FOR IMMEDIATE RELEASE
    
    Exhibit 99.1
 Media Contact:
 Investor Contact:
 QLOGIC REPORTS THIRD QUARTER
RESULTS FOR FISCAL YEAR 2009
  Third Quarter Highlights
 
    
    Net revenue increased 4% from the comparable quarter last year to $163.7 million.
    
    Net income: $30.8 million GAAP, $42.5 million non-GAAP.
    
    Net income per diluted share: $0.24 GAAP, $0.34 non-GAAP.
    
    Cash generated from operations was $49.9 million.
    
    $371.7 million in cash and marketable securities as of December 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; revenues may be affected by changes in IT spending levels; gross margins that
may vary over time; 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; the companys 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
    
    
    Nine Months EndedDecember 28,
    
    
    December 30,
    
    
    December 28,
    
    
    December 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Net revenues
    
    $
    163,691
    
    
    $
    158,040
    
    
    $
    503,315
    
    
    $
    438,143Cost of revenues
    
    
    54,770
    
    
    
    52,237
    
    
    
    165,542
    
    
    
    152,113Gross profit
    
    
    108,921
    
    
    
    105,803
    
    
    
    337,773
    
    
    
    286,030Operating expenses:Engineering and development
    
    
    33,117
    
    
    
    33,174
    
    
    
    100,565
    
    
    
    100,916Sales and marketing
    
    
    20,918
    
    
    
    20,292
    
    
    
    67,895
    
    
    
    62,104General and administrative
    
    
    8,172
    
    
    
    8,260
    
    
    
    24,892
    
    
    
    25,250Special charges
    
    
    1,407
    
    
    
    
    
    
    
    1,407
    
    
    
    3,772Total operating expenses
    
    
    63,614
    
    
    
    61,726
    
    
    
    194,759
    
    
    
    192,042Operating income
    
    
    45,307
    
    
    
    44,077
    
    
    
    143,014
    
    
    
    93,988Interest and other income, net
    
    
    2,511
    
    
    
    4,866
    
    
    
    2,035
    
    
    
    16,885Income before income taxes
    
    
    47,818
    
    
    
    48,943
    
    
    
    145,049
    
    
    
    110,873Income taxes
    
    
    17,028
    
    
    
    17,073
    
    
    
    55,457
    
    
    
    37,428Net income
    
    $
    30,790
    
    
    $
    31,870
    
    
    $
    89,592
    
    
    $
    73,445Net income per share:Basic
    
    $
    0.24
    
    
    $
    0.23
    
    
    $
    0.69
    
    
    $
    0.51Diluted
    
    $
    0.24
    
    
    $
    0.23
    
    
    $
    0.68
    
    
    $
    0.50Number of shares used in per
share calculations:Basic
    
    
    126,180
    
    
    
    136,836
    
    
    
    130,050
    
    
    
    144,932Diluted
    
    
    126,497
    
    
    
    137,421
    
    
    
    130,932
    
    
    
    145,614




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##### 



QLOGIC CORPORATION
 RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP NET INCOME
  Three Months Ended
    
    
    Nine Months EndedDecember 28,
    
    
    December 30,
    
    
    December 28,
    
    
    December 30,2008
    
    
    2007
    
    
    2008
    
    
    2007GAAP net income
    
    $
    30,790
    
    
    $
    31,870
    
    
    $
    89,592
    
    
    $
    73,445Items excluded from GAAP net
income:Stock-based compensation
    
    
    7,005
    
    
    
    8,062
    
    
    
    22,144
    
    
    
    24,249Amortization of purchased
intangible assets
    
    
    2,713
    
    
    
    3,618
    
    
    
    12,319
    
    
    
    13,107Acquisition-related
stock-based compensation
    
    
    292
    
    
    
    606
    
    
    
    787
    
    
    
    568Special charges
    
    
    1,407
    
    
    
    
    
    
    
    1,407
    
    
    
    3,772Impairment of
available-for-sale securities
    
    
    4,259
    
    
    
    
    
    
    
    12,002
    
    
    
    Net gains on trading securities
    
    
    (3,605
    )
    
    
    
    
    
    
    (3,605
    )
    
    
    Income taxes
    
    
    (354
    )
    
    
    (3,170
    )
    
    
    (4,970
    )
    
    
    (11,504
    )Total non-GAAP adjustments
    
    
    11,717
    
    
    
    9,116
    
    
    
    40,084
    
    
    
    30,192Non-GAAP net income
    
    $
    42,507
    
    
    $
    40,986
    
    
    $
    129,676
    
    
    $
    103,637Net income per diluted share:GAAP net income
    
    $
    0.24
    
    
    $
    0.23
    
    
    $
    0.68
    
    
    $
    0.50Adjustments
    
    
    0.10
    
    
    
    0.07
    
    
    
    0.31
    
    
    
