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Qualstar: Fiscal 3Q17 Financial Results

Tape storage at $1.2 million, up 10% Q/Q
This is a Press Release edited by StorageNewsletter.com on 2017.11.10

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(in $ million) 3Q16 3Q17 9 mo. 16 9 mo. 17
Revenues 2.7 2.8 7.2 7.4
Growth   3%   4%
Net income (loss) (0.05) (0.1) (0.8) (0.03)

Qualstar Corporation announced its financial results for the third fiscal quarter ended September 30, 2017.

(All amounts are in thousands, except per share data)

Results for the Three Months Ended September 30, 2017 vs. 2016

  • Net revenue increased 3.3% to $2,755 from $2,666
  • Total operating expenses increased 48.2% to $1,206 from $814
  • Net loss of $148 or ($0.07) per basic and diluted share vs. net loss of $53 or ($0.03) per basic and diluted share
  • Non-GAAP net income of $265 or $0.13 per basic and diluted share vs. net loss of $53 or ($0.03) per basic and diluted share

Results for the Nine Months Ended September 30, 2017 vs. 2016

  • Net revenue increased 3.8% to $7,461 from $7,186
  • Total operating expenses decreased 3.4% to $2,876 from $2,977
  • Net loss of $31 or ($0.02) per basic and diluted share vs. net loss of $803 or ($0.39) per basic and diluted share
  • Non-GAAP net income of $382 or $0.19 per basic and diluted share vs. net loss of $801 or ($0.39) per basic and diluted share
  • Cash provided by operations of $982 vs. cash used by operations of $285

Highlights for the Three and Nine Months Ended September 30, 2017

  • Solid balance statement, no debt and cash, restricted cash and cash equivalents increased by $972 to $4,763 from $3,791 as of December 31, 2016
  • Increased gross profit margins for the three months ended September 30, 2017 from the same period last year by 9.9% and for the nine months ended September 30, 2017 by 7.7% from the same period last year
  • Non-GAAP financial measures exclude the impact of stock-based compensation

"We continue to make substantial progress in driving profitability and positioning our business for long term success. We expect to finish the year with revenue growth in both business units and solid bottom line results," said Steven N. Bronson, CEO and president.

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