarter
Minimum tax withholding paid on behalf of employees for restricted stock units	`MinimumTaxWithholdingPaidOnBehalfOfEmployeesForRestrictedStockUnits`	$2.40M	USD	1 Quarter
Minimum tax withholding paid on behalf of employees for restricted stock units	`MinimumTaxWithholdingPaidOnBehalfOfEmployeesForRestrictedStockUnits`	$5.86M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$53.12M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$20.96M	USD	1 Quarter
Payoff of line of credit assumed in acquisition	`PayoffOfLineOfCreditAssumedInAcquisition`	$934.00K	USD	1 Quarter
Payoff of line of credit assumed in acquisition	`PayoffOfLineOfCreditAssumedInAcquisition`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-22.83M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-53.40M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-70.18M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-7.36M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$182.95M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$190.31M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$203.72M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$133.54M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$190.31M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$203.72M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$182.95M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$133.54M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.