QLogic Pins Sales Drop on Weak Disk Drive Industry

QLogic Corp., formerly a subsidiary of Emulex Corp., said Tuesday that it lost $4.6 million for its latest fiscal year.

That loss, which included onetime costs for its spinoff from Emulex and other restructuring moves, contrasted with a $5.9-million profit for the previous year. Annual revenue dropped 14% to $44.9 million for the year, which ended April 3.

For the fourth quarter, QLogic posted a profit of $87,000, down from earnings of $1 million for the same period a year earlier. Three-month revenue was $11.4 million, down from $13.8 million.

The revenue decrease for the year was the result of a slump in the disk drive industry, the company’s primary market, during the second and third fiscal quarters, the company said.