OCZ: Preliminary Fiscal 2Q13 Financial Results …
Lower revenue than expected, shares fall more than 40%
This is a Press Release edited by StorageNewsletter.com on October 11, 2012 at 3:02 pmOCZ Technology Group, Inc. will file a Form 12b-25, Notification of Late Filing, with the SEC that allows the company to extend the deadline to file its Form 10-Q for the second quarter of fiscal year 2013, which ended on August 31, 2012.
With this extension, if the Form 10-Q is filed by October 15, 2012, the Form 10-Q will be deemed to be timely filed.
The company’s financial statements are still under review. The Q2’13 revenue will be materially lower than the September 5th preliminary revenue range of $110 to $120 million. This new revenue estimate and filing delay is principally due to the impact of customer incentive programs which were discovered subsequent to the preliminary announcement during the normal close process, and which the company will be reporting as a material weakness in its Form 10-Q.
The company also expects to report negative gross margins and a significant net loss for Q2’13.
Comments
OCZ is today a prey for a buyer that wants to acquire or consolidate its SSD business at $1.88 per share or a market cap of only $128 million.
Formerly Seagate tries and finally abandons to buy OCZ.
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