QLogic (QLGC) 8-K Qlogic Reports Fourth Quarter

Exhibit 99.1

Media Contact:

Steve Sturgeon

QLogic Corporation

858.472.5669

steve.sturgeon@qlogic.com

Investor Contact:

Doug Naylor

QLogic Corporation

949.542.1330

doug.naylor@qlogic.com

QLOGIC REPORTS FOURTH QUARTER

AND FISCAL YEAR 2014 RESULTS

ALISO VIEJO, Calif., May 1, 2014—QLogic Corp. (Nasdaq:QLGC), a leading supplier of high performance network infrastructure solutions, today announced its financial results for the fourth quarter and fiscal year ended March 30, 2014.

Net revenue for the fourth quarter of fiscal 2014 was $115.7 million, compared to $116.9 million in the same quarter last year, and included approximately $1 million of revenue associated with the NetXtreme II Ethernet business that was acquired from Broadcom Corporation in March 2014. Revenue from Advanced Connectivity Platforms increased to $101.1 million in the fourth quarter of fiscal 2014 from $97.0 million in the same quarter last year. Revenue from Legacy Connectivity Products was $14.6 million during the fourth quarter of fiscal 2014 compared to $19.9 million in the same quarter last year.

“I am very pleased with our execution and financial performance during the fourth quarter. We delivered net revenue above the midpoint of our guidance range. In addition, we achieved non-GAAP income from continuing operations per diluted share at the high end of our guidance range,” said Prasad Rampalli, president and chief executive officer, QLogic. “The acquisition of the NetXtreme II Ethernet business from Broadcom is both strategic and financially compelling, and positions QLogic for expanded market opportunities. We expect total revenue to grow between 10% and 12% during fiscal 2015.”

Loss from continuing operations on a GAAP basis for the fourth quarter of fiscal 2014 was $46.8 million, or $0.54 per diluted share, compared to income from continuing operations of $29.6 million, or $0.33 per diluted share, for the fourth quarter of fiscal 2013. Loss from continuing operations on a GAAP basis for the fourth quarter of fiscal 2014 included $56.5 million of special charges and $14.7 million of incremental tax charges. The special charges are comprised of $15.5 million related to restructuring activities and $41.0 million for the portion of a license payment attributed by the company to the use of the related technology in a period prior to the date of the previously announced patent license agreement. The incremental tax charges consisted of valuation allowances related to deferred tax assets for state tax credits and net operating loss carryforwards. Income from continuing operations on a non-GAAP basis for the fourth quarter of fiscal 2014 increased to $20.8 million, or $0.24 per diluted share, from $15.6 million, or $0.17 per diluted share, for the fourth quarter of fiscal 2013.

Net revenue for fiscal 2014 was $460.9 million compared to $484.5 million in fiscal 2013. Loss from continuing operations on a GAAP basis for fiscal 2014 was $18.3 million, or $0.21 per diluted share, compared to income from continuing operations of $73.6 million, or $0.78 per diluted share in fiscal 2013. Income from continuing operations on a non-GAAP basis for fiscal 2014 increased to $82.8 million, or $0.94 per diluted share, from $76.1 million, or $0.81 per diluted share in fiscal 2013.

QLogic uses certain non-GAAP financial measures to supplement financial statements based on GAAP. A summary of these non-GAAP financial measures and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure, as well as a description of the reasons that management believes that these non-GAAP financial measures provide useful information to investors and the additional purposes for which management uses these non-GAAP financial measures, is presented in the accompanying financial schedules.

QLogic’s fourth quarter fiscal 2014 conference call is scheduled for today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Prasad Rampalli, president and chief executive officer, and Jean Hu, senior vice president and chief financial officer, will host the conference call. The call is being webcast live via the Internet at http://ir.qlogic.com. Phone access to participate in the conference call is available at (866) 409-1556, pass code: 1865120.

The financial information that the company intends to discuss during the conference call will be available on the company’s website at http://ir.qlogic.com for twelve months following the conference call. A replay of the conference call will be available via webcast at http://ir.qlogic.com for twelve months.

