FOR IMMEDIATE RELEASE
    
    Exhibit 99.1
 Media Contact:
 Investor Contact:
 QLOGIC REPORTS FOURTH QUARTER
AND FISCAL YEAR 2009 RESULTS
Record Annual Revenues Achieved
 ALISO VIEJO, Calif., April 30, 2009
 Fourth Quarter Highlights
 
    
    Net revenue: $130.5 million.
    
    Net income: $19.2 million GAAP, $24.5 million non-GAAP.
    
    Net income per diluted share: $0.16 GAAP, $0.20 non-GAAP.
    
    Cash generated from operations: $58.0 million.
    
    Cash and investment securities: $378.3 million as of March 29, 2009.
 Fiscal Year Highlights
 
    
    Net revenue: a record $633.9 million.
    
    Net income: $108.8 million GAAP, $154.2 million non-GAAP.
    
    Net income per diluted share: $0.85 GAAP, $1.20 non-GAAP.
    
    Cash generated from operations: $221.3 million.
    
    Stock buyback: $205.5 million.
 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, growth in revenue and profitability) 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
    
    
    Year EndedMarch 29,
    
    
    March 30,
    
    
    March 29,
    
    
    March 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net revenues
    
    $
    130,547
    
    
    $
    159,723
    
    
    $
    633,862
    
    
    $
    597,866Cost of revenues
    
    
    44,533
    
    
    
    53,846
    
    
    
    210,075
    
    
    
    205,959Gross profit
    
    
    86,014
    
    
    
    105,877
    
    
    
    423,787
    
    
    
    391,907Operating expenses:Engineering and development
    
    
    32,687
    
    
    
    33,752
    
    
    
    133,252
    
    
    
    134,668Sales and marketing
    
    
    19,064
    
    
    
    22,062
    
    
    
    86,959
    
    
    
    84,166General and administrative
    
    
    7,747
    
    
    
    8,799
    
    
    
    32,639
    
    
    
    34,049Special charges
    
    
    2,656
    
    
    
    1,556
    
    
    
    4,063
    
    
    
    5,328Total operating expenses
    
    
    62,154
    
    
    
    66,169
    
    
    
    256,913
    
    
    
    258,211Operating income
    
    
    23,860
    
    
    
    39,708
    
    
    
    166,874
    
    
    
    133,696Interest and other income (expense), net
    
    
    99
    
    
    
    (2,861
    )
    
    
    2,134
    
    
    
    14,024Income before income taxes
    
    
    23,959
    
    
    
    36,847
    
    
    
    169,008
    
    
    
    147,720Income taxes
    
    
    4,762
    
    
    
    14,082
    
    
    
    60,219
    
    
    
    51,510Net income
    
    $
    19,197
    
    
    $
    22,765
    
    
    $
    108,789
    
    
    $
    96,210Net income per share:Basic
    
    $
    0.16
    
    
    $
    0.17
    
    
    $
    0.85
    
    
    $
    0.68Diluted
    
    $
    0.16
    
    
    $
    0.17
    
    
    $
    0.85
    
    
    $
    0.67Number of shares used in per share
calculations:Basic
    
    
    120,957
    
    
    
    133,873
    
    
    
    127,776
    
    
    
    142,167Diluted
    
    
    121,486
    
    
    
    134,762
    
    
    
    128,570
    
    
    
    142,901




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##### 



QLOGIC CORPORATION
 RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP NET INCOME
  Three Months Ended
    
    
    Year EndedMarch 29,
    
    
    March 30,
    
    
    March 29,
    
    
    March 30,2009
    
    
    2008
    
    
    2009
    
    
    2008GAAP net income
    
    $
    19,197
    
    
    $
    22,765
    
    
    $
    108,789
    
    
    $
    96,210Items excluded from GAAP net income:Stock-based compensation
    
    
    6,502
    
    
    
    7,515
    
    
    
    28,646
    
    
    
