Violin Memory: Fiscal 2Q17 Financial ResultsWorst revenue and continuing huge net loss since 15 former quarters
This is a Press Release edited by StorageNewsletter.com on 2016.09.12
|(in $ million)||2Q16||2Q17||6 mo. 16||6 mo. 17|
|Net income (loss)||(24.4)||(20.6)||(50.9)||(42.7)|
Violin Memory, Inc. announced financial results for the second fiscal quarter ended July 31, 2016.
Second Quarter Fiscal 2017 Financial Highlights
- Second quarter fiscal 2017 revenue of $7.5 million
- Second quarter fiscal 2017 GAAP gross margin of 3%
- Second quarter fiscal 2017 non-GAAP gross margin of 44%
- Second quarter fiscal 2017 GAAP net loss of $0.82 per share
- Second quarter fiscal 2017 non-GAAP net loss of $0.59 per share
"Violin is proactively taking the actions necessary to return the company to growth by leveraging innovation and technology to meet customer needs, while achieving the lowest cost structure in the industry," said Kevin DeNuccio, president and CEO. "These actions, coupled with expanding flash storage platform customer engagements, will support the company's effort to attract additional capital to fuel growth through profitability."
Second Quarter Fiscal 2017 Financial Results
- Revenue was $7.5 million, 23% lower sequentially compared to $9.7 million reported in the first quarter of fiscal 2017, and 51% lower compared to $15.3 million reported in the second quarter of fiscal 2016.
- GAAP gross margin was 3% compared to 40% reported in the first quarter of fiscal 2017 and compared to 43% reported in the second quarter of fiscal year 2016.
- Non-GAAP gross margin was 44% compared to 42% reported in the first quarter of fiscal 2017 and compared to 47% reported in the second quarter of fiscal year 2016.
- GAAP net loss was $20.6 million, or $0.82 per share, compared to first quarter of fiscal 2017 GAAP net loss of $22.2million, or $0.89 per share and compared to second quarter fiscal 2016 GAAP net loss of $24.4 million, or $1.01 per share. All share and per share numbers reflect the company's 1-for-4 reverse split that occurred on July 6, 2016.
- GAAP net loss included stock-based compensation expense of $3.1 million and an excess and obsolete inventory provision of $2.9 million partially offset by recovery against restructuring charges of $0.3 million.
- Excluding special items, non-GAAP net loss was $14.8 million, or $0.59 per share, compared to first quarter fiscal 2017 non-GAAP net loss of $16.4 million, or $0.66 per share, and compared to second quarter fiscal 2016 non-GAAP net loss of $18.4 million, or $0.76 per share.
- Cash and cash equivalents, restricted cash and short-term investments totaled $36.4 million as of July 31, 2016.