Quantum: Preliminary Fiscal 1Q13 Financial Results

Quantum Corp. announced preliminary results for the first quarter of fiscal 2013 (FQ1’13), ended June 30, 2012.

The company expects revenue of approximately $141 million, a GAAP net loss per share of approximately 7-8 cents and a non-GAAP net loss per share of approximately 3-4 cents, below the levels Quantum anticipated when it provided FQ1’13 guidance in its last earnings announcement on May 9, 2012.

The shortfall is primarily due to lower-than-expected revenue in Europe and challenges closing large deals across all regions in the last few weeks of the quarter.

"We saw good sales momentum on a number of fronts, but, unfortunately, it was not sufficient to overcome the shortfalls in Europe and big deals," said Jon Gacek, president and CEO of Quantum. "Despite this, as we begin our second fiscal quarter we have not changed our goal of driving total revenue growth for the full fiscal year and are focused on what we can control – namely meeting the data protection and big data management needs of our customers. At the same time, we will continue to monitor global events and their potential impact on our revenue opportunities moving forward and adjust spending levels if conditions warrant it."

The company will provide complete results and other information about FQ1’13 in its quarterly earnings announcement on July 31, 2012.