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Author: tnk4800 Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 845  
Subject: Going up! Date: 1/23/2007 8:25 PM
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QLogic Corp (QLGC) (20.12 +0.23)
QLOGIC CORP. said quarterly earnings from continuing operations rose 12%, while revenue increased 22%. The company reported Q3 net income from continuing operations of $35.5 million, or $0.22 a share, compared with $31.7 million, or $0.19 a share, in the year-ago quarter. Non-GAAP continuing operations for the quarter increased 43% to $44.9 million, or $0.28 a share, compared with $31.4 million, or $0.19 a share in the year-ago quarter. (Reuters 04:45 PM ET 01/23/2007 More...)

tnk4800
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Author: zoningfool Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 837 of 845
Subject: Re: Going up! Date: 1/24/2007 8:12 AM
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Don't celebrate too soon.

According to the earnings release, eps on a non-gaap basis came in at 28 cents, ahead of the 26 cents consensus estimates. However, the top-line came in light at $157.6M vs. the $158.38M consensus estimate.:

Net revenue for the third quarter of fiscal 2007 was a record $157.6 million and increased 22% from $129.2 million in the comparable quarter last year. Revenue from SAN Infrastructure Products, which is comprised primarily of HBAs, switches and silicon, was $152.5 million during the third quarter of fiscal 2007, an increase of 27% from the comparable quarter last year....

...Income from continuing operations on a GAAP basis for the third quarter of fiscal 2007 was $35.5 million, or $0.22 per share on a diluted basis, and increased 12% from the comparable quarter last year. Non-GAAP income from continuing operations for the third quarter of fiscal 2007 was $44.9 million, or $0.28 per share on a diluted basis, and increased 43% from the comparable quarter last year....


http://www.sec.gov/Archives/edgar/data/918386/000095013707000752/a26638exv99w1.htm

The real problem, though, came in the guidance for Q4--keeping in mind that consensus estimates were for an eps of 25 cents on revenues of $155.78M:

With current customer forecasts based on traditional seasonality and an accelerating decline in revenue from Management Controllers, we expect total revenue for the March quarter to be in the range of $147 million to $153 million. This assumes approximately 20% year-over-year revenue growth for our SAN infrastructure products. Due to the potential variation of product and technology mix, we expect gross margin for the March quarter to be approximately 69%.

Considering the above revenue gross margin expectations, combined with plant operating expenses, infrastructure investments, and a projected tax rate of approximately 31%, the current outlook is to achieve non-GAAP diluted earnings per share of approximately $0.22 to $0.24 in the March quarter....


http://seekingalpha.com/article/24930

Here are the consensus estimates:

http://finance.yahoo.com/q/ae?s=QLGC

Then there was this in the cc about gross margins:

Our December quarter gross margin of 69.6% decreased from 71.4% recorded in the third quarter of last year and from 70.4% in the September quarter. The sequential decrease in our gross margin was primarily due to product mix and the effects of the anticipated lower royalties. Consistent with our previous guidance, we expect our gross margin during the next 12 to 18 months to be over 65% depending on product mix.




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Author: tnk4800 Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 838 of 845
Subject: Re: Going up! Date: 1/25/2007 12:40 AM
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Not the first time I pressed the up button , heard the "Ding" stepped in
the elevator, watched the doors close and found myself going down.

damn I hate when that happens! :)
T



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