QLogic has announced its first quarter financial results for the period ended June 27, 2010.

First Quarter Highlights

-- Net revenue: $142.6 million

-- GAAP net income: $25.4 million or $0.22 per diluted share

-- Non-GAAP net income: $34.7 million or $0.30 per diluted share

-- Cash generated from operations: $30.6 million

-- Cash and investment securities: $348.6 million as of June 27, 2010

Financial Results

Net revenue for the first quarter of fiscal 2011 was $142.6 million and increased 16% from $122.8 million in the same quarter last year. Revenue from Host Products was $102.5 million during the first quarter of fiscal 2011 and increased 16% from $88.3 million in the same quarter last year. Revenue from Network Products was $25.6 million during the first quarter of fiscal 2011 and increased 3% from $25.0 million in the same quarter last year. Revenue from Silicon Products was $11.9 million during the first quarter of fiscal 2011 and increased 60% from $7.4 million in the same quarter last year.

Net income on a GAAP basis for the first quarter of fiscal 2011 increased 70% to $25.4 million, or $0.22 per diluted share, from $15.0 million, or $0.13 per diluted share, for the first quarter of fiscal 2010. Net income on a non-GAAP basis for the first quarter of fiscal 2011 increased 45% to $34.7 million, or $0.30 per diluted share, from $23.9 million, or $0.20 per diluted share, for the first quarter of fiscal 2010.

"We are very pleased with our strong financial performance during the first quarter, which was highlighted by a 16% increase in net revenue and a significant increase in profitability from the first quarter of last year," said H.K. Desai, chief executive officer, QLogic. "We continue to realize tangible results from our strategic initiatives. During the first quarter, we achieved a significant milestone with revenue totaling $10 million from products serving host applications for the fast-growing converged network market."

QLogic uses certain non-GAAP financial measures to supplement financial statements based on GAAP. A summary of these non-GAAP financial measures and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure, as well as a description of the reasons that management believes that these non-GAAP financial measures provide useful information to investors and the additional purposes for which management uses these non-GAAP financial measures, is presented in the accompanying financial schedules.