    31,764Amortization of purchased
intangible assets
    
    
    2,713
    
    
    
    3,618
    
    
    
    15,032
    
    
    
    16,725Impairment of intangible assets
    
    
    
    
    
    
    2,338
    
    
    
    
    
    
    
    2,338Acquisition-related stock-based
compensation
    
    
    (614
    )
    
    
    641
    
    
    
    173
    
    
    
    1,209Special charges
    
    
    2,656
    
    
    
    1,556
    
    
    
    4,063
    
    
    
    5,328Impairment of investment securities
    
    
    4,405
    
    
    
    6,867
    
    
    
    16,407
    
    
    
    6,867Net losses (gains) on trading
securities
    
    
    149
    
    
    
    
    
    
    
    (3,456
    )
    
    
    Gain on sale of shares of a
publicly-traded company
    
    
    (2,075
    )
    
    
    
    
    
    
    (2,075
    )
    
    
    Income taxes
    
    
    (8,421
    )
    
    
    (7,589
    )
    
    
    (13,391
    )
    
    
    (19,093
    )Total non-GAAP adjustments
    
    
    5,315
    
    
    
    14,946
    
    
    
    45,399
    
    
    
    45,138Non-GAAP net income
    
    $
    24,512
    
    
    $
    37,711
    
    
    $
    154,188
    
    
    $
    141,348Net income per diluted share:GAAP net income
    
    $
    0.16
    
    
    $
    0.17
    
    
    $
    0.85
    
    
    $
    0.67Adjustments
    
    
    0.04
    
    
    
    0.11
    
    
    
    0.35
    
    
    
    0.32Non-GAAP net income
    
    $
    0.20
    
    
    $
    0.28
    
    
    $
    1.20
    
    
    $
    0.99
 Non-GAAP Financial Measures




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##### 



Three Months Ended
    
    
    Year EndedMarch 29,
    
    
    March 30,
    
    
    March 29,
    
    
    March 30,(unaudited  in thousands)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Non-GAAP Adjustments:Cost of revenues:Stock-based compensation
    
    $
    481
    
    
    $
    499
    
    
    $
    2,058
    
    
    $
    2,128Amortization of purchased intangible assets
    
    
    1,873
    
    
    
    2,779
    
    
    
    11,673
    
    
    
    12,867Impairment of intangible assets
    
    
    
    
    
    
    2,338
    
    
    
    
    
    
    
    2,338Acquisition-related stock-based compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (24
    )Total cost of revenue adjustments
    
    
    2,354
    
    
    
    5,616
    
    
    
    13,731
    
    
    
    17,309Operating expenses:Engineering and development:Stock-based compensation
    
    
    3,391
    
    
    
    3,400
    
    
    
    14,991
    
    
    
    14,531Amortization of purchased intangible assets
    
    
    31
    
    
    
    31
    
    
    
    125
    
    
    
    314Acquisition-related stock-based compensation
    
    
    (619
    )
    
    
    644
    
    
    
    151
    
    
    
    1,198Sales and marketing:Stock-based compensation
    
    
    1,242
    
    
    
    1,502
    
    
    
    5,545
    
    
    
    6,255Amortization of purchased intangible assets
    
    
    809
    
    
    
    808
    
    
    
    3,234
    
    
    
    3,544Acquisition-related stock-based compensation
    
    
    5
    
    
    
    (3
    )
    
    
    22
    
    
    
    35General and administrative:Stock-based compensation
    
    
    1,388
    
    
    
    2,114
    
    
    
    6,052
    
    
    
    8,850Special charges
    
    
    2,656
    
    
    
    1,556
    
    
    
    4,063
    
    
    
    5,328Total operating expense adjustments
    
    
    8,903
    
    
    
    10,052
    
    
    
    34,183
    
    
    
    40,055Interest and other income:Impairment of investment securities
    
    
    4,405
    
    
    
    6,867
    
    
    
    16,407
    
    
    
    6,867Net losses (gains) on trading securities
    
    
    149
    
    
    
