Qualstar: Fiscal 1Q19 Financial Results

(in $ million)	1Q18	1Q19	Growth
Revenue	2.94	2.86	*-3%*
Net income (loss)	0.6	0.1

Qualstar Corporation announced its financial results for the three months ended March 31, 2019.
(All amounts are in thousands, except per share data)

Results for the 1FQ19 vs. 1FQ18
• Net revenue decreased 2.7% to $2,856 from $2,935
• Total operating expenses decreased 6.4% to $784 from $838
• Net income of $141 or $0.07 per basic and diluted share vs. net income of $590 or $0.29 per basic and $0.28 per diluted share
Highlights for the Three Months Ended March 31, 2019
• Strong balance sheet and no debt
• Cash, restricted cash and cash equivalents decreased by 2.4% to $4,765 from $4,881 as of December 31, 2018
• storage product revenue grew 51.7% to $783 from $516
• Power supply revenue grew 4.2% to 1,370 from $1,315

“We are pleased with the growth in our storage product segment. We continue to expand our customer base and market share by providing a quality and competitive product offering,” according to Steven N. Bronson, president and CEO. “Our strong financial position enables us to support our channel partners by maintaining ample inventory to meet their needs in a timely fashion.”

Under the Stock Repurchase Program, 58,734 shares were repurchased during the three months ended March 31, 2019 and as of May 2, 2019 a total of 89,097 shares have been purchased since the program began. The program expires December 5, 2019.