10-Q Filing

QLOGIC CORP CIK: 918386 Q1 2011

Filing Information

Form Type	10-Q
Accession Number	`0001193125-11-211455`
Period End Date	20110630
Filing Date	20110805
Fiscal Year	2011
Fiscal Period	Q1
XBRL Instance	qlgc-20110703.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 33 Cash Flow Statement 63

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.65M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$89.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$190.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$147.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$182.95M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable securities	`ShortTermInvestments`	$309.93M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable securities	`ShortTermInvestments`	$236.30M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,652 and $1,536 as of July 3, 2011 and April 3, 2011, respectively	`AccountsReceivableNetCurrent`	$70.13M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,652 and $1,536 as of July 3, 2011 and April 3, 2011, respectively	`AccountsReceivableNetCurrent`	$79.11M	USD	Point-in-time
Inventories	`InventoryNet`	$26.93M	USD	Point-in-time
Inventories	`InventoryNet`	$26.02M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$17.32M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$17.75M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$20.75M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$21.27M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$543.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$519.65M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$77.13M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	209.02M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$81.51M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	208.04M	shares	Point-in-time
Goodwill	`Goodwill`	$119.75M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	103.33M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	104.50M	shares	Point-in-time
Goodwill	`Goodwill`	$119.75M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$12.69M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$12.15M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$22.42M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$25.33M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.42M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.65M	USD	Point-in-time
Total assets	`Assets`	$757.21M	USD	Point-in-time
Total assets	`Assets`	$781.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$38.35M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$34.82M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$21.18M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$25.86M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$5.92M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$6.01M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$10.17M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$10.43M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$5.22M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$7.92M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$82.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$83.55M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$60.04M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$62.56M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$5.17M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$4.83M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$6.28M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$5.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$156.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$154.70M	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; 209,016,000 and 208,042,000 shares issued as of July 3, 2011 and April 3, 2011, respectively	`CommonStockValue`	$209.00K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized; 209,016,000 and 208,042,000 shares issued as of July 3, 2011 and April 3, 2011, respectively	`CommonStockValue`	$208.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$844.55M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$856.91M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.42B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.39B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$614.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.08M	USD	Point-in-time
Treasury stock, at cost: 104,504,000 and 103,325,000 shares as of July 3, 2011 and April 3, 2011, respectively	`TreasuryStockValue`	$1.63B	USD	Point-in-time
Treasury stock, at cost: 104,504,000 and 103,325,000 shares as of July 3, 2011 and April 3, 2011, respectively	`TreasuryStockValue`	$1.65B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$601.16M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$626.98M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$757.21M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$781.68M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`SalesRevenueNet`	$151.62M	USD	1 Quarter
Net revenues	`SalesRevenueNet`	$142.61M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$49.70M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$50.86M	USD	1 Quarter
Gross profit	`GrossProfit`	$92.91M	USD	1 Quarter
Gross profit	`GrossProfit`	$100.76M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$34.71M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$37.69M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$20.43M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$21.26M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.47M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.16M	USD	1 Quarter
Special charges	`BusinessExitCosts`	$931.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$68.12M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$64.54M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$28.37M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$32.65M	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$1.68M	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$1.05M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$30.05M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$33.69M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$4.60M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$1.27M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.45M	USD	1 Quarter
Net income	`NetIncomeLoss`	$32.43M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.31	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.31	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	111.42M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	104.68M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.79M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	113.73M	shares	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$32.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.45M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$8.07M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.97M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$10.32M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.67M	USD	1 Quarter
Amortization of acquisition-related intangible assets	`AmortizationOfAcquisitionRelatedIntangibleAssets`	$1.16M	USD	1 Quarter
Amortization of acquisition-related intangible assets	`AmortizationOfAcquisitionRelatedIntangibleAssets`	$1.16M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$6.58M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.12M	USD	1 Quarter
Net gains on investment securities	`GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments`	$390.00K	USD	1 Quarter
Net gains on investment securities	`GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments`	$711.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$5.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$-1.21M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.25M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.10M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-916.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$5.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-76.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.85M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-687.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$539.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-5.55M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-4.67M	USD	1 Quarter
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$-6.16M	USD	1 Quarter
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$-1.34M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-596.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-144.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.51M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$2.25M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.31M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$30.64M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$133.62M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$34.60M	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`	$60.17M	USD	1 Quarter
Proceeds from disposition of trading securities	`ProceedsFromPaymentsForTradingSecurities`	$9.35M	USD	1 Quarter
Distributions from other investment securities	`ProceedsFromSaleAndMaturityOfOtherInvestments`	-	USD	1 Quarter
Distributions from other investment securities	`ProceedsFromSaleAndMaturityOfOtherInvestments`	$293.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.30M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.98M	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`	$-82.43M	USD	1 Quarter
Proceeds from issuance of common stock under stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$7.55M	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`	$1.03M	USD	1 Quarter
Excess tax benefits from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$538.00K	USD	1 Quarter
Minimum tax withholding paid on behalf of employees for restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.86M	USD	1 Quarter
Minimum tax withholding paid on behalf of employees for restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.26M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$53.12M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$18.69M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-53.40M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-15.86M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-7.36M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-57.98M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$89.80M	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`	$147.78M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$182.95M	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`	$147.78M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$89.80M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$182.95M	USD	Point-in-time

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