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OCZ finally reports results for unreported fiscal 2013 quarters

Posted on Tuesday, October 08 2013 @ 12:51:27 CEST by


OCZ logo
We have quite a lot of news from OCZ's financial department. First up is news that the company has finally reported results for previously unreported quarters for fiscal 2013, which ended on February 28, 2013. This includes fiscal Q2, Q3 and Q4 2013, an overview of the results for these quarters can be viewed over here.
OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, reports previously unreported quarters for Fiscal Year 2013, which ended on February 28, 2013. This includes our second, third and fourth fiscal quarters. Our first fiscal quarter is included in the press announcement related to our restatement.

"Throughout our Fiscal Year of 2013, we focused our attention on making changes that would allow us to run a more streamlined and efficient Company," said Ralph Schmitt, CEO of OCZ Technology. "While our peak revenue was close to $100 million in the third fiscal quarter, our business had negative gross margins due to the mismatch in competitive pricing and our cost structure for the client value product lines."

"In the fiscal third and fourth quarters, we also made significant adjustments to inventories held both inside the Company and in the channel. We rebalanced the inventory to focus on high growth and more attractive markets including the Enterprise SATA, SAS and PCIe markets. These actions impacted margins as revenues also declined due to rationalizing the product portfolio," added Schmitt. "All of these operational adjustments are now behind us."
Next the company announces its results for fiscal Q1 2014, as well as guidance for fiscal Q2 2014. You can view these results over here.
OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, reports its first quarter (Q1'14) results which ended on May 31, 2013.

"Revenue generated from our enterprise solutions for the first quarter more than doubled compared to the last quarter, and drove the sequential gross margin increase. Overall revenue declined about 20% sequentially, primarily due to the lack of NAND flash supply for our client SSD products," said Ralph Schmitt, CEO of OCZ Technology.

"Over the past year we have restructured the Company, which included the appointment of new leadership, reduced operating expenses, streamlined our product offerings, realigned our engineering talent, and introduced new controller silicon and firmware, new higher-end SSDs for the client market and new storage solutions for the enterprise market," added Schmitt. "Fiscal Q1 is the first quarter in which the company operated with all these particular restructuring and restatement adjustments behind us."

First Quarter of Fiscal Year 2014, ended May 31, 2013
Revenue for the first quarter of 2014 was $55.3 million compared to revenue of $69.7 million for the fourth quarter of 2013 and revenue of $76.5 million for the first quarter of 2013. We had record revenue of more than $25 million generated from our enterprise solutions for the first quarter. Revenue from our client SSDs were impacted due to the tight supply of NAND flash.

GAAP gross margin for the first quarter of 2014 was 14.7% compared to a GAAP gross margin of 1.7% for the fourth quarter of 2013 and a GAAP gross margin loss of (11.0%) for the first quarter of 2013.

Non-GAAP gross margin for the first quarter of 2014 was 15.5% compared to a non-GAAP gross margin of 2.4% for the fourth quarter of 2013 and a non-GAAP gross margin loss of (10.7%) for the first quarter of 2013. On a sequential basis, gross margins increased significantly due primarily to product mix shift towards our enterprise solutions and inventory write-downs in the fourth quarter. We expect gross margin to decline in future periods as availability of NAND flash has impacted unit shipments, and we expect a less favorable mix of higher margin enterprise products to total unit shipments.

GAAP operating expenses for the first quarter of 2014 were $19.7 million, compared to operating expenses of $21.4 million for the fourth quarter of 2013 and operating expenses of $23.0 million for the first quarter of 2013.

Non-GAAP operating expenses for the first quarter of 2014 were $17.7 million, compared to non-GAAP operating expenses of $19.3 million for the fourth quarter of 2013 and non-GAAP operating expenses of $21.1 million for the first quarter of 2013. Operating expenses for the first quarter of 2014 included additional legal expenses in the amount of $1.7 million compared to $2.9 million in the fourth quarter of 2013, a reduction of $1.2 million sequentially. The Company continues to reduce non-critical spending.

GAAP net loss for the first quarter of 2014 was $(13.2) million, or a loss of $(0.19) per share on 68.2 million weighted average shares outstanding. This compares with a net loss of $(21.1) million, or a loss of $(0.31) per share on 68.0 million weighted average shares outstanding for the fourth quarter of 2013 and a net loss of $(24.5) million, or a loss of $(0.36) per share on 67.5 million weighted average shares outstanding for the first quarter of 2013.

Non-GAAP net loss for the first quarter of 2014 was $(9.7) million, or a loss of $(0.14) per share on 68.2 million weighted average shares outstanding compared to a non-GAAP loss of $(18.5) million, or $(0.27) per share on 68.0 million weighted average shares outstanding in the fourth quarter of 2013 and to a non-GAAP net loss of $(29.4) million, or a loss of $(0.44) per share on 67.5 million weighted average shares outstanding for the first quarter of 2013.

Cash and cash equivalents at the end of first quarter of 2014 were $5.0 million compared to $12.2 million at the end of the fourth quarter of 2013.
Lastly, OCZ also send out a report that it mistakenly filed a draft of its fiscal Q2 2014 earnings report.
OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, reports that its financial printer erroneously filed a draft of a 10Q for the period ended August 31, 2013 with the Securities and Exchange Commission. The filing was not authorized by OCZ and investors should not rely on the information in the Form 10Q for the period ending August 31, 2013. Much of the information in the document that was filed is not accurate and the document omits material information that is required to be included in a Form 10-Q. After the audit committee of the board of directors approves our second quarter of fiscal year 2014 Form 10-Q, we will file an amended 10-Q. Our Q1 quarterly results press announcement issued on October 7, 2013 discloses preliminary financial information related to our results for the second quarter of 2014.




 



 

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