FOR IMMEDIATE RELEASE
    
    Exhibit 99.1
 Media Contact:
 
 Investor Contact:
 QLOGIC REPORTS SECOND QUARTER
RESULTS FOR FISCAL YEAR 2009
Record Revenue Achieved
  Second Quarter Highlights
 
    
    Net revenue increased 22% from the comparable quarter last year to a record $171.2
million.
    
    Net income: $27.2 million GAAP, $45.2 million non-GAAP.
    
    Net income per diluted share: $0.20 GAAP, $0.34 non-GAAP.
    
    Cash generated from operations was $55.2 million.
    
    $421.0 million in cash and marketable securities as of September 28, 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 Ended
    
    
    Six Months EndedSeptember 28,
    
    
    September 30,
    
    
    September 28,
    
    
    September 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Net revenues
    
    $
    171,197
    
    
    $
    140,326
    
    
    $
    339,624
    
    
    $
    280,103Cost of revenues
    
    
    55,014
    
    
    
    49,013
    
    
    
    110,772
    
    
    
    99,876Gross profit
    
    
    116,183
    
    
    
    91,313
    
    
    
    228,852
    
    
    
    180,227Operating expenses:Engineering and development
    
    
    33,081
    
    
    
    33,058
    
    
    
    67,448
    
    
    
    67,742Sales and marketing
    
    
    24,032
    
    
    
    20,639
    
    
    
    46,977
    
    
    
    41,812General and administrative
    
    
    9,144
    
    
    
    8,804
    
    
    
    16,720
    
    
    
    16,990Special charges
    
    
    
    
    
    
    1,636
    
    
    
    
    
    
    
    3,772Total operating expenses
    
    
    66,257
    
    
    
    64,137
    
    
    
    131,145
    
    
    
    130,316Operating income
    
    
    49,926
    
    
    
    27,176
    
    
    
    97,707
    
    
    
    49,911Interest and other income (expense), net
    
    
    (2,015
    )
    
    
    5,753
    
    
    
    (476
    )
    
    
    12,019Income before income taxes
    
    
    47,911
    
    
    
    32,929
    
    
    
    97,231
    
    
    
    61,930Income taxes
    
    
    20,756
    
    
    
    10,349
    
    
    
    38,429
    
    
    
    20,355Net income
    
    $
    27,155
    
    
    $
    22,580
    
    
    $
    58,802
    
    
    $
    41,575Net income per share:Basic
    
    $
    0.21
    
    
    $
    0.16
    
    
    $
    0.45
    
    
    $
    0.28Diluted
    
    $
    0.20
    
    
    $
    0.16
    
    
    $
    0.44
    
    
    $
    0.28Number of shares used in per share
calculations:Basic
    
    
    131,421
    
    
    
    144,782
    
    
    
    131,985
    
    
    
    148,980Diluted
    
    
    132,810
    
    
    
    145,202
    
    
    
    133,149
    
    
    
    149,711




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QLOGIC CORPORATION
 RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP NET INCOME
  Three Months Ended
    
    
    Six Months EndedSeptember 28,
    
    
    September 30,
    
    
    September 28,
    
    
    September 30,2008
    
    
    2007
    
    
    2008
    
    
    2007GAAP net income
    
    $
    27,155
    
    
    $
    22,580
    
    
    $
    58,802
    
    
    $
    41,575Items excluded from GAAP net income:Stock-based compensation
    
    
    7,334
    
    
    
    7,817
    
    
    
    15,139
    
    
    
    16,187Amortization of purchased
intangible assets
    
    
    6,214
    
    
    
    5,056
    
    
    
    9,606
    
    
    
    9,489Acquisition-related stock-based
compensation
    
    
    225
    
    
    
    (741
    )
    
    
    495
    
    
    
    (38
    )Special charges
    
    
    
    
    
    
    1,636
    
    
    
    
    
    
    
    3,772Impairment of marketable securities
    
    
    5,045
    
    
    
    
    
    
    
    7,743
    
    
    
    Income taxes
    
    
    (773
    )
    
    
    (3,878
    )
    
    
    (4,616
    )
    
    
    (8,334
    )Total non-GAAP adjustments
    
    
    18,045
    
    
    
    9,890
    
    
    
    28,367
    
    
    
    21,076Non-GAAP net income
    
    $
    45,200
    
    
    $
    32,470
    
    
    $
    87,169
    
    
    $
    62,651Net income per diluted share:GAAP net income
    
    $
    0.20
    
    
    $
    0.16
    
    
    $
    0.44
    
    
    $
    0.28Adjustments
    
    
    0.14
    
    
    
    0.06
    
    
    
    0.21
    
    
    
