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QLogic beats 4Q expectations

QLogic (Nasdaq: QLGC) easily hurdled estimates in the fourth quarter.

After market close Wednesday, the maker of boards and chips that connect computers to data storage devices reported fiscal fourth quarter net income of $18.5 million, or 24 cents per share, excluding acquisition-related charges. First Call's survey of six analysts predicted a profit of 21 cents per share.

The company recorded a $7.5 million charge for writing off in-process R&D related to the acquisition of intellectual property from Borg Adaptive Technologies. Including that one-time expense, QLogic earned $13.5 million, or 17 cents per share.

Fourth quarter revenue increased 71 percent year-over-year ot $60.1 million.

For the full fiscal 2000, QLogic earned $58.9 million, or 76 cents per share, not counting special charges. Including all items, the company earned $54 million, or 70 cents per share, for the year.

Fiscal 2000 revenue of $203.1 million was 73 percent higher than the previous year.

The earnings report comes two days after QLogic announced a plan to buy fibre channel switch maker Ancor Communications (Nasdaq: ANCR) by issuing approximately 17.5 million shares.

Since that deal was announced, shares of QLogic have lost 39 percent of their value. Much of the decline stems from fears that buying Ancor will jeopardize QLogic's relationship with Ancor competitor Brocade Communications (Nasdaq: BRCD).

QLogic closed Wednesday's regular trading down 1 3/16 to 60 3/4, and was unchanged in subsequent afterhours activity on the Island electronic communications network.>