10-Q Filing

QLOGIC CORP CIK: 918386 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-315298`
Period End Date	20130630
Filing Date	20130801
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	qlgc-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 44 Cash Flow Statement 56 Comprehensive Income 14

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.22M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.20M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$95.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$164.52M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$117.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$94.55M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Marketable securities	`ShortTermInvestments`	$337.32M	USD	Point-in-time
Marketable securities	`ShortTermInvestments`	$359.97M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,222 and $1,196 as of June 30, 2013 and March 31, 2013, respectively	`AccountsReceivableNetCurrent`	$69.27M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,222 and $1,196 as of June 30, 2013 and March 31, 2013, respectively	`AccountsReceivableNetCurrent`	$66.14M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Inventories	`InventoryNet`	$20.16M	USD	Point-in-time
Inventories	`InventoryNet`	$17.11M	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
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$13.04M	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
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$13.31M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	212.98M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$28.88M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$24.38M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	212.15M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	122.19M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$560.43M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$579.22M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	124.60M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$94.09M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$96.34M	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`	$3.75M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.05M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$31.99M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$25.63M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.59M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.50M	USD	Point-in-time
Total assets	`Assets`	$825.16M	USD	Point-in-time
Total assets	`Assets`	$797.37M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$26.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$29.67M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$22.08M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$27.45M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$4.56M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$3.22M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$4.68M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$4.62M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$7.65M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$14.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$71.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$74.01M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$10.85M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesNoncurrent`	$10.77M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$6.11M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$6.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$88.35M	USD	Point-in-time
Total liabilities	`Liabilities`	$90.89M	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; 212,982,000 and 212,145,000 shares issued as of June 30, 2013 and March 31, 2013, respectively	`CommonStockValue`	$213.00K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized; 212,982,000 and 212,145,000 shares issued as of June 30, 2013 and March 31, 2013, respectively	`CommonStockValue`	$212.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$932.56M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$937.38M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.69B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.69B	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.89M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-722.00K	USD	Point-in-time
Treasury stock, at cost: 124,599,000 and 122,185,000 shares as of June 30, 2013 and March 31, 2013, respectively	`TreasuryStockValue`	$1.89B	USD	Point-in-time
Treasury stock, at cost: 124,599,000 and 122,185,000 shares as of June 30, 2013 and March 31, 2013, respectively	`TreasuryStockValue`	$1.92B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$734.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$709.01M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$825.16M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$797.37M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`SalesRevenueNet`	$113.12M	USD	1 Quarter
Net revenues	`SalesRevenueNet`	$130.37M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$43.31M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$36.62M	USD	1 Quarter
Gross profit	`GrossProfit`	$76.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$87.06M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$39.46M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$40.39M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$18.89M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$19.41M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.67M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$7.74M	USD	1 Quarter
Special charges	`RestructuringCharges`	$12.03M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$67.02M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$79.57M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-3.08M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$20.04M	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$1.08M	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$773.00K	USD	1 Quarter
Income (loss) from continuing operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.30M	USD	1 Quarter
Income (loss) from continuing operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$21.12M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$748.00K	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$2.68M	USD	1 Quarter
Income (loss) from continuing operations	`IncomeLossFromContinuingOperations`	$-3.05M	USD	1 Quarter
Income (loss) from continuing operations	`IncomeLossFromContinuingOperations`	$18.44M	USD	1 Quarter
Loss from discontinued operations, net of income taxes	`IncomeLossFromDiscontinuedOperationNetOfTax`	$-55.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$18.39M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.05M	USD	1 Quarter
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.03	USD	1 Quarter
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.19	USD	1 Quarter
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.19	USD	1 Quarter
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.03	USD	1 Quarter
Basic	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	-	USD	1 Quarter
Basic	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	-	USD	1 Quarter
Diluted	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	-	USD	1 Quarter
Diluted	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	-	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	89.15M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	97.41M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	98.37M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	89.15M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$18.39M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.05M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$7.81M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.57M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$8.17M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.28M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations`	$5.40M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations`	$-2.25M	USD	1 Quarter
Impairment of property and equipment	`ImpairmentOfLongLivedAssetsHeldForUse`	$2.43M	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$-345.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$-809.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.17M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.22M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.43M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-3.05M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$210.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.24M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$661.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-289.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-7.89M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-5.37M	USD	1 Quarter
Accrued taxes, net	`IncreaseDecreaseInAccruedTaxesPayable`	$3.11M	USD	1 Quarter
Accrued taxes, net	`IncreaseDecreaseInAccruedTaxesPayable`	$-5.37M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$6.84M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$5.25M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.59M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$27.02M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$72.44M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$89.32M	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`	$108.61M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.11M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.49M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-16.13M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$9.18M	USD	1 Quarter
Proceeds from issuance of common stock under stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$2.85M	USD	1 Quarter
Proceeds from issuance of common stock under stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$1.96M	USD	1 Quarter
Excess tax benefits from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$126.00K	USD	1 Quarter
Excess tax benefits from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$5.00K	USD	1 Quarter
Minimum tax withholding paid on behalf of employees for restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$4.28M	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`	$24.43M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$55.98M	USD	1 Quarter
Payments for credit facility commitment fee	`PaymentsForCreditFacilityCommitmentFee`	$11.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-58.35M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.75M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-47.46M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-980.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$94.55M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$117.05M	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`	$95.53M	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`	$94.55M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$117.05M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$95.53M	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$18.39M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.05M	USD	1 Quarter
Changes in unrealized gains	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.92M	USD	1 Quarter
Changes in unrealized gains	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$246.00K	USD	1 Quarter
Net realized gains reclassified into earnings	`OtherComprehensiveIncomeLossReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax`	$-104.00K	USD	1 Quarter
Net realized gains reclassified into earnings	`OtherComprehensiveIncomeLossReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax`	$-394.00K	USD	1 Quarter
Total changes in fair value of marketable securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$142.00K	USD	1 Quarter
Total changes in fair value of marketable securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-2.31M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-294.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-218.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-76.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-2.61M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-5.66M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$18.31M	USD	1 Quarter

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