Earnings Call Excerpt
QLogic Corp. (QLGC)
Q3 2009 Earnings Call
January 26, 2009 5:30 pm ET
Executives
Jeanie Herbert – IR
Simon Biddiscombe – SVP & CFO
H.K. Desai - CEO
Analysts
Min Park – Goldman Sachs
Aaron Rakers – Wachovia
Harsh Kumar – Morgan Keegan
Amit Daryanani – RBC Capital Markets
Samuel Wilson – JMP Securities
Mark Moskowitz – JPMorgan
Keith Bachman – BMO Capital Markets
Shebly Seyrafi – Calyon Securities
Kaushik Roy – Pacific Growth
Glenn Hanus – Needham & Company
Scott Craig – Banc of America
Presentation
Operator
Welcome to the third quarter fiscal year 2009 QLogic earnings announcement conference call. (Operator Instructions) At this time, I would like to turn the conference over the Ms. Jeanie Herbert, Senior Director of Investor Relations; please go ahead.
Jeanie Herbert
Good afternoon and welcome to QLogic third quarter fiscal year 2009 earnings conference call. On our call today are H. K. Desai, Chief Executive Officer, and Simon Biddiscombe, Senior Vice President and Chief Financial Officer. Simon will begin the call with a review of the third quarter financial results. Then H. K. will follow with an update on the business in the third quarter and progress on our strategic initiatives. Afterwards we will open the call for questions.
Certain of our comments today will include forward-looking statements regarding future events and/or projections on the financial performance of the company based on our current expectations. These comments contain certain risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements.
We refer you to the documents QLogic files with the SEC, specifically our most recent Forms 10-K and 10-Q. These documents identify important risk factors that could cause our actual results to differ materially from expectations. We do not intend to update the forward-looking statements that we make today.
In our third quarter earnings press release issued early today, we reported both GAAP and non-GAAP results. The difference between the results in fiscal year 2009 is due to stock-based compensation, acquisition-related charges, special charges, impairment of available for sale securities, net gains on trading securities, and the related income tax effects and valuation allowances for deferred tax assets. The reconciliation of GAAP net income to non-GAAP net income and a summary of our non-GAAP adjustments are included in our press release today.
All of the references we will make on our call today relate to non-GAAP results unless otherwise stated.
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