ALISO VIEJO, Calif. (AFX) - QLogic Corp., a provider of storage networking products, said Tuesday that fiscal first-quarter earnings dropped by nearly half, hurt by a series of charges, but results came in above Wall Street expectations.
The Aliso Viejo, Calif-based company said net income in the three months ended July 2 fell to $21.1 million, or 13 cents per share, from $41.8 million, or 23 cents per share, in the year-ago period, which included $13.5 million, or 8 cents per share, of earnings from discontinued operations.
Excluding charges totaling $12.6 million, or 21 cents per share, related to stock expenses, acquisitions and associated taxes, the company posted earnings from continuing operations of $33.7 million, or 21 cents per share, in the latest period.
Wall Street expected profit of 20 cents per share, according to Thomson Financial.
Revenue added 18 percent to $136.7 million from $115.4 million last year, beating Wall Street's forecast for sales of $134.6 million.
In electronic after-hours trading, the company's shares fell 9 cents to $16.51k after finishing the Nasdaq regular session unchanged from Monday's close of $16.60.
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