FOR IMMEDIATE RELEASE
    
    Exhibit 99.1
 Editors Contact:
 Investors Contact:
 QLOGIC REPORTS FIRST QUARTER
RESULTS FOR FISCAL YEAR 2009
Record Revenue Achieved
  First Quarter Highlights
 
    
    Net revenue increased 20% from the comparable quarter last year to a record $168.4
million.
    
    Net income: $31.6 million GAAP, $42.0 million non-GAAP.
    
    Net income per diluted share: $0.24 GAAP, $0.31 non-GAAP.
    
    Cash generated from operations was $58.2 million.
    
    $405.4 million in cash and marketable securities as of June 29, 2008.
 Financial Results




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About QLogic
  Disclaimer  Forward Looking Statements
 This press release contains statements relating to future results of the company (including certain
beliefs and projections regarding business trends) that are forward-looking statements as defined
in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results to differ materially from those
projected or implied in the forward-looking statements. The company advises readers that these
potential risks and uncertainties include, but are not limited to: potential fluctuations in
operating results; gross margins that may vary over time; revenues may be affected by changes in IT
spending levels; the stock price of the company may be volatile; the companys dependence on the
storage area network market; potential adverse effects of server virtualization technology on the
companys business; potential adverse effects of increased market acceptance of blade servers; the
ability to maintain and gain market or industry acceptance of the companys products; the companys
dependence on a limited number of customers; seasonal fluctuations and uneven sales patterns in
orders from customers; the companys ability to compete effectively with other companies; declining
average unit sales prices of comparable products; a reduction in sales efforts by current
distributors; dependence on sole source and limited source suppliers; the companys dependence on
relationships with certain silicon chip suppliers; declines in the market value of the companys
marketable securities; the complexity of the companys products; sales fluctuations arising from
customer transitions to new products; environmental compliance costs; international economic,
regulatory, political and other risks; uncertain benefits from strategic business combinations; the
ability to attract and retain key personnel; difficulties in transitioning to smaller geometry
process technologies; the ability to protect proprietary rights; the ability to satisfactorily
resolve any infringement claims; reliance on third party technology; the use of open source
software in the companys products; changes in the companys tax provisions or adverse outcomes
resulting from examination of its income tax returns; computer viruses and other tampering with the
companys computer systems; and facilities of the company and its suppliers and customers are
located in areas subject to natural disasters.
 More detailed information on these and additional factors which could affect the companys
operating and financial results are described in the companys Forms 10-K, 10-Q and other reports
filed, or to be filed, with the Securities and Exchange Commission. The company urges all
interested parties to read these reports to gain a better understanding of the business and other
risks that the company faces. The forward-looking statements contained in this press release are
made only as of the date hereof, and the company does not intend to update or revise these
forward-looking statements, whether as a result of new information, future events or otherwise.
 QLogic and the QLogic logo are registered trademarks of QLogic Corporation. Other trademarks and
registered trademarks are the property of the companies with which they are associated.




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QLOGIC CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
  Three Months EndedJune 29,
    
    
    July 1,2008
    
    
    2007Net revenues
    
    $
    168,427
    
    
    $
    139,777Cost of revenues
    
    
    55,758
    
    
    
    50,863Gross profit
    
    
    112,669
    
    
    
    88,914Operating expenses:Engineering and development
    
    
    34,367
    
    
    
    34,684Sales and marketing
    
    
    22,945
    
    
    
    21,173General and administrative
    
    
    7,576
    
    
    
    8,186Special charges
    
    
    
    
    
    
    2,136Total operating expenses
    
    
    64,888
    
    
    
    66,179Operating income
    
    
    47,781
    
    
    
    22,735Interest and other income, net
    
    
    1,539
    
    
    
    6,266Income before income taxes
    
    
    49,320
    
    
    
    29,001Income taxes
    
    
    17,673
    
    
    
    10,006Net income
    
    $
    31,647
    
    
    $
    18,995Net income per share:Basic
    
    $
    0.24
    
    
    $
    0.12Diluted
    
    $
    0.24
    
    
    $
    0.12Number of shares used in per share
calculations:Basic
    
    
    132,548
    
    
    
    153,178Diluted
    
    
    133,488
    
    
    
