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Qualstar: Fiscal 2Q18 Financial Results

Strong growth in storage for products and services, at $1.6 million, up 85% Y/Y
This is a Press Release edited by StorageNewsletter.com on 2018.08.10

(in $ million) 2Q17 2Q18 6 mo. 17 6 mo. 18
Revenue 2.3 3.2 4.7 6.2
Growth   43%   31%
Net income (loss) 0.06 0.5 0.1 1.1

Qualstar Corporation announced its financial results for the three and six months ended June 30, 2018.

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

Results for the Three Months Ended June 30, 2018 vs. 2017

  • Net revenue increased 42.5% to $3,231 from $2,267
  • Total operating expenses increased 13.1% to $948 from $838
  • Net income of $474 or $0.23 per basic and diluted share vs. net income of $59 or $0.03 per basic and diluted share

Results for the Six Months Ended June 30, 2018 vs. 2017

  • Net revenue increased 31.0% to $6,166 from $4,706
  • Total operating expenses increased 6.9% to $1,786 from $1,670
  • Net income of $1,064 from of $117, an increase of 809.4%, or $0.52 per basic and $0.51 per diluted share vs. $0.06 per basic and diluted share
  • Cash provided by operations of $820 vs. $768

Highlights for the Three and Six Months Ended June 30, 2018

  • Strong balance sheet and no deb
  • Cash, restricted cash and cash equivalents increased by 18% to $5,647 from $4,798 as of December 31, 2017
  • Revenue growth in the storage segment is strong for both products and services
  • Increased gross profit margins for the three months ended June 30, 2018 from the same period last year by 4.4% to $1,422 from $897 and for the six months ended June 30, 2018 by 8.2% to $2,850 from $1,787 for the same period last year

"We are extremely pleased by our strong financial performance and the foundation that we have in place. We continue to experience strong momentum in our storage business unit," said Steven N. Bronson, CEO and president. "We also continue to explore external growth opportunities."

Cash, cash equivalents and restricted cash increased $1,090 to $5,647 as of June 30, 2018 compared to $4,557 at June 30, 2017.

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