Follow QLogic @ twitter.com/qlogic

QLogic – the Ultimate in Performance

QLogic (Nasdaq:QLGC) is a global leader and technology innovator in high performance server and storage networking connectivity products. Leading OEMs and channel partners worldwide rely on QLogic for their server and storage networking solutions. For more information, visitwww.qlogic.com.

Disclaimer – Forward-Looking Statements

This press release contains statements relating to future results of the company (including certain beliefs and projections regarding business and market trends and our belief that the acquisition from Broadcom is strategic and financially compelling, and positions us for expanding market opportunities and that revenue will grow consistent with our expectations) 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: unfavorable economic conditions; potential fluctuations in operating results; gross margins that may vary over time; the stock price of the company may be volatile; the company’s dependence on the networking markets served; the ability to maintain and gain market or industry acceptance of the company’s products; the company’s dependence on a small number of customers; the company’s ability to compete effectively with other companies; the ability to attract and retain key personnel; the complexity of the company’s products; declining average unit sales prices of comparable products; the company’s dependence on sole source and limited source suppliers; the company’s dependence on relationships with certain third-party subcontractors and contract manufacturers; sales fluctuations arising from customer transitions to new products; seasonal fluctuations and uneven sales patterns in orders from customers; a reduction in sales efforts by current distributors; changes in the company’s tax provisions or adverse outcomes resulting from examination of its income tax returns; international economic, currency, regulatory, political and other risks; facilities of the company and its suppliers and customers are located in areas subject to natural disasters; the ability to protect proprietary rights; the ability to satisfactorily resolve any infringement claims; uncertain benefits from strategic business combinations, acquisitions and divestitures; declines in the market value of the company’s marketable securities; changes in and compliance with regulations; difficulties in transitioning to smaller geometry process technologies; the use of “open source” software in the company’s products; system security risks, data protection breaches and cyber-attacks; and the company’s ability to borrow under its credit agreement is subject to certain covenants.

More detailed information on these and additional factors that 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.

QLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited — in thousands, except per share amounts)

	Three Months Ended						Year Ended
	March 30, 2014			March 31, 2013			March 30, 2014			March 31, 2013
Net revenues	$	115,720		$	116,914		$	460,907		$	484,538
Cost of revenues		39,422			37,798			150,800			159,180
Gross profit		76,298			79,116			310,107			325,358
Operating expenses:
Engineering and development		36,598			40,206			147,010			156,097
Sales and marketing		16,410			20,562			68,367			78,512
General and administrative		9,399			7,948			32,097			32,899
Special charges		56,524			—			74,853			—
Total operating expenses		118,931			68,716			322,327			267,508
Operating income (loss)		(42,633	)		10,400			(12,220	)		57,850
Interest and other income, net		1,492			1,072			3,260			4,007
Income (loss) from continuing operations before income taxes		(41,141	)		11,472			(8,960	)		61,857
Income tax expense (benefit)		5,638			(18,163	)		9,306			(11,704	)
Income (loss) from continuing operations		(46,779	)		29,635			(18,266	)		73,561
Loss from discontinued operations, net of income taxes		—			—			—			(425	)
Net income (loss)	$	(46,779	)	$	29,635		$	(18,266	)	$	73,136
Income (loss) from continuing operations per share:
Basic	$	(0.54	)	$	0.33		$	(0.21	)	$	0.79
Diluted	$	(0.54	)	$	0.33		$	(0.21	)	$	0.78
Loss from discontinued operations per share:
Basic	$	—		$	—		$	—		$	(0.01	)
Diluted	$	—		$	—		$	—		$	—
Net income (loss) per share:
Basic	$	(0.54	)	$	0.33		$	(0.21	)	$	0.78
Diluted	$	(0.54	)	$	0.33		$	(0.21	)	$	0.78
Number of shares used in per share calculations:
Basic		87,017			90,684			87,612			93,560
Diluted		87,017			91,105			87,612			93,998

QLOGIC CORPORATION

RECONCILIATION OF GAAP INCOME (LOSS) FROM CONTINUING OPERATIONS TO

NON-GAAP INCOME FROM CONTINUING OPERATIONS

(unaudited — in thousands, except per share amounts)

