QLogic Dips into 4Q Loss on Special Tax Charge

Networking equipment maker QLogic Corp. posted a loss in the fourth quarter, reversing a profit, mainly because it booked a one-time tax charge.

The loss in the three months ended March 28 came to $4.8 million, or 4 cents per share, reversing a profit of $19.2 million, or 16 cents per share, in the year-ago period.

Excluding a tax charge of $29.7 million related to a change in how an international subsidiary licenses certain intellectual property and other rights, the company would have earned 28 cents per share, beating the average forecast of 26 cents by analysts polled by Thomson Reuters.

Revenue rose 12 percent to $146 million from $131 million a year earlier, also coming in ahead of analysts' $143 million estimate.

"Despite a very challenging macroeconomic environment, we delivered solid financial performance," Chief Executive H. K. Desai said in a statement.

For the full year, net income fell 49 percent to $55 million, or 47 cents per share, from $109 million, or 85 cents per share. Revenue fell 13 percent to $549 million from $634 million.

Shares slid $1.18, or 5.5 percent, to $20.40 in after-hours trading on Thursday, after closing the regular session up 56 cents, or 2.7 percent, at $21.58.