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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 10, 2000
QLOGIC CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-23298 33-0537669
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No)
3545 Harbor Boulevard, Costa Mesa, California 92626
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (714) 438-2200
Not Applicable
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(Former name or former address, if changed since last report)
Page 1 of 6
Exhibit Index on Page 4
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ITEM 5. OTHER EVENTS
On January 10, 2000, QLogic Corporation (the "Company"), issued a press
release detailing its purchase of certain intellectual property assets acquired
from Borg Adaptive Technologies, Inc., a wholly-owned subsidiary of nStor
Corporation. A copy of the press release is attached as Exhibit 99.1 and
incorporated herein by this reference.
ITEM 6. EXHIBITS
Exhibits:
99.1 Press Release dated January 10, 2000.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
QLOGIC CORPORATION
Date: January 13, 2000 By: /s/ THOMAS R. ANDERSON
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Thomas R. Anderson
Vice President--Finance,
Chief Financial Officer
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EXHIBIT INDEX
Sequential
Exhibits Description Page No.
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99.1 Press release dated 5
January 10, 2000
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EXHIBIT 99.1
Company Press Release
QLogic Corporation Acquires AdaptiveRAID Technology for New I/O Interfaces COSTA
MESA, Calif.--(BUSINESS WIRE)--Jan. 10, 2000--QLogic Corporation (Nasdaq: QLGC -
news), the market share leader in Fibre Channel host bus adapters, and an
innovator in SCSI connectivity solutions, today announced that it has acquired
certain intellectual property from Borg Adaptive Technologies, Inc., a
wholly-owned subsidiary of nStor Corporation. The technology, known as
AdaptiveRAID(R), was purchased for $7.5 million in cash. As part of the
transaction, QLogic will assume a facility lease in Boulder, Colorado where it
plans to open a design center.
"By adding the AdaptiveRAID(R) technology and the associated engineers to
QLogic's resource pool, the Company is preparing for the development of new I/O
interfaces, such as InfiniBand(SM)," according to H.K. Desai, the Company's
Chairman, President and CEO. "We expect deployment of InfiniBand(SM)-based
technologies to occur in the next several years. These new interfaces will
require enhanced software and hardware I/O capabilities," added Mr. Desai.
Mr. Desai also noted QLogic is highly enthusiastic about establishing a design
center in Boulder, as this will give the Company access to local software,
firmware and ASIC engineering resources. The new Boulder location should
complement QLogic's current engineering activities in Orange County and Austin,
according to Mr. Desai.
The Company will account for this transaction in its fourth fiscal quarter
ending April 2, 2000. The Company will evaluate the allocation of the purchase
price to the assets acquired. Such assets include in-process technology that
will be written off in the fiscal quarter ending April 2, 2000, and goodwill
associated with AdaptiveRAID(R) technology which will be amortized over its
useful life. The impact of the in-process technology write-off is expected to be
material to the Company's fiscal fourth quarter earnings. Excluding the
in-process technology write-off, the impact of the purchase to earnings in
fiscal 2000 is expected to be immaterial.
About QLogic
QLogic Corporation is a leading designer and supplier of semiconductor and
board-level I/O and enclosure management products. The Company's products
provide high-performance interface connections for computer systems and their
attached data storage peripherals, such as hard disk drives, tape drives and
RAID subsystems. In addition, QLogic provides enclosure management products that
monitor and communicate management information related to components that are
critical to computer system and storage subsystem reliability and availability.
QLogic's highly integrated, fully featured solutions are targeted at the
computer system, storage device and storage subsystem marketplaces. QLogic
Customers include: AMI, Compaq, Dell, Fujitsu, Hitachi, IBM, Intel, Mylex,
Quantum, Raidtec, Siemens, Sun and Unisys. The company is utilizing its
expertise to develop products for emerging standards such as Fibre Channel and
Ultra3, as well as, SAF-TE, SES, and IPMI enclosure management solutions. For
more information about QLogic and its product lines, contact QLogic Corp., 3545
Harbor Blvd., Costa Mesa, CA 92626; telephone: 800/662-4471 (sales);
714/438-2200 (corporate); fax: 714/668-5008; home page http://www.qlc.com.
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Disclaimer -- Forward Looking Statements
With the exception of historical information, the statements set forth above
include forward-looking statements that involve risks and uncertainties. The
Company wishes to advise readers that a number of important factors could cause
actual results to differ materially from those in the forward-looking
statements. Those factors include uncertainties concerning the identification
and integration of appropriate technology acquisitions and new technical
personnel; new and changing technologies and uncertain customer acceptance of
those technologies; a change in semiconductor foundry capacity or conditions;
fluctuations in the growth of I/O markets; fluctuations or cancellations in
orders from OEM customers; the Company's ability to compete effectively with
other companies; cancellation of OEM products associated with design wins; and
reductions in the need for space and increased costs of operations due to
facility relocation. Carrying additional expansion space may increase costs and
adversely impact future earnings.
These and other factors which could cause actual results to differ materially
are also discussed in the company's filings with the Securities and Exchange
Commission, including its recent filings on Form S-3, Form 10-K, and Form 10-Q.
Trademarks and registered trademarks are the property of the companies with
which they are associated.
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Contact:
QLogic Corporation, Costa Mesa
Thomas R. Anderson, 714/668-5092
Fax: 714/668-5090
or
Michael R. Manning, 714/668-5344
Fax: 714/668-5090
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