10-Q Filing

QLOGIC CORP CIK: 918386 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-331922`
Period End Date	20120630
Filing Date	20120802
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	qlgc-20120701.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 42 Cash Flow Statement 56 Comprehensive Income 10

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.45M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.47M	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$147.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$117.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$89.80M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$164.52M	USD	Point-in-time
Marketable securities	`ShortTermInvestments`	$379.29M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Marketable securities	`ShortTermInvestments`	$373.44M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,474 and $1,446 as of July 1, 2012 and April 1, 2012, respectively	`AccountsReceivableNetCurrent`	$76.59M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,474 and $1,446 as of July 1, 2012 and April 1, 2012, respectively	`AccountsReceivableNetCurrent`	$78.78M	USD	Point-in-time
Inventories	`InventoryNet`	$22.15M	USD	Point-in-time
Inventories	`InventoryNet`	$19.72M	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
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$16.78M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$16.51M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$35.52M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	211.47M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	210.69M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$35.84M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$649.31M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	111.91M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$686.89M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	115.72M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$81.79M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$78.01M	USD	Point-in-time
Goodwill	`Goodwill`	$110.98M	USD	Point-in-time
Goodwill	`Goodwill`	$110.98M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.28M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.97M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$32.19M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$30.56M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.71M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.56M	USD	Point-in-time
Total assets	`Assets`	$913.42M	USD	Point-in-time
Total assets	`Assets`	$880.79M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$35.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$34.20M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$20.43M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$28.33M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$2.36M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$2.80M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$6.50M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$6.24M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$15.51M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$9.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$79.97M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$81.22M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$65.71M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$64.85M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$7.50M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$7.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$153.34M	USD	Point-in-time
Total liabilities	`Liabilities`	$153.57M	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; 211,466,000 and 210,688,000 shares issued as of July 1, 2012 and April 1, 2012, respectively	`CommonStockValue`	$211.00K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized; 211,466,000 and 210,688,000 shares issued as of July 1, 2012 and April 1, 2012, respectively	`CommonStockValue`	$211.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$901.73M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$907.76M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.62B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.64B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.03M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$957.00K	USD	Point-in-time
Treasury stock, at cost: 115,718,000 and 111,911,000 shares as of July 1, 2012 and April 1, 2012, respectively	`TreasuryStockValue`	$1.76B	USD	Point-in-time
Treasury stock, at cost: 115,718,000 and 111,911,000 shares as of July 1, 2012 and April 1, 2012, respectively	`TreasuryStockValue`	$1.82B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$759.84M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$727.45M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$880.79M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$913.42M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`SalesRevenueNet`	$144.48M	USD	1 Quarter
Net revenues	`SalesRevenueNet`	$130.37M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$44.87M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$43.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$87.06M	USD	1 Quarter
Gross profit	`GrossProfit`	$99.61M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$34.85M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$39.46M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$19.72M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$18.89M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.67M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.16M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$67.02M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$63.74M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$20.04M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$35.88M	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$1.08M	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$1.05M	USD	1 Quarter
Income from continuing operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$21.12M	USD	1 Quarter
Income from continuing operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$36.92M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$2.73M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$2.68M	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperations`	$18.44M	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperations`	$34.20M	USD	1 Quarter
Loss from discontinued operations, net of income taxes	`LossFromDiscontinuedOperationsNetOfTax`	$55.00K	USD	1 Quarter
Loss from discontinued operations, net of income taxes	`LossFromDiscontinuedOperationsNetOfTax`	$1.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$32.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.39M	USD	1 Quarter
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.33	USD	1 Quarter
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.19	USD	1 Quarter
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.32	USD	1 Quarter
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.19	USD	1 Quarter
Basic	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	$-0.02	USD	1 Quarter
Diluted	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	$-0.01	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.31	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.31	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	104.68M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	97.41M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.79M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	98.37M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$32.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.39M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.57M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$8.13M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.67M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.28M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations`	$-2.25M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations`	$3.12M	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$-809.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$-821.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.10M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.22M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.43M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-916.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.24M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.85M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$661.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$539.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-7.89M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-4.67M	USD	1 Quarter
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$-1.34M	USD	1 Quarter
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$3.11M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-596.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-266.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$2.25M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$5.51M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.31M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$27.02M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$133.62M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$72.44M	USD	1 Quarter
Proceeds from sales and maturities of available-for-sale securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$65.80M	USD	1 Quarter
Proceeds from sales and maturities of available-for-sale securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$60.17M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.98M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.49M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-16.13M	USD	1 Quarter
Net cash 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`	$2.85M	USD	1 Quarter
Excess tax benefits from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$126.00K	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`	$5.26M	USD	1 Quarter
Minimum tax withholding paid on behalf of employees for restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.35M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$18.69M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$55.98M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-58.35M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-15.86M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-47.46M	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`	$117.05M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$89.80M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$164.52M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$147.78M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$164.52M	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`	$117.05M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$32.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.39M	USD	1 Quarter
Changes in unrealized gains on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$424.00K	USD	1 Quarter
Changes in unrealized gains on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$142.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-218.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$43.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-76.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$467.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$32.89M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$18.31M	USD	1 Quarter

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