10-Q Filing

QLOGIC CORP CIK: 918386 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001193125-11-295374`
Period End Date	20110930
Filing Date	20111103
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	qlgc-20111002.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 65 Cash Flow Statement 64

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.61M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$200.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$74.65M	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
Marketable securities	`ShortTermInvestments`	$316.27M	USD	Point-in-time
Marketable securities	`ShortTermInvestments`	$236.30M	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
Accounts receivable, less allowance for doubtful accounts of $1,611 and $1,536 as of October 2, 2011 and April 3, 2011, respectively	`AccountsReceivableNetCurrent`	$70.13M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,611 and $1,536 as of October 2, 2011 and April 3, 2011, respectively	`AccountsReceivableNetCurrent`	$86.52M	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
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventories	`InventoryNet`	$26.93M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventories	`InventoryNet`	$23.51M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$17.75M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$18.20M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$17.52M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$20.75M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$519.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$536.67M	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
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$81.93M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	208.04M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	209.23M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	103.33M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	107.50M	shares	Point-in-time
Goodwill	`Goodwill`	$119.75M	USD	Point-in-time
Goodwill	`Goodwill`	$119.75M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$11.31M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$12.69M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$25.33M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$24.37M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.65M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.45M	USD	Point-in-time
Total assets	`Assets`	$776.48M	USD	Point-in-time
Total assets	`Assets`	$757.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$34.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$38.55M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$25.86M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$22.22M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$6.01M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$3.69M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$10.12M	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`	$7.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$82.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$82.34M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$61.17M	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`	$4.03M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$6.16M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$5.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$153.78M	USD	Point-in-time
Total liabilities	`Liabilities`	$156.04M	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; 209,234,000 and 208,042,000 shares issued as of October 2, 2011 and April 3, 2011, respectively	`CommonStockValue`	$208.00K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized; 209,234,000 and 208,042,000 shares issued as of October 2, 2011 and April 3, 2011, respectively	`CommonStockValue`	$209.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$867.18M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$844.55M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.39B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.45B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$614.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$81.00K	USD	Point-in-time
Treasury stock, at cost: 107,504,000 and 103,325,000 shares as of October 2, 2011 and April 3, 2011, respectively	`TreasuryStockValue`	$1.69B	USD	Point-in-time
Treasury stock, at cost: 107,504,000 and 103,325,000 shares as of October 2, 2011 and April 3, 2011, respectively	`TreasuryStockValue`	$1.63B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$601.16M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$622.70M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$776.48M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$757.21M	USD	Point-in-time

Income Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`SalesRevenueNet`	$301.80M	USD	2 Qtrs
Net revenues	`SalesRevenueNet`	$146.53M	USD	1 Quarter
Net revenues	`SalesRevenueNet`	$289.14M	USD	2 Qtrs
Net revenues	`SalesRevenueNet`	$150.18M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$100.11M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$50.41M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$101.95M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$51.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$99.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$96.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$189.03M	USD	2 Qtrs
Gross profit	`GrossProfit`	$199.85M	USD	2 Qtrs
Engineering and development	`ResearchAndDevelopmentExpense`	$75.56M	USD	2 Qtrs
Engineering and development	`ResearchAndDevelopmentExpense`	$32.79M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$37.87M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$67.50M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$41.70M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$20.42M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$20.44M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$40.85M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$16.50M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$18.02M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$8.85M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.03M	USD	1 Quarter
Special charges	`BusinessExitCosts`	$931.00K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$61.24M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$125.78M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$135.28M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$67.17M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$31.92M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$34.88M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$63.24M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$64.56M	USD	2 Qtrs
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$3.48M	USD	2 Qtrs
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$1.81M	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$1.08M	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$2.13M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$66.69M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$36.68M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$33.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$66.73M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$4.34M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$11.29M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$5.61M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$6.70M	USD	1 Quarter
Net income	`NetIncomeLoss`	$55.44M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$29.99M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$61.08M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.59	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.50	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.28	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.50	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.58	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.28	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	103.98M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	108.22M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	103.27M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	109.82M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	109.04M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	103.56M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	111.39M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	104.68M	shares	2 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$28.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$61.08M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$29.99M	USD	1 Quarter
Net income	`NetIncomeLoss`	$55.44M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$15.34M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$14.05M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$17.69M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$18.59M	USD	2 Qtrs
Amortization of acquisition-related intangible assets	`AmortizationOfAcquisitionRelatedIntangibleAssets`	$2.31M	USD	2 Qtrs
Amortization of acquisition-related intangible assets	`AmortizationOfAcquisitionRelatedIntangibleAssets`	$2.31M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$509.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$5.15M	USD	2 Qtrs
Net gains on investment securities	`GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments`	$1.73M	USD	2 Qtrs
Net gains on investment securities	`GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments`	$817.00K	USD	2 Qtrs
Other non-cash items	`OtherNoncashIncomeExpense`	$-92.00K	USD	2 Qtrs
Other non-cash items	`OtherNoncashIncomeExpense`	$-2.34M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$16.62M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$13.15M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-3.42M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$5.54M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-543.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$652.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-6.38M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.14M	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-718.00K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-3.64M	USD	2 Qtrs
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$156.00K	USD	2 Qtrs
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$-8.69M	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-733.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-1.45M	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-3.23M	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.31M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$81.82M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$57.28M	USD	2 Qtrs
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$47.92M	USD	2 Qtrs
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$242.27M	USD	2 Qtrs
Proceeds from sales and maturities of available-for-sale securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$160.54M	USD	2 Qtrs
Proceeds from sales and maturities of available-for-sale securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$107.17M	USD	2 Qtrs
Proceeds from disposition of trading securities	`ProceedsFromPaymentsForTradingSecurities`	$23.80M	USD	2 Qtrs
Distributions from other investment securities	`ProceedsFromSaleAndMaturityOfOtherInvestments`	$329.00K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.20M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.69M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$73.68M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-99.93M	USD	2 Qtrs
Proceeds from issuance of common stock under stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$7.76M	USD	2 Qtrs
Proceeds from issuance of common stock under stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$9.96M	USD	2 Qtrs
Excess tax benefits from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$539.00K	USD	2 Qtrs
Excess tax benefits from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$1.06M	USD	2 Qtrs
Minimum tax withholding paid on behalf of employees for restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.36M	USD	2 Qtrs
Minimum tax withholding paid on behalf of employees for restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.94M	USD	2 Qtrs
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$60.15M	USD	2 Qtrs
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$124.00M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-55.01M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-121.12M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-73.13M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$9.84M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$147.78M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$200.15M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$74.65M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$190.31M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$74.65M	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`	$200.15M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$147.78M	USD	Point-in-time

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