##### 



FOR IMMEDIATE RELEASE
    
    Exhibit 99.1
 Investors Contact:
 QLOGIC REPORTS FOURTH QUARTER
AND FISCAL YEAR 2008 RESULTS
Record Revenue Achieved
  Fourth Quarter Highlights
 
    
    Net revenue increased 9% from last year to a record $159.7 million.
    
    Net income: $22.8 million GAAP, $37.7 million non-GAAP.
    
    Net income per diluted share: $0.17 GAAP, $0.28 non-GAAP.
    
    Cash generated from operations was $49.0 million.
    
    $376.4 million in cash and marketable securities as of March 30, 2008.
    
    Repurchased $36.2 million of outstanding common stock.
 Fiscal Year Highlights
 
    
    Net revenue was a record $597.9 million.
    
    Net income: $96.2 million GAAP, $141.3 million non-GAAP.
    
    Net income per diluted share: $0.67 GAAP, $0.99 non-GAAP.
    
    Cash generated from operations was $211.6 million.
    
    Repurchased $351.5 million of outstanding common stock.
 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; 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 our products; changes in our tax provisions or adverse
outcomes resulting from examination of our 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
    
    
    Year EndedMarch 30,
    
    
    April 1,
    
    
    March 30,
    
    
    April 1,2008
    
    
    2007
    
    
    2008
    
    
    2007Net revenues
    
    $
    159,723
    
    
    $
    147,096
    
    
    $
    597,866
    
    
    $
    586,697Cost of revenues
    
    
    53,846
    
    
    
    52,208
    
    
    
    205,959
    
    
    
    191,982Gross profit
    
    
    105,877
    
    
    
    94,888
    
    
    
    391,907
    
    
    
    394,715Operating expenses:Engineering and development
    
    
    33,752
    
    
    
    35,773
    
    
    
    134,668
    
    
    
    135,315Sales and marketing
    
    
    22,062
    
    
    
    22,636
    
    
    
    84,166
    
    
    
    86,731General and administrative
    
    
    8,799
    
    
    
    7,770
    
    
    
    34,049
    
    
    
    31,044Special charges
    
    
    1,556
    
    
    
    
    
    
    
    5,328
    
    
    
    Purchased in-process research and
development
    
    
    
    
    
    
    1,800
    
    
    
    
    
    
    
    3,710Total operating expenses
    
    
    66,169
    
    
    
    67,979
    
    
    
    258,211
    
    
    
    256,800Operating income
    
    
    39,708
    
    
    
    26,909
    
    
    
    133,696
    
    
    
    137,915Interest and other income (expense), net
    
    
    (2,861
    )
    
    
    (1,460
    )
    
    
    14,024
    
    
    
    16,872Income before income taxes
    
    
    36,847
    
    
    
    25,449
    
    
    
    147,720
    
    
    
    154,787Income taxes
    
    
    14,082
    
    
    
    7,008
    
    
    
    51,510
    
    
    
    49,369Net income
    
    $
    22,765
    
    
    $
    18,441
    
    
    $
    96,210
    
    
    $
    105,418Net income per share:Basic
    
    $
    0.17
    
    
    $
    0.12
    
    
    $
    0.68
    
    
    $
    0.66Diluted
    
    $
    0.17
    
    
    $
    0.12
    
    
    $
    0.67
    
    
    $
    0.66Number of shares used in per share
calculations:Basic
    
    
    133,873
    
    
    
    157,775
    
    
    
    142,167
    
    
    
    159,081Diluted
    
    
    134,762
    
    
    
    159,235
    
    
    
    142,901
    
    
    
    160,680




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QLOGIC CORPORATION
 RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP NET INCOME
  Three Months Ended
    
    
    Year EndedMarch 30,
    
    
    April 1,
    
    
    March 30,
    
    
    April 1,2008
    
    
    2007
    
    
    2008
    
    
    2007GAAP net income
    
    $
    22,765
    
    
    $
    18,441
    
    
    $
    96,210
    
    
    $
    105,418Items excluded from GAAP net income:Stock-based compensation
    
    
    7,515
    
    
    