    0.14Non-GAAP net income
    
    $
    0.34
    
    
    $
    0.22
    
    
    $
    0.65
    
    
    $
    0.42
 Non-GAAP Financial Measures




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##### 



Three Months Ended
    
    
    Six Months EndedSeptember 28,
    
    
    September 30,
    
    
    September 28,
    
    
    September 30,(unaudited  in thousands)
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007Non-GAAP Adjustments:Cost of revenues:Stock-based compensation
    
    $
    529
    
    
    $
    491
    
    
    $
    1,008
    
    
    $
    1,065Amortization of purchased intangible assets
    
    
    5,375
    
    
    
    4,092
    
    
    
    7,927
    
    
    
    7,310Acquisition-related stock-based compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (24
    )Total cost of revenue adjustments
    
    
    5,904
    
    
    
    4,583
    
    
    
    8,935
    
    
    
    8,351Operating expenses:Engineering and development:Stock-based compensation
    
    
    3,677
    
    
    
    3,508
    
    
    
    7,852
    
    
    
    7,280Amortization of purchased intangible assets
    
    
    31
    
    
    
    78
    
    
    
    62
    
    
    
    251Acquisition-related stock-based compensation
    
    
    220
    
    
    
    (748
    )
    
    
    484
    
    
    
    (33
    )Sales and marketing:Stock-based compensation
    
    
    1,450
    
    
    
    1,649
    
    
    
    3,015
    
    
    
    3,274Amortization of purchased intangible assets
    
    
    808
    
    
    
    886
    
    
    
    1,617
    
    
    
    1,928Acquisition-related stock-based compensation
    
    
    5
    
    
    
    7
    
    
    
    11
    
    
    
    19General and administrative:Stock-based compensation
    
    
    1,678
    
    
    
    2,169
    
    
    
    3,264
    
    
    
    4,568Special charges
    
    
    
    
    
    
    1,636
    
    
    
    
    
    
    
    3,772Total operating expense adjustments
    
    
    7,869
    
    
    
    9,185
    
    
    
    16,305
    
    
    
    21,059Interest and other income:Impairment of marketable securities
    
    
    5,045
    
    
    
    
    
    
    
    7,743
    
    
    
    Total non-GAAP adjustments before income taxes
    
    
    18,818
    
    
    
    13,768
    
    
    
    32,983
    
    
    
    29,410Income taxes
    
    
    (773
    )
    
    
    (3,878
    )
    
    
    (4,616
    )
    
    
    (8,334
    )Total non-GAAP adjustments
    
    $
    18,045
    
    
    $
    9,890
    
    
    $
    28,367
    
    
    $
    21,076




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##### 



QLOGIC CORPORATION
 CONDENSED CONSOLIDATED BALANCE SHEETS
  September 28, 2008
    
    
    March 30, 2008ASSETSCurrent assets:Cash and cash equivalents
    
    $
    162,939
    
    
    $
    160,009Short-term marketable securities
    
    
    218,310
    
    
    
    160,497Accounts receivable, net
    
    
    77,926
    
    
    
    81,642Inventories
    
    
    33,287
    
    
    
    27,520Deferred tax assets
    
    
    27,389
    
    
    
    32,227Other current assets
    
    
    10,034
    
    
    
    8,925Total current assets
    
    
    529,885
    
    
    
    470,820Long-term marketable securities
    
    
    39,744
    
    
    
    55,903Property and equipment, net
    
    
    91,645
    
    
    
    93,726Goodwill
    
    
    118,859
    
    
    
    127,409Purchased intangible assets, net
    
    
    24,634
    
    
    
    34,652Deferred tax assets
    
    
    31,685
    
    
    
    25,870Other assets
    
    
    3,313
    
    
    
    2,586$
    839,765
    
    
    $
    810,966LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    36,927
    
    
    $
    35,643Accrued compensation
    
    
    25,318
    
    
    
    31,120Accrued taxes
    
    
    10,442
    
    
    
    5,262Deferred revenue
    
    
    7,089
    
    
    
    8,693Other current liabilities
    
    
    5,836
    
    
    
    5,952Total current liabilities
    
    
    85,612
    
    
    
    86,670Accrued taxes
    
    
    48,190
    
    
    
    48,163Deferred revenue
    
    
    8,029
    
    
    
    5,087Other liabilities
    
    
    4,832
    
    
    
    5,130Total liabilities
    
    
    146,663
    
    
    
    145,050Stockholders equity:Common stock
    
    
    202
    
    
    
    200Additional paid-in capital
    
    
    695,677
    
    
    
    657,893Retained earnings
    
    
    1,143,740
    
    
    
