10-Q Filing

QLOGIC CORP CIK: 918386 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-14-289762`
Period End Date	20140630
Filing Date	20140731
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	qlgc-20140629.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 34 Cash Flow Statement 55 Comprehensive Income 14

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.19M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.18M	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`	$94.55M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$91.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$95.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$60.88M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	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
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$189.53M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$186.78M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,176 and $1,186 as of June 29, 2014 and March 30, 2014, respectively	`AccountsReceivableNetCurrent`	$84.10M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,176 and $1,186 as of June 29, 2014 and March 30, 2014, respectively	`AccountsReceivableNetCurrent`	$65.21M	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
Inventories	`InventoryNet`	$18.04M	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
Inventories	`InventoryNet`	$25.71M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$15.08M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$14.68M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$19.87M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	213.79M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$16.59M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	214.43M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	126.62M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$392.96M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	126.62M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$394.78M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$86.30M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$84.91M	USD	Point-in-time
Goodwill	`Goodwill`	$194.11M	USD	Point-in-time
Goodwill	`Goodwill`	$193.29M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$65.40M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$69.90M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$32.83M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$29.09M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$23.55M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$22.80M	USD	Point-in-time
Total assets	`Assets`	$798.26M	USD	Point-in-time
Total assets	`Assets`	$791.67M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$31.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$30.66M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$26.96M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$19.72M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$981.00K	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$1.53M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.95M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$4.04M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$16.12M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$8.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$78.67M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$65.05M	USD	Point-in-time
Accrued taxes	`LiabilityForUncertainTaxPositionsNoncurrent`	$13.87M	USD	Point-in-time
Accrued taxes	`LiabilityForUncertainTaxPositionsNoncurrent`	$17.09M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$9.07M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$9.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$104.84M	USD	Point-in-time
Total liabilities	`Liabilities`	$88.24M	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; 214,426,000 and 213,786,000 shares issued as of June 29, 2014 and March 30, 2014, respectively	`CommonStockValue`	$214.00K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized; 214,426,000 and 213,786,000 shares issued as of June 29, 2014 and March 30, 2014, respectively	`CommonStockValue`	$214.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$958.01M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$961.69M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.68B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.67B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$435.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$755.00K	USD	Point-in-time
Treasury stock, at cost: 126,616,000 shares as of June 29, 2014 and March 30, 2014	`TreasuryStockValue`	$1.94B	USD	Point-in-time
Treasury stock, at cost: 126,616,000 shares as of June 29, 2014 and March 30, 2014	`TreasuryStockValue`	$1.94B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$703.43M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$693.43M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$791.67M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$798.26M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`SalesRevenueNet`	$119.45M	USD	1 Quarter
Net revenues	`SalesRevenueNet`	$113.12M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$36.62M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$48.75M	USD	1 Quarter
Gross profit	`GrossProfit`	$76.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$70.69M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$37.82M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$40.39M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$16.03M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$19.41M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.90M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$7.74M	USD	1 Quarter
Special charges	`SpecialCharges`	$12.03M	USD	1 Quarter
Special charges	`SpecialCharges`	$2.54M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$65.30M	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`	$5.40M	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$142.00K	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$773.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.54M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.30M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-462.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$748.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$6.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.05M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	89.15M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	87.39M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	89.15M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	88.25M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$6.00M	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`	$12.18M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.54M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$8.17M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$4.08M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$5.40M	USD	1 Quarter
Asset impairments	`AssetImpairmentCharges`	$2.43M	USD	1 Quarter
Asset impairments	`AssetImpairmentCharges`	$1.01M	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$-345.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$-581.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.17M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.88M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.68M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-3.05M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$210.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-77.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-289.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$416.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-7.24M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-5.37M	USD	1 Quarter
Accrued taxes, net	`IncreaseDecreaseInAccruedTaxesPayable`	$-5.42M	USD	1 Quarter
Accrued taxes, net	`IncreaseDecreaseInAccruedTaxesPayable`	$-5.37M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$6.84M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-7.29M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-16.62M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$16.59M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$89.32M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$51.76M	USD	1 Quarter
Proceeds from sales and maturities of available-for-sale securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$48.93M	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`	$8.99M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$9.18M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-11.82M	USD	1 Quarter
Proceeds from issuance of common stock under stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$1.96M	USD	1 Quarter
Proceeds from issuance of common stock under stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$1.44M	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`	$3.30M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$24.43M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-80.00K	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-6.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.94M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-26.75M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-30.38M	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`	$60.88M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$95.53M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$94.55M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$91.26M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$95.53M	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`	$60.88M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$91.26M	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$6.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.05M	USD	1 Quarter
Changes in unrealized gains	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$199.00K	USD	1 Quarter
Changes in unrealized gains	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.92M	USD	1 Quarter
Net realized losses (gains) reclassified into earnings	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	$394.00K	USD	1 Quarter
Net realized losses (gains) reclassified into earnings	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	$-63.00K	USD	1 Quarter
Total changes in fair value of marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$262.00K	USD	1 Quarter
Total changes in fair value of marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$-2.31M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$58.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-294.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-2.61M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$320.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$6.32M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-5.66M	USD	1 Quarter

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