    7,733
    
    
    
    31,764
    
    
    
    30,279Amortization of purchased
intangible assets
    
    
    3,618
    
    
    
    5,089
    
    
    
    16,725
    
    
    
    12,940Impairment of intangible assets
    
    
    2,338
    
    
    
    
    
    
    
    2,338
    
    
    
    Acquisition-related stock-based
compensation
    
    
    641
    
    
    
    1,283
    
    
    
    1,209
    
    
    
    9,092Special charges
    
    
    1,556
    
    
    
    
    
    
    
    5,328
    
    
    
    Purchased in-process research and
development
    
    
    
    
    
    
    1,800
    
    
    
    
    
    
    
    3,710Impairment of marketable securities
    
    
    6,867
    
    
    
    8,094
    
    
    
    6,867
    
    
    
    8,094Income tax effect
    
    
    (7,589
    )
    
    
    (7,208
    )
    
    
    (19,093
    )
    
    
    (17,413
    )Total non-GAAP adjustments
    
    
    14,946
    
    
    
    16,791
    
    
    
    45,138
    
    
    
    46,702Non-GAAP net income
    
    $
    37,711
    
    
    $
    35,232
    
    
    $
    141,348
    
    
    $
    152,120Net income per diluted share:GAAP net income
    
    $
    0.17
    
    
    $
    0.12
    
    
    $
    0.67
    
    
    $
    0.66Adjustments
    
    
    0.11
    
    
    
    0.10
    
    
    
    0.32
    
    
    
    0.29Non-GAAP net income
    
    $
    0.28
    
    
    $
    0.22
    
    
    $
    0.99
    
    
    $
    0.95
 Non-GAAP Financial Measures




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Three Months Ended
    
    
    Year EndedMarch 30,
    
    
    April 1,
    
    
    March 30,
    
    
    April 1,(unaudited - in thousands)
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007Non-GAAP Adjustments:Cost of revenues:Stock-based compensation
    
    $
    499
    
    
    $
    466
    
    
    $
    2,128
    
    
    $
    1,897Amortization of purchased
intangible assets
    
    
    2,779
    
    
    
    3,617
    
    
    
    12,867
    
    
    
    11,093Impairment of intangible assets
    
    
    2,338
    
    
    
    
    
    
    
    2,338
    
    
    
    Acquisition-related stock-based
compensation
    
    
    
    
    
    
    13
    
    
    
    (24
    )
    
    
    52Total cost of revenue adjustments
    
    
    5,616
    
    
    
    4,096
    
    
    
    17,309
    
    
    
    13,042Operating expenses:Engineering and development:Stock-based compensation
    
    
    3,400
    
    
    
    2,924
    
    
    
    14,531
    
    
    
    11,190Amortization of purchased
intangible assets
    
    
    31
    
    
    
    67
    
    
    
    314
    
    
    
    267Acquisition-related stock-based
compensation
    
    
    644
    
    
    
    1,616
    
    
    
    1,198
    
    
    
    7,601Sales and marketing:Stock-based compensation
    
    
    1,502
    
    
    
    2,272
    
    
    
    6,255
    
    
    
    8,155Amortization of purchased
intangible assets
    
    
    808
    
    
    
    1,405
    
    
    
    3,544
    
    
    
    1,580Acquisition-related stock-based
compensation
    
    
    (3
    )
    
    
    (327
    )
    
    
    35
    
    
    
    1,387General and administrative:Stock-based compensation
    
    
    2,114
    
    
    
    2,071
    
    
    
    8,850
    
    
    
    9,037Acquisition-related stock-based
compensation
    
    
    
    
    
    
    (19
    )
    
    
    
    
    
    
    52Special charges
    
    
    1,556
    
    
    
    
    
    
    
    5,328
    
    
    
    Purchased in-process research and
development
    
    
    