    1,084,938Accumulated other comprehensive loss
    
    
    (3,882
    )
    
    
    (2,530
    )Treasury stock
    
    
    (1,142,635
    )
    
    
    (1,074,585
    )Total stockholders equity
    
    
    693,102
    
    
    
    665,916$
    839,765
    
    
    $
    810,966




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QLOGIC CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  Six Months EndedSeptember 28,
    
    
    September 30,2008
    
    
    2007Cash flows from operating activities:Net income
    
    $
    58,802
    
    
    $
    41,575Adjustments to reconcile net income to net cash provided
by operating activities:Depreciation and amortization
    
    
    16,456
    
    
    
    14,964Stock-based compensation
    
    
    15,139
    
    
    
    16,187Acquisition-related:Amortization of purchased intangible assets
    
    
    9,606
    
    
    
    9,489Stock-based compensation
    
    
    495
    
    
    
    (38
    )Deferred income taxes
    
    
    8,276
    
    
    
    (9,023
    )Impairment of marketable securities
    
    
    7,743
    
    
    
    Provision for losses on accounts receivable
    
    
    56
    
    
    
    188Loss on disposal of property and equipment
    
    
    175
    
    
    
    795Changes in operating assets and liabilities:Accounts receivable
    
    
    3,660
    
    
    
    1,149Inventories
    
    
    (5,767
    )
    
    
    3,864Other assets
    
    
    (2,251
    )
    
    
    365Accounts payable
    
    
    (13
    )
    
    
    (1,024
    )Accrued compensation
    
    
    (4,590
    )
    
    
    (8,439
    )Accrued taxes
    
    
    5,207
    
    
    
    28,548Deferred revenue
    
    
    1,338
    
    
    
    4,197Other liabilities
    
    
    (919
    )
    
    
    (44
    )Net cash provided by operating activities
    
    
    113,413
    
    
    
    102,753Cash flows from investing activities:Purchases of marketable securities
    
    
    (115,344
    )
    
    
    (75,247
    )Sales and maturities of marketable securities
    
    
    64,307
    
    
    
    249,883Additions to property and equipment
    
    
    (12,841
    )
    
    
    (15,078
    )Acquisition of business
    
    
    
    
    
    
    67Net cash provided by (used in) investing activities
    
    
    (63,878
    )
    
    
    159,625Cash flows from financing activities:Proceeds from issuance of stock under stock plans
    
    
    20,357
    
    
    
    8,631Tax benefit from issuance of stock under stock plans
    
    
    583
    
    
    
    589Purchase of treasury stock
    
    
    (67,545
    )
    
    
    (248,756
    )Net cash used in financing activities
    
    
    (46,605
    )
    
    
    (239,536
    )Net increase in cash and cash equivalents
    
    
    2,930
    
    
    
    22,842Cash and cash equivalents at beginning of period
    
    
    160,009
    
    
    
    76,804Cash and cash equivalents at end of period
    
    $
    162,939
    
    
    $
    99,646




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QLOGIC CORPORATION
 SUPPLEMENTAL FINANCIAL INFORMATION
  Net Revenues
  Three Months Ended
    
    
    Six Months EndedSeptember 28,
    
    
    September 30,
    
    
    September 28,
    
    
    September 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Host Products
    
    $
    119,667
    
    
    $
    104,436
    
    
    $
    240,317
    
    
    $
    208,644Network Products
    
    
    29,786
    
    
    
    21,954
    
    
    
    59,689
    
    
    
    46,406Silicon Products
    
    
    15,660
    
    
    
    11,494
    
    
    
    31,215
    
    
    
    21,108Royalty and Service
    
    
    6,084
    
    
    
    2,442
    
    
    
    8,403
    
    
    
    3,945$
    171,197
    
    
    $
    140,326
    
    
    $
    339,624
    
    
    $
    280,103
 Geographic Revenues
  Three Months Ended
    
    
    Six Months EndedSeptember 28,
    
    
    September 30,
    
    
    September 28,
    
    
    September 30,2008
    
    
    2007
    
    
    2008
    
    
    2007United States
    
    $
    83,701
    
    
    $
    68,541
    
    
    $
    164,326
    
    
    $
    146,288Europe, Middle East and Africa
    
    
    41,987
    
    
    
    34,559
    
    
    
    83,012
    
    
    
    65,182Asia-Pacific and Japan
    
    
    36,493
    
    
    
    28,814
    
    
    
    72,425
    
    
    
    51,857Rest of world
    
    
    9,016
    
    
    
    8,412
    
    
    
    19,861
    
    
    
    16,776$
    171,197
    
    
    $
    140,326
    
    
    $
    339,624
    
    
    $
    280,103