    
    
    
    
    (3,456
    )
    
    
    Gain on sale of shares of a publicly-traded
company
    
    
    (2,075
    )
    
    
    
    
    
    
    (2,075
    )
    
    
    Total interest and other income adjustments
    
    
    2,479
    
    
    
    6,867
    
    
    
    10,876
    
    
    
    6,867Total non-GAAP adjustments before income taxes
    
    
    13,736
    
    
    
    22,535
    
    
    
    58,790
    
    
    
    64,231Income taxes
    
    
    (8,421
    )
    
    
    (7,589
    )
    
    
    (13,391
    )
    
    
    (19,093
    )Total non-GAAP adjustments
    
    $
    5,315
    
    
    $
    14,946
    
    
    $
    45,399
    
    
    $
    45,138




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##### 



QLOGIC CORPORATION
 CONDENSED CONSOLIDATED BALANCE SHEETS
  March 29, 2009
    
    
    March 30, 2008ASSETSCurrent assets:Cash and cash equivalents
    
    $
    203,722
    
    
    $
    160,009Short-term investment securities
    
    
    139,561
    
    
    
    160,497Accounts receivable, net
    
    
    68,519
    
    
    
    81,642Inventories
    
    
    40,293
    
    
    
    27,520Deferred tax assets
    
    
    19,002
    
    
    
    32,227Other current assets
    
    
    10,854
    
    
    
    8,925Total current assets
    
    
    481,951
    
    
    
    470,820Long-term investment securities
    
    
    34,986
    
    
    
    55,903Property and equipment, net
    
    
    92,547
    
    
    
    93,726Goodwill
    
    
    118,859
    
    
    
    127,409Purchased intangible assets, net
    
    
    19,117
    
    
    
    34,652Deferred tax assets
    
    
    28,785
    
    
    
    25,870Other assets
    
    
    4,045
    
    
    
    2,586$
    780,290
    
    
    $
    810,966LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    36,874
    
    
    $
    35,643Accrued compensation
    
    
    28,702
    
    
    
    31,120Accrued taxes
    
    
    13,499
    
    
    
    5,262Deferred revenue
    
    
    7,470
    
    
    
    8,693Other current liabilities
    
    
    6,728
    
    
    
    5,952Total current liabilities
    
    
    93,273
    
    
    
    86,670Accrued taxes
    
    
    47,116
    
    
    
    48,163Deferred revenue
    
    
    8,559
    
    
    
    5,087Other liabilities
    
    
    4,797
    
    
    
    5,130Total liabilities
    
    
    153,745
    
    
    
    145,050Stockholders equity:Common stock
    
    
    202
    
    
    
    200Additional paid-in capital
    
    
    712,064
    
    
    
    657,893Retained earnings
    
    
    1,193,727
    
    
    
    1,084,938Accumulated other comprehensive income (loss)
    
    
    634
    
    
    
    (2,530
    )Treasury stock
    
    
    (1,280,082
    )
    
    
    (1,074,585
    )Total stockholders equity
    
    
    626,545
    
    
    
    665,916$
    780,290
    
    
    $
    810,966




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##### 



QLOGIC CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  Year EndedMarch 29,
    
    
    March 30,2009
    
    
    2008Cash flows from operating activities:Net income
    
    $
    108,789
    
    
    $
    96,210Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation and amortization
    
    
    32,525
    
    
    
    30,857Stock-based compensation
    
    
    28,646
    
    
    
    31,764Acquisition-related:Amortization of purchased intangible assets
    
    
    15,032
    
    
    
    16,725Stock-based compensation
    
    
    173
    
    
    
    1,209Deferred income taxes
    
    
    16,660
    
    
    
    (14,549
    )Impairment of investment securities
    
    
    16,407
    
    
    
    6,867Net gains on trading securities
    
    
    (3,456
    )
    
    
    Gain on sale of shares of a publicly-traded company
    
    
    (2,075
    )
    
