DON'T TRUST THE ACTUAL RESULTS! QLOGIC PROVIDES "PROFORMA" RESULTS THAT ARE MUCH MORE MEANINGFUL. WE WISH WE DIDN'T HAVE TO USE GAAP, BUT THE CON MEN OF THE SEC INSIST. THAT'S RIGHT, THEY WANT YOU TO BE FOOLED, BUT WE WON'T LET THEM GET AWAY WITH IT. FORGET GAAP, TRUST US. WE WILL BURY THE GAAP NUMBERS IN SMALL PRINT. OTHERWISE, OUR BELOVED RETAIL INVESTOR MIGHT DO THE WRONG THING. DON'T WORRY, OUR PROFORMAS ARE THE ONLY NUMBERS YOU NEED TO KNOW.
NOW THE SMALL PRINT:
Actual results for the second quarter ended October 1, 2000 included operating expenses of $48.6 million and net loss of $1.3 million, compared to a net income of $12.3 million a year ago. Actual second quarter expenses included a charge of $22.9 million in merger and related acquisition expenses for the Ancor merger, and a higher tax rate due to certain non-deductible merger costs.