    0.21Non-GAAP net income
    
    $
    0.34
    
    
    $
    0.30
    
    
    $
    0.99
    
    
    $
    0.71
 Non-GAAP Financial Measures




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##### 



(unaudited   in thousands)
    
    Three Months Ended
    
    
    Nine Months EndedDecember 28,
    
    
    December 30,
    
    
    December 28,
    
    
    December 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Non-GAAP Adjustments:Cost of revenues:Stock-based compensation
    
    $
    569
    
    
    $
    564
    
    
    $
    1,577
    
    
    $
    1,629Amortization of purchased intangible assets
    
    
    1,873
    
    
    
    2,778
    
    
    
    9,800
    
    
    
    10,088Acquisition-related stock-based compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (24
    )Total cost of revenue adjustments
    
    
    2,442
    
    
    
    3,342
    
    
    
    11,377
    
    
    
    11,693Operating expenses:Engineering and development:Stock-based compensation
    
    
    3,748
    
    
    
    3,851
    
    
    
    11,600
    
    
    
    11,131Amortization of purchased intangible assets
    
    
    32
    
    
    
    32
    
    
    
    94
    
    
    
    283Acquisition-related stock-based compensation
    
    
    286
    
    
    
    587
    
    
    
    770
    
    
    
    554Sales and marketing:Stock-based compensation
    
    
    1,288
    
    
    
    1,479
    
    
    
    4,303
    
    
    
    4,753Amortization of purchased intangible assets
    
    
    808
    
    
    
    808
    
    
    
    2,425
    
    
    
    2,736Acquisition-related stock-based compensation
    
    
    6
    
    
    
    19
    
    
    
    17
    
    
    
    38General and administrative:Stock-based compensation
    
    
    1,400
    
    
    
    2,168
    
    
    
    4,664
    
    
    
    6,736Special charges
    
    
    1,407
    
    
    
    
    
    
    
    1,407
    
    
    
    3,772Total operating expense adjustments
    
    
    8,975
    
    
    
    8,944
    
    
    
    25,280
    
    
    
    30,003Interest and other income:Impairment of available-for-sale securities
    
    
    4,259
    
    
    
    
    
    
    
    12,002
    
    
    
    Net gains on trading securities
    
    
    (3,605
    )
    
    
    
    
    
    
    (3,605
    )
    
    
    Total interest and other income adjustments
    
    
    654
    
    
    
    
    
    
    
    8,397
    
    
    
    Total non-GAAP adjustments before income taxes
    
    
    12,071
    
    
    
    12,286
    
    
    
    45,054
    
    
    
    41,696Income taxes
    
    
    (354
    )
    
    
    (3,170
    )
    
    
    (4,970
    )
    
    
    (11,504
    )Total non-GAAP adjustments
    
    $
    11,717
    
    
    $
    9,116
    
    
    $
    40,084
    
    
    $
    30,192




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##### 



QLOGIC CORPORATION
 CONDENSED CONSOLIDATED BALANCE SHEETS
  December 28, 2008
    
    
    March 30, 2008ASSETSCurrent assets:Cash and cash equivalents
    
    $
    151,681
    
    
    $
    160,009Short-term marketable securities
    
    
    183,063
    
    
    
    160,497Accounts receivable, net
    
    
    87,531
    
    
    
    81,642Inventories
    
    
    30,171
    
    
    
    27,520Deferred tax assets
    
    
    22,563
    
    
    
    32,227Other current assets
    
    
    9,450
    
    
    
    8,925Total current assets
    
    
    484,459
    
    
    
    470,820Long-term marketable securities
    
    
    36,908
    
    
    
    55,903Property and equipment, net
    
    
    93,071
    
    
    
    93,726Goodwill
    
    
    118,859
    
    
    
    127,409Purchased intangible assets, net
    
    
    22,027
    
    
    
    34,652Deferred tax assets
    
    
    26,484
    
    
    
    25,870Other assets
    
    
    3,957
    
    
    
    2,586$
    785,765
    
    
    $
    810,966LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    35,915
    
    
    $
    35,643Accrued compensation
    
    
    24,824
    
    
    
    31,120Accrued taxes
    
    
    3,905
    
    
    
    5,262Deferred revenue
    
    
    6,998
    
    
    
    8,693Other current liabilities
    
    
    6,893
    
    
    
    5,952Total current liabilities
    
    
    78,535
    
    
    
    86,670Accrued taxes
    
    
    56,245
    
    
    
    48,163Deferred revenue
    
    
    8,603
    
    
    
    5,087Other liabilities
    
    
    4,742
    
    
    
    5,130Total liabilities
    
    
    148,125
    
    
    
    145,050Stockholders equity:Common stock
    
    
    202
    
    
    
    200Additional paid-in capital
    
    
    703,689
    
    
    
    657,893Retained earnings
    
    
    1,174,530
    
    
    
