OCZ CEO says company is back on track

Following OCZ's recent financial woes, the company's new CEO Ralph Schmitt claims they've got the train back on track. In recent months the company was plagued by significant losses due to customer incentive programs gone wild, as well as a failure to secure enough supply of NAND flash memory chips. Schmitt acknowledges that OCZ was overly reliant on one NAND supplier, and adds that NAND supply issues are no longer significant as the company has diversified to multiple suppliers.

OCZ's stock had been under serious fire, but yesterday OCZ shares rose by 30 percent to $1.76, even though the company has yet to publish its long-delayed second-quarter results. Full details at Reuters.

The company, known for its Vertex brand, warned in September that it expected second-quarter revenue to be below its prior forecast due to a shortage of NAND chips, used for general storage and data transfer in memory cards and solid-state drives.

The company later said it expected a "significant" loss in its second quarter due to issues in its customer incentive programs, and also delayed filing the results.

Schmitt said a third-party review of OCZ's investigation into customer incentive programs at the heart of the expected loss had taken longer than expected, so it was unclear when the company would report its second-quarter results.