    154,219




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QLOGIC CORPORATION
 RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP NET INCOME
  Three Months EndedJune 29,
    
    
    July 1,2008
    
    
    2007GAAP net income
    
    $
    31,647
    
    
    $
    18,995Items excluded from GAAP net income:Stock-based compensation
    
    
    7,805
    
    
    
    8,370Amortization of purchased
intangible assets
    
    
    3,392
    
    
    
    4,433Acquisition-related stock-based
compensation
    
    
    270
    
    
    
    703Special charges
    
    
    
    
    
    
    2,136Impairment of marketable securities
    
    
    2,698
    
    
    
    Income tax effect
    
    
    (3,843
    )
    
    
    (4,456
    )Total non-GAAP adjustments
    
    
    10,322
    
    
    
    11,186Non-GAAP net income
    
    $
    41,969
    
    
    $
    30,181Net income per diluted share:GAAP net income
    
    $
    0.24
    
    
    $
    0.12Adjustments
    
    
    0.07
    
    
    
    0.08Non-GAAP net income
    
    $
    0.31
    
    
    $
    0.20
 Non-GAAP Financial Measures




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Three Months EndedJune 29,
    
    
    July 1,(unaudited  in thousands)
    
    2008
    
    
    2007Non-GAAP Adjustments:Cost of revenues:Stock-based compensation
    
    $
    479
    
    
    $
    574Amortization of purchased
intangible assets
    
    
    2,552
    
    
    
    3,218Acquisition-related stock-based
compensation
    
    
    
    
    
    
    (24
    )Total cost of revenue adjustments
    
    
    3,031
    
    
    
    3,768Operating expenses:Engineering and development:Stock-based compensation
    
    
    4,175
    
    
    
    3,772Amortization of purchased
intangible assets
    
    
    31
    
    
    
    173Acquisition-related stock-based
compensation
    
    
    264
    
    
    
    715Sales and marketing:Stock-based compensation
    
    
    1,565
    
    
    
    1,625Amortization of purchased
intangible assets
    
    
    809
    
    
    
    1,042Acquisition-related stock-based
compensation
    
    
    6
    
    
    
    12General and administrative:Stock-based compensation
    
    
    1,586
    
    
    
    2,399Special charges
    
    
    
    
    
    
    2,136Total operating expense adjustments
    
    
    8,436
    
    
    
    11,874Interest and other income:Impairment of marketable securities
    
    
    2,698
    
    
    
    Total non-GAAP adjustments before
income taxes
    
    
    14,165
    
    
    
    15,642Income tax effect
    
    
    (3,843
    )
    
    
    (4,456
    )Total non-GAAP adjustments
    
    $
    10,322
    
    
    $
    11,186




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QLOGIC CORPORATION
 CONDENSED CONSOLIDATED BALANCE SHEETS
  June 29, 2008
    
    
    March 30, 2008ASSETSCurrent assets:Cash and cash equivalents
    
    $
    194,764
    
    
    $
    160,009Short-term marketable securities
    
    
    171,770
    
    
    
    160,497Accounts receivable, net
    
    
    86,655
    
    
    
    81,642Inventories
    
    
    26,227
    
    
    
    27,520Deferred tax assets
    
    
    30,893
    
    
    
    32,227Other current assets
    
    
    10,266
    
    
    
    8,925Total current assets
    
    
    520,575
    
    
    
    470,820Long-term marketable securities
    
    
    38,877
    
    
    
    55,903Property and equipment, net
    
    
    91,442
    
    
    
    93,726Goodwill
    
    
    118,859
    
    
    
    127,409Purchased intangible assets, net
    
    
    31,054
    
    
    
    34,652Deferred tax assets
    
    
    30,711
    
    
    
    25,870Other assets
    
    
    3,423
    
    
    
    2,586$
    834,941
    
    
    $
    810,966LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    37,482
    
    
    $
    35,643Accrued compensation
    
    
    19,225
    
    
    
    31,120Accrued taxes
    
    
    12,582
    
    
    
    5,262Deferred revenue
    
    
    9,977
    
    
    
    8,693Other current liabilities
    
    
    7,015
    
    
    
    5,952Total current liabilities
    
    
    86,281
    
    
    