    1,084,938Accumulated other comprehensive income (loss)
    
    
    291
    
    
    
    (2,530
    )Treasury stock
    
    
    (1,241,072
    )
    
    
    (1,074,585
    )Total stockholders equity
    
    
    637,640
    
    
    
    665,916$
    785,765
    
    
    $
    810,966




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##### 



QLOGIC CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  Nine Months EndedDecember 28,
    
    
    December 30,2008
    
    
    2007Cash flows from operating activities:Net income
    
    $
    89,592
    
    
    $
    73,445Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation and amortization
    
    
    24,579
    
    
    
    22,842Stock-based compensation
    
    
    22,144
    
    
    
    24,249Acquisition-related:Amortization of purchased intangible assets
    
    
    12,319
    
    
    
    13,107Stock-based compensation
    
    
    787
    
    
    
    568Deferred income taxes
    
    
    15,632
    
    
    
    (12,472
    )Impairment of available-for-sale securities
    
    
    12,002
    
    
    
    Net gains on trading securities
    
    
    (3,605
    )
    
    
    Provision for losses on accounts receivable
    
    
    111
    
    
    
    190Loss on disposal of property and equipment
    
    
    137
    
    
    
    1,121Changes in operating assets and liabilities:Accounts receivable
    
    
    (6,000
    )
    
    
    (2,286
    )Inventories
    
    
    (2,651
    )
    
    
    7,720Other assets
    
    
    (2,149
    )
    
    
    2,053Accounts payable
    
    
    (2,073
    )
    
    
    3,813Accrued compensation
    
    
    (5,376
    )
    
    
    (7,108
    )Accrued taxes
    
    
    6,725
    
    
    
    33,329Deferred revenue
    
    
    1,821
    
    
    
    2,740Other liabilities
    
    
    (702
    )
    
    
    (756
    )Net cash provided by operating activities
    
    
    163,293
    
    
    
    162,555Cash flows from investing activities:Purchases of available-for-sale securities
    
    
    (117,475
    )
    
    
    (120,923
    )Proceeds from sales and maturities of available-for-sale securities
    
    
    107,874
    
    
    
    348,387Proceeds from disposition of trading securities
    
    
    2,675
    
    
    
    Additions to property and equipment
    
    
    (21,410
    )
    
    
    (22,460
    )Acquisition of business
    
    
    
    
    
    
    67Net cash provided by (used in) investing activities
    
    
    (28,336
    )
    
    
    205,071Cash flows from financing activities:Proceeds from issuance of stock under stock plans
    
    
    21,624
    
    
    
    11,262Tax benefit from issuance of stock under stock plans
    
    
    323
    
    
    
    364Purchase of treasury stock
    
    
    (165,232
    )
    
    
    (315,276
    )Net cash used in financing activities
    
    
    (143,285
    )
    
    
    (303,650
    )Net increase (decrease) in cash and cash equivalents
    
    
    (8,328
    )
    
    
    63,976Cash and cash equivalents at beginning of period
    
    
    160,009
    
    
    
    76,804Cash and cash equivalents at end of period
    
    $
    151,681
    
    
    $
    140,780




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##### 



QLOGIC CORPORATION
 SUPPLEMENTAL FINANCIAL INFORMATION
  Net Revenues
  Three Months Ended
    
    
    Nine Months EndedDecember 28,
    
    
    December 30,
    
    
    December 28,
    
    
    December 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Host Products
    
    $
    112,181
    
    
    $
    118,915
    
    
    $
    352,498
    
    
    $
    327,559Network Products
    
    
    32,788
    
    
    
    27,833
    
    
    
    92,477
    
    
    
    74,239Silicon Products
    
    
    16,492
    
    
    
    9,275
    
    
    
    47,707
    
    
    
    30,383Royalty and Service
    
    
    2,230
    
    
    
    2,017
    
    
    
    10,633
    
    
    
    5,962$
    163,691
    
    
    $
    158,040
    
    
    $
    503,315
    
    
    $
    438,143
 Geographic Revenues
  Three Months Ended
    
    
    Nine Months EndedDecember 28,
    
    
    December 30,
    
    
    December 28,
    
    
    December 30,2008
    
    
    2007
    
    
    2008
    
    
    2007United States
    
    $
    75,759
    
    
    $
    78,647
    
    
    $
    240,085
    
    
    $
    224,935Europe, Middle East and Africa
    
    
    40,395
    
    
    
    40,243
    
    
    
    123,407
    
    
    
    105,425Asia-Pacific and Japan
    
    
    38,985
    
    
    
    29,143
    
    
    
    111,410
    
    
    
    81,000Rest of world
    
    
    8,552
    
    
    
    10,007
    
    
    
    28,413
    
    
    
    26,783$
    163,691
    
    
    $
    158,040
    
    
    $
    503,315
    
    
    $
    438,143