    
    Provision for losses on accounts receivable
    
    
    278
    
    
    
    399Loss on disposal of property and equipment
    
    
    402
    
    
    
    1,328Impairment of intangible assets
    
    
    
    
    
    
    2,338Changes in operating assets and liabilities:Accounts receivable
    
    
    12,845
    
    
    
    (8,503
    )Inventories
    
    
    (12,773
    )
    
    
    11,415Other assets
    
    
    (2,126
    )
    
    
    3,593Accounts payable
    
    
    707
    
    
    
    7,282Accrued compensation
    
    
    (884
    )
    
    
    (1,940
    )Accrued taxes
    
    
    7,190
    
    
    
    20,635Deferred revenue
    
    
    2,249
    
    
    
    6,412Other liabilities
    
    
    688
    
    
    
    (453
    )Net cash provided by operating activities
    
    
    221,277
    
    
    
    211,589Cash flows from investing activities:Purchases of available-for-sale securities
    
    
    (122,437
    )
    
    
    (185,707
    )Proceeds from sales and maturities of available-for-sale securities
    
    
    161,320
    
    
    
    425,033Proceeds from disposition of trading securities
    
    
    4,550
    
    
    
    Reclassification of cash equivalents to investment securities
    
    
    (57,209
    )
    
    
    Distributions from other investment securities
    
    
    48,855
    
    
    
    Purchases of property and equipment
    
    
    (30,721
    )
    
    
    (30,001
    )Acquisition of business
    
    
    
    
    
    
    67Net cash provided by investing activities
    
    
    4,358
    
    
    
    209,392Cash flows from financing activities:Proceeds from issuance of stock under stock plans
    
    
    23,541
    
    
    
    14,696Tax benefit from issuance of stock under stock plans
    
    
    279
    
    
    
    288Purchases of treasury stock
    
    
    (205,742
    )
    
    
    (352,760
    )Net cash used in financing activities
    
    
    (181,922
    )
    
    
    (337,776
    )Net increase in cash and cash equivalents
    
    
    43,713
    
    
    
    83,205Cash and cash equivalents at beginning of year
    
    
    160,009
    
    
    
    76,804Cash and cash equivalents at end of year
    
    $
    203,722
    
    
    $
    160,009




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##### 



QLOGIC CORPORATION
 SUPPLEMENTAL FINANCIAL INFORMATION
  Net Revenues
  Three Months Ended
    
    
    Year EndedMarch 29,
    
    
    March 30,
    
    
    March 29,
    
    
    March 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Host Products
    
    $
    88,364
    
    
    $
    110,323
    
    
    $
    440,862
    
    
    $
    437,882Network Products
    
    
    25,074
    
    
    
    27,519
    
    
    
    117,551
    
    
    
    101,758Silicon Products
    
    
    13,719
    
    
    
    13,940
    
    
    
    61,426
    
    
    
    44,323Royalty and Service
    
    
    3,390
    
    
    
    7,941
    
    
    
    14,023
    
    
    
    13,903$
    130,547
    
    
    $
    159,723
    
    
    $
    633,862
    
    
    $
    597,866
 Geographic Revenues
  Three Months Ended
    
    
    Year EndedMarch 29,
    
    
    March 30,
    
    
    March 29,
    
    
    March 30,2009
    
    
    2008
    
    
    2009
    
    
    2008United States
    
    $
    63,644
    
    
    $
    80,211
    
    
    $
    303,729
    
    
    $
    305,146Europe, Middle East and Africa
    
    
    31,056
    
    
    
    39,206
    
    
    
    154,463
    
    
    
    144,631Asia-Pacific and Japan
    
    
    28,440
    
    
    
    32,063
    
    
    
    139,850
    
    
    
    113,063Rest of world
    
    
    7,407
    
    
    
    8,243
    
    
    
    35,820
    
    
    
    35,026$
    130,547
    
    
    $
    159,723
    
    
    $
    633,862
    
    
    $
    597,866