	Three Months Ended						Year Ended
	March 30, 2014			March 31, 2013			March 30, 2014			March 31, 2013
GAAP income (loss) from continuing operations	$	(46,779	)	$	29,635		$	(18,266	)	$	73,561
Items excluded from GAAP income (loss) from continuing operations:
Stock-based compensation		4,591			7,068			22,638			30,363
Amortization of acquisition-related intangible assets		1,408			243			2,138			973
Amortization of license fee		133			—			133			—
Acquisition-related charges		1,517			—			1,517			—
Special charges		56,524			—			74,853			—
Gains recognized on previously impaired investment securities		(425	)		—			(425	)		—
Special income tax benefits (1)		—			(19,338	)		—			(19,338	)
Other income tax effects		3,783			(1,978	)		219			(9,422	)
Total non-GAAP adjustments		67,531			(14,005	)		101,073			2,576
Non-GAAP income from continuing operations	$	20,752		$	15,630		$	82,807		$	76,137
Income (loss) from continuing operations per diluted share:
GAAP income (loss) from continuing operations	$	(0.54	)	$	0.33		$	(0.21	)	$	0.78
Adjustments		0.78			(0.16	)		1.15			0.03
Non-GAAP income from continuing operations	$	0.24		$	0.17		$	0.94		$	0.81
Number of shares used in non-GAAP per diluted share calculations		87,819			91,105			88,111			93,998

(1) Comprised of benefits associated with adjustments to certain tax positions previously subject to an IRS examination and the retroactive reinstatement of the federal research tax credit.

Non-GAAP Financial Measures

The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with generally accepted accounting principles (GAAP). The non-GAAP financial measures presented exclude the items summarized in the above table. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results and that these items are not indicative of the company’s on-going core operating performance.

The company has presented non-GAAP income from continuing operations and non-GAAP income from continuing operations per diluted share, on a basis consistent with its historical presentation, to assist investors in understanding the company’s core income from continuing operations and core income from continuing operations per diluted share on an on-going basis. These non-GAAP financial measures may also assist investors in making comparisons of the company’s core profitability with historical periods and comparisons of the company’s core profitability with the corresponding results for competitors. Management believes that non-GAAP income from continuing operations and non-GAAP income from continuing operations per diluted share are important measures in the evaluation of the company’s profitability. These non-GAAP financial measures exclude the adjustments described in the above table, and thus provide an overall measure of the company’s on-going profitability and related profitability on a per diluted share basis.

Management uses non-GAAP income from continuing operations and non-GAAP income from continuing operations per diluted share in its evaluation of the company’s core after-tax results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. In addition, the company prepares and maintains its budgets and forecasts for future periods on a basis consistent with these non-GAAP financial measures. Management believes that providing these non-GAAP financial measures allows investors to view the company’s financial results in the way that management views the financial results.

The non-GAAP financial measures presented herein have certain limitations in that they do not reflect all of the costs associated with the operations of the company’s business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the company may be different from the non-GAAP financial measures used by other companies.

For additional information on the items excluded from the non-GAAP financial measures and why the company believes that these non-GAAP financial measures provide useful supplemental information to investors, the company refers you to the Form 8-K regarding this release filed today with the Securities and Exchange Commission.

A summary of the non-GAAP adjustments presented in the table above by the financial statement line impacted is as follows:

(unaudited – in thousands)	Three Months Ended						Year Ended
	March 30, 2014			March 31, 2013			March 30, 2014			March 31, 2013
Non-GAAP Adjustments:
Cost of revenues:
Stock-based compensation	$	267		$	533		$	1,349		$	2,372
Amortization of acquisition-related intangible assets		1,408			243			2,138			973
Amortization of license fee		133			—			133			—
Acquisition-related charges		802			—			802			—
Total cost of revenue adjustments		2,610			776			4,422			3,345
Operating expenses:
Engineering and development:
Stock-based compensation		1,848			3,140			10,918			13,584
Sales and marketing:
Stock-based compensation		1,063			1,636			5,337			6,853
General and administrative:
Stock-based compensation		1,413			1,759			5,034			7,554
Acquisition-related charges		715			—			715			—
Special charges		56,524			—			74,853			—
Total operating expense adjustments		61,563			6,535			96,857			27,991
Interest and other income:
Gains recognized on previously impaired investment securities		(425	)		—			(425	)		—
Total non-GAAP adjustments before income taxes		63,748			7,311			100,854			31,336
Income taxes:
Special income tax benefits		—			(19,338	)		—			(19,338	)
Other income tax effects		3,783			(1,978	)		219			(9,422	)
Total income tax adjustments		3,783			(21,316	)		219			(28,760	)
Total non-GAAP adjustments	$	67,531		$	(14,005	)	$	101,073		$	2,576

QLOGIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited — in thousands)

	March 30, 2014			March 31, 2013
ASSETS
Current assets:
Cash and cash equivalents	$	91,258		$	95,532
Marketable securities		186,783			359,974
Total cash and marketable securities		278,041			455,506
Accounts receivable, net		65,213			66,135
Inventories		18,036			20,160
Deferred tax assets		15,080			13,036
Other current assets		16,590			24,381
Total current assets		392,960			579,218
Property and equipment, net		84,912			96,336
Goodwill and purchased intangible assets, net		264,010			115,030
Deferred tax assets		32,827			31,992
Other assets		23,554			2,587
	$	798,263		$	825,163
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	30,657		$	29,668
Accrued compensation		26,956			27,453
Accrued taxes		981			4,559
Deferred revenue		3,954			4,676
Other current liabilities		16,123			7,651
Total current liabilities		78,671			74,007
Accrued taxes		17,095			10,772
Other liabilities		9,071			6,107
Total liabilities		104,837			90,886
Stockholders’ equity:
Common stock		214			212
Additional paid-in capital		958,008			932,557
Retained earnings		1,672,071			1,690,337
Accumulated other comprehensive income		435			1,887
Treasury stock		(1,937,302	)		(1,890,716	)
Total stockholders’ equity		693,426			734,277
	$	798,263		$	825,163

QLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited — in thousands)

	Year Ended
	March 30, 2014			March 31, 2013
Cash flows from operating activities:
Net income (loss)	$	(18,266	)	$	73,136
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		32,523			28,630
Stock-based compensation		22,638			30,363
Deferred income taxes		(3,637	)		(110	)
Asset impairments		8,022			—
Other non-cash items		2,729			3,954
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		899			10,635
Inventories		6,660			(436	)
Other assets		(19,013	)		(3,346	)
Accounts payable		4,376			(3,555	)
Accrued compensation		(1,511	)		(873	)
Accrued taxes, net		9,855			(37,314	)
Other liabilities		11,516			(3,919	)
Net cash provided by operating activities		56,791			97,165
Cash flows from investing activities:
Purchases of available-for-sale securities		(342,921	)		(298,621	)
Proceeds from sales and maturities of available-for-sale securities		510,816			308,947
Purchases of property and equipment		(27,550	)		(46,765	)
Acquisition of businesses		(157,352	)		—
Net cash used in investing activities		(17,007	)		(36,439	)
Cash flows from financing activities:
Proceeds from issuance of common stock under stock-based awards		8,711			8,250
Excess tax benefits from stock-based awards		53			177
Minimum tax withholding paid on behalf of employees for restricted stock units		(4,739	)		(5,635	)
Purchases of treasury stock		(47,785	)		(131,426	)
Payments for credit facility commitment fee		(298	)		—
Payments for debt issuance costs		—			(1,076	)
Net cash used in financing activities		(44,058	)		(129,710	)
Net decrease in cash and cash equivalents		(4,274	)		(68,984	)
Cash and cash equivalents at beginning of year		95,532			164,516
Cash and cash equivalents at end of year	$	91,258		$	95,532

QLOGIC CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION

(unaudited — in thousands)

Net Revenues

A summary of the company’s revenue components is as follows:

	Three Months Ended				Year Ended
	March 30, 2014		March 31, 2013		March 30, 2014		March 31, 2013
Advanced Connectivity Platforms	$	101,085	$	96,966	$	386,738	$	399,416
Legacy Connectivity Products		14,635		19,948		74,169		85,122
	$	115,720	$	116,914	$	460,907	$	484,538