    
    
    
    1,800
    
    
    
    
    
    
    
    3,710Total operating expense adjustments
    
    
    10,052
    
    
    
    11,809
    
    
    
    40,055
    
    
    
    42,979Interest and other income (expense):Impairment of marketable securities
    
    
    6,867
    
    
    
    8,094
    
    
    
    6,867
    
    
    
    8,094Total non-GAAP adjustments before
income taxes
    
    
    22,535
    
    
    
    23,999
    
    
    
    64,231
    
    
    
    64,115Income tax effect
    
    
    (7,589
    )
    
    
    (7,208
    )
    
    
    (19,093
    )
    
    
    (17,413
    )Total non-GAAP adjustments
    
    $
    14,946
    
    
    $
    16,791
    
    
    $
    45,138
    
    
    $
    46,702




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##### 



QLOGIC CORPORATION
 CONDENSED CONSOLIDATED BALANCE SHEETS
  March 30, 2008
    
    
    April 1, 2007ASSETSCurrent assets:Cash and cash equivalents
    
    $
    160,009
    
    
    $
    76,804Short-term marketable securities
    
    
    160,497
    
    
    
    467,118Accounts receivable, net
    
    
    81,642
    
    
    
    73,538Inventories
    
    
    27,520
    
    
    
    38,935Deferred tax assets
    
    
    32,227
    
    
    
    27,866Other current assets
    
    
    8,925
    
    
    
    12,892Total current assets
    
    
    470,820
    
    
    
    697,153Long-term marketable securities
    
    
    55,903
    
    
    
    Property and equipment, net
    
    
    93,726
    
    
    
    90,913Goodwill
    
    
    127,409
    
    
    
    102,910Purchased intangible assets, net
    
    
    34,652
    
    
    
    55,093Deferred tax assets
    
    
    25,870
    
    
    
    49Other assets
    
    
    2,586
    
    
    
    25,241$
    810,966
    
    
    $
    971,359LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    35,643
    
    
    $
    29,280Accrued compensation
    
    
    31,120
    
    
    
    34,483Accrued taxes
    
    
    5,262
    
    
    
    15,729Deferred revenue
    
    
    8,693
    
    
    
    4,669Other current liabilities
    
    
    5,952
    
    
    
    7,674Total current liabilities
    
    
    86,670
    
    
    
    91,835Accrued taxes
    
    
    48,163
    
    
    
    Other liabilities
    
    
    10,217
    
    
    
    4,993Total liabilities
    
    
    145,050
    
    
    
    96,828Stockholders equity:Common stock
    
    
    200
    
    
    
    198Additional paid-in capital
    
    
    657,893
    
    
    
    608,515Retained earnings
    
    
    1,084,938
    
    
    
    988,728Accumulated other comprehensive income (loss)
    
    
    (2,530
    )
    
    
    169Treasury stock
    
    
    (1,074,585
    )
    
    
    (723,079
    )Total stockholders equity
    
    
    665,916
    
    
    
    874,531$
    810,966
    
    
    $
    971,359




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QLOGIC CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  Year EndedMarch 30,
    
    
    April 1,2008
    
    
    2007Cash flows from operating activities:Net income
    
    $
    96,210
    
    
    $
    105,418Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation and amortization
    
    
    30,857
    
    
    
    27,554Stock-based compensation
    
    
    31,764
    
    
    
    30,279Acquisition-related:Amortization of purchased intangible assets
    
    
    16,725
    
    
    
    12,940Stock-based compensation
    
    
    1,209
    
    
    
    9,092Purchased in-process research and development
    
    
    
    
    
    
    3,710Deferred income taxes
    
    
    (5,865
    )
    
    
    (4,154
    )Impairment of marketable securities
    
    
    6,867
    
    
    
    8,094Provision for losses on accounts receivable
    
    
    399
    
    
    
    30Loss on disposal of property and equipment
    
    
    1,328
    
    
    