    86,670Accrued taxes
    
    
    52,383
    
    
    
    48,163Other liabilities
    
    
    12,850
    
    
    
    10,217Total liabilities
    
    
    151,514
    
    
    
    145,050Stockholders equity:Common stock
    
    
    200
    
    
    
    200Additional paid-in capital
    
    
    669,325
    
    
    
    657,893Retained earnings
    
    
    1,116,585
    
    
    
    1,084,938Accumulated other comprehensive income (loss)
    
    
    798
    
    
    
    (2,530
    )Treasury stock
    
    
    (1,103,481
    )
    
    
    (1,074,585
    )Total stockholders equity
    
    
    683,427
    
    
    
    665,916$
    834,941
    
    
    $
    810,966




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QLOGIC CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  Three Months EndedJune 29,
    
    
    July 1,2008
    
    
    2007Cash flows from operating activities:Net income
    
    $
    31,647
    
    
    $
    18,995Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation and amortization
    
    
    8,341
    
    
    
    7,317Stock-based compensation
    
    
    7,805
    
    
    
    8,370Acquisition-related:Amortization of purchased intangible assets
    
    
    3,392
    
    
    
    4,433Stock-based compensation
    
    
    270
    
    
    
    703Deferred income taxes
    
    
    2,731
    
    
    
    (6,584
    )Impairment of marketable securities
    
    
    2,698
    
    
    
    Provision for losses on accounts receivable
    
    
    24
    
    
    
    70Loss on disposal of property and equipment
    
    
    84
    
    
    
    473Changes in operating assets and liabilities:Accounts receivable
    
    
    (5,037
    )
    
    
    (3,822
    )Inventories
    
    
    1,293
    
    
    
    955Other assets
    
    
    (2,435
    )
    
    
    360Accounts payable
    
    
    2,113
    
    
    
    1,495Accrued compensation
    
    
    (10,458
    )
    
    
    (12,530
    )Accrued taxes
    
    
    11,540
    
    
    
    15,238Deferred revenue
    
    
    4,081
    
    
    
    719Other liabilities
    
    
    143
    
    
    
    (665
    )Net cash provided by operating activities
    
    
    58,232
    
    
    
    35,527Cash flows from investing activities:Purchases of marketable securities
    
    
    (35,720
    )
    
    
    (25,463
    )Sales and maturities of marketable securities
    
    
    44,672
    
    
    
    150,099Additions to property and equipment
    
    
    (6,209
    )
    
    
    (8,639
    )Acquisition of business
    
    
    
    
    
    
    67Net cash provided by investing activities
    
    
    2,743
    
    
    
    116,064Cash flows from financing activities:Proceeds from issuance of stock under stock plans
    
    
    2,024
    
    
    
    4,738Tax effect from issuance of stock under stock plans
    
    
    (104
    )
    
    
    424Purchase of treasury stock
    
    
    (28,140
    )
    
    
    (98,130
    )Net cash used in financing activities
    
    
    (26,220
    )
    
    
    (92,968
    )Net increase in cash and cash equivalents
    
    
    34,755
    
    
    
    58,623Cash and cash equivalents at beginning of period
    
    
    160,009
    
    
    
    76,804Cash and cash equivalents at end of period
    
    $
    194,764
    
    
    $
    135,427




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QLOGIC CORPORATION
 SUPPLEMENTAL FINANCIAL INFORMATION
  Net Revenues
  Three Months EndedJune 29,
    
    
    July 1,2008
    
    
    2007Host Products
    
    $
    120,650
    
    
    $
    104,208Network Products
    
    
    29,903
    
    
    
    24,452Silicon Products
    
    
    15,555
    
    
    
    9,614Other
    
    
    2,319
    
    
    
    1,503$
    168,427
    
    
    $
    139,777
 Geographic Revenues
  Three Months EndedJune 29,
    
    
    July 1,2008
    
    
    2007United States
    
    $
    80,625
    
    
    $
    77,747Europe, Middle East and Africa
    
    
    41,025
    
    
    
    30,623Asia-Pacific and Japan
    
    
    35,932
    
    
    
    23,043Rest of world
    
    
    10,845
    
    
    
    8,364$
    168,427
    
    
    $
    139,777