QLogic Quarterly Net Income Takes Jump to $8.5 Million

QLogic Corp., a Costa Mesa computer products company, reported that fourth-quarter net income more than doubled to $8.5 million, or 45 cents a share, from $4.2 million, or 23 cents a share, for the like period last year. Revenue for the quarter ended March 28 rose 55% to a record $35.1 million from $22.7 million.

Net income for the year totaled $25.7 million, or $1.38 a share, which included a charge in the second quarter of $1.6 million in connection with the acquisition of Silicon Design Resources Inc. Net income for the prior year was $13.4 million, or 83 cents a share. Revenue grew 44% to a record $117.2 million from $81.4 million.

Although the company did not release its earnings until after the markets closed Thursday, its stock price rose $2.88 a share to close at $75.88 in Nasdaq trading.