    214Impairment of intangible assets
    
    
    2,338
    
    
    
    Changes in operating assets and liabilities, net of
acquisitions:Accounts receivable
    
    
    (8,503
    )
    
    
    (2,275
    )Inventories
    
    
    11,415
    
    
    
    2,771Other assets
    
    
    3,593
    
    
    
    (1,906
    )Accounts payable
    
    
    7,282
    
    
    
    (7,401
    )Accrued compensation
    
    
    (1,940
    )
    
    
    2,264Accrued taxes
    
    
    11,951
    
    
    
    2,809Deferred revenue
    
    
    6,412
    
    
    
    3,706Other liabilities
    
    
    (453
    )
    
    
    (2,076
    )Net cash provided by operating activities
    
    
    211,589
    
    
    
    191,069Cash flows from investing activities:Purchases of marketable securities
    
    
    (185,707
    )
    
    
    (298,220
    )Sales and maturities of marketable securities
    
    
    425,033
    
    
    
    366,677Additions to property and equipment
    
    
    (30,001
    )
    
    
    (31,708
    )Acquisition of businesses, net of cash acquired
    
    
    67
    
    
    
    (142,521
    )Restricted cash placed in escrow
    
    
    
    
    
    
    (24,000
    )Restricted cash received from escrow
    
    
    
    
    
    
    12,508Net cash provided by (used in) investing activities
    
    
    209,392
    
    
    
    (117,264
    )Cash flows from financing activities:Proceeds from issuance of stock under stock plans
    
    
    14,696
    
    
    
    33,703Tax benefit from issuance of stock under stock plans
    
    
    288
    
    
    
    5,816Payoff of line of credit assumed in acquisition
    
    
    
    
    
    
    (1,632
    )Purchase of treasury stock
    
    
    (352,760
    )
    
    
    (160,080
    )Net cash used in financing activities
    
    
    (337,776
    )
    
    
    (122,193
    )Net increase (decrease) in cash and cash equivalents
    
    
    83,205
    
    
    
    (48,388
    )Cash and cash equivalents at beginning of year
    
    
    76,804
    
    
    
    125,192Cash and cash equivalents at end of year
    
    $
    160,009
    
    
    $
    76,804




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QLOGIC CORPORATION
 SUPPLEMENTAL FINANCIAL INFORMATION
  Net Revenues
  Three Months Ended
    
    
    Year EndedMarch 30,
    
    
    April 1,
    
    
    March 30,
    
    
    April 1,2008
    
    
    2007
    
    
    2008
    
    
    2007Host Products
    
    $
    110,323
    
    
    $
    105,134
    
    
    $
    437,882
    
    
    $
    410,607Network Products
    
    
    27,519
    
    
    
    25,935
    
    
    
    101,758
    
    
    
    88,307Silicon Products
    
    
    13,940
    
    
    
    13,971
    
    
    
    44,323
    
    
    
    76,652Other
    
    
    7,941
    
    
    
    2,056
    
    
    
    13,903
    
    
    
    11,131$
    159,723
    
    
    $
    147,096
    
    
    $
    597,866
    
    
    $
    586,697
 Geographic Revenues
  Three Months Ended
    
    
    Year EndedMarch 30,
    
    
    April 1,
    
    
    March 30,
    
    
    April 1,2008
    
    
    2007
    
    
    2008
    
    
    2007United States
    
    $
    80,211
    
    
    $
    78,076
    
    
    $
    305,146
    
    
    $
    314,300Europe, Middle East and Africa
    
    
    39,206
    
    
    
    35,230
    
    
    
    144,631
    
    
    
    131,954Asia-Pacific and Japan
    
    
    32,063
    
    
    
    24,333
    
    
    
    113,063
    
    
    
    111,130Rest of world
    
    
    8,243
    
    
    
    9,457
    
    
    
    35,026
    
    
    
    29,313$
    159,723
    
    
    $
    147,096
    
    
    $
    597,866
    
    
    $
    586,697