OCZ Technology issued a preliminary revenue statement for fiscal Q2 2013, which ended on August 31, 2012. The SSD maker warned investors that its revenue will be weaker than anticipated due to insufficient supply of 2xnm MLC NAND flash memory used to produce its consumer-class Agility- and Vertex-series SSDs.
CEO Ryan Petersen explains the situation will resolve itself, but reveals they'll hasten the transition to new proces nodes in order to help ease the supply issues.
OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced its preliminary revenue for the second quarter of fiscal year 2013 (Q2'13), which ended on August 31, 2012.
The Company expects preliminary revenue for the second fiscal quarter of 2013 to be approximately $110 to 120 million compared to the previously guided revenue range of $130 to $140 million. This preliminary revenue range compares to $113.6 million for the first fiscal quarter of 2013 and $78.5 million for the second fiscal quarter of 2012.
"Despite achieving bookings in excess of our expectations for our second fiscal quarter, we were not able to meet our previously stated revenue guidance due primarily to constraints in NAND flash supply," said Ryan Petersen, CEO of OCZ Technology. "During the month of August we experienced a significant shortage on certain NAND flash components, based on industry wide tightening of supply, leaving OCZ with an undersupply of the 2xnm MLC NAND used in our Vertex and Agility Line of products."
"While we believe that the situation will resolve itself, subject to market conditions, we plan to hasten our transition to new process nodes in order to help ease these supply constraints," added Petersen.
The revenue for Q2'13 presented in this press release is a preliminary estimate and remains subject to management's review of the results and also review by the Company's independent accounting firm.
The Company will hold a conference call and webcast today at 6:00pm Eastern Time (3:00pm Pacific Time). The Company will host its 2Q'13 earnings call on Wednesday, October 3, 2012.
