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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Qualstar Corporation | NASDAQ:QBAK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.00 | 1.87 | 2.06 | 0 | 01:00:00 |
Strong Third Quarter Non-GAAP Earnings
Qualstar Corporation (Nasdaq: QBAK), manufactures and markets data storage solutions and high-efficiency power supplies, today 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
Results for the Nine Months Ended September 30, 2017 vs. 2016
Highlights for the Three and Nine Months Ended September 30, 2017
“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 of Qualstar.
About Qualstar Corporation
Qualstar, founded in 1984, is a diversified electronics manufacturer specializing in data storage and power supplies. Qualstar is a leading provider of high efficiency and high density power supplies marketed under the N2Power™ brand, and of data storage systems marketed under the Qualstar™ brand. Our N2Power power supply products provide compact and efficient power conversion for a wide variety of industries and applications including, but not limited to, telecom, networking, broadcast, industrial, lighting, gaming and test equipment. Our Qualstar data storage products are used to provide highly scalable and reliable solutions to store and retrieve very large quantities of electronic data. Qualstar’s products are known throughout the world for high quality and Simply Reliable™ designs that provide years of trouble-free service. More information is available at www.qualstar.com or www.n2power.com or by phone at 805-583-7744.
Cautionary Statement Concerning Forward-Looking Statements
Statements used in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements including our expectation that we will finish the year with revenue growth in both business units and solid bottom line results. These forward-looking statements are based upon the current expectations and beliefs of Qualstar's management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For further information on these risks and uncertainties, please refer to the risk factors discussed in Qualstar’s filings with the U.S. Securities and Exchange Commission including, but not limited to, Qualstar’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of such Form 10-K, and any subsequently filed reports. All of Qualstar’s filings are available without charge through the SEC’s website (www.sec.gov) or from Qualstar’s website (www.qualstar.com). The information contained in this press release is as of the date of this press release. Notwithstanding changes that may occur with respect to matters relating to any forward looking statements, Qualstar does not expect to, and disclaims any obligation to, publicly update any forward-looking statements whether as a result of new information, future events or otherwise. Qualstar, however, reserves the right to update such statements or any portion thereof at any time for any reason.
Non-GAAP Financial Measures
The non-GAAP measures identified in this press release as well as in the supplementary information to this press release are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items that would otherwise be included under U.S. GAAP, to aid in the comparisons with other periods. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors.
QUALSTAR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net revenues $ 2,755 $ 2,666 $ 7,461 $ 7,186 Cost of goods sold 1,697 1,905 4,616 5,002 Gross profit 1,058 761 2,845 2,184 Operating expenses: Engineering 131 232 427 850 Sales and marketing 360 276 886 933 General and administrative 715 306 1,563 1,194 Total operating expenses 1,206 814 2,876 2,977 Loss from operations (148 ) (53 ) (31 ) (793 ) Other expenses - - - (10 ) Loss before income taxes (148 ) (53 ) (31 ) (803 ) Provision for income taxes - - - - Net Loss $ (148 ) $ (53 ) $ (31 ) $ (803 ) Loss per common share: Basic and diluted $ (0.07 ) $ (0.03 ) $ (0.02 ) $ (0.39 ) Weighted average common shares outstanding: Basic and diluted 2,042 2,042 2,042 2,042 QUALSTAR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) September 30, December 31, 2017 2016 (Unaudited) Assets Current assets: Cash and cash equivalents $ 4,663 $ 3,691 Restricted cash 100 100 Accounts receivables, net 1,453 1,583 Inventories, net 1,082 1,360 Prepaid expenses and other current assets 171 166 Total current assets 7,469 6,900 Non-current assets: Property and equipment, net 172 286 Other assets 70 77 Total assets $ 7,711 $ 7,263 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 902 $ 888 Accrued payroll and related liabilities 206 222 Deferred service revenue, short term 850 787 Other accrued liabilities 378 359 Total current liabilities 2,336 2,256 Long term liabilities: Other long term liabilities 52 63 Deferred service revenue 102 105 Total long term liabilities 154 168 Total liabilities 2,490 2,424 Shareholders’ equity: Preferred stock, no par value; 5,000 shares authorized; no shares issued - - Common stock, no par value; 50,000 shares authorized, 2,042 shares issued and outstanding as of September 30, 2017 and December 31, 2016 19,476 19,063 Accumulated deficit (14,255 ) (14,224 ) Total shareholders’ equity 5,221 4,839 Total liabilities and shareholders’ equity $ 7,711 $ 7,263 QUALSTAR CORPORATION AND SUBSIDIARIES SUPPLEMENTARY INFORMATION RECONCILIATION OF U.S. GAAP NET INCOME TO NON-U.S. GAAP NET INCOME (in thousands, unaudited)Three Months Ended
September 30,
Nine Months EndedSeptember 30,
2017 2016 2017 2016 Net loss, as reported $ (148 ) $ (53 ) $ (31 ) $ (803 ) Unusual or special items: Share-based compensation 413 - 413 2 Adjusted non-GAAP net income $ 265 $ (53 ) $ 382 $ (801 ) Adjusted non-GAAP income (loss) per common share: Basic and diluted $ 0.13 $ (0.03 ) $ 0.19 $ (0.39 ) Weighted average common shares outstanding: Basic and diluted 2,042 2,042 2,042 2,042
View source version on businesswire.com: http://www.businesswire.com/news/home/20171108006549/en/
Investor Relations:Qualstar CorporationSteven N. BronsonChief Executive Officer805-617-4419IR@Qualstar.com
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