OCZ Technology Group Reports Fiscal 2011 Fourth Quarter and Year-End Results
 
Fiscal Q4 Revenue Increased Year over Year by nearly 100% to a Record $64.6 Million;
 
SSD Sales Increased 380% to $58.2 Million
 
SAN JOSE, Calif., May 3, 2011 (GLOBE NEWSWIRE) -- OCZ Technology Group, Inc. (Nasdaq: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, reports its fourth quarter (Q4’11) and year-end results for the fiscal year 2011, which ended on February 28, 2011.
 
Financial Highlights
 
·   
Fiscal fourth quarter 2011 SSD revenue increased by 380% year over year to $58.2 million compared to $12.1 million in fourth quarter 2010, representing 90% of net revenue
 
·   
Reported second sequential quarter of non-GAAP operating profit
 
·   
Fiscal year 2011 revenue of $190.1 million increased 32% over fiscal year 2010 with SSD revenue increasing by 206% to $133.2 million compared to $43.5 million in fiscal year 2010
 
·   
Strong global SSD demand with EMEA SSD sales of $30.9 million in the fiscal fourth quarter of 2011, up 768% from $3.6 million in fourth quarter 2010
 
·   
Company raised $34 million during fiscal year 2011, and recently received approximately $94 million in net proceeds from the April public follow-on offering
 
Net revenue in Q4'11 was a record $64.6 million, and increased nearly 100% compared with revenue of $32.4 million reported in Q4'10, and increased 21% compared with the $53.2 million reported in Q3'11. For fiscal year 2011, revenue was $190.1 million, an increase of 32% from the $144.0 million reported for fiscal year 2010.
 
SSD revenues reached a record $58.2 million in Q4'11, an increase of 380% over Q4'10 SSD revenues of $12.1 million, and a 40% increase sequentially over Q3'11 SSD revenues of $41.5 million. For the fiscal year 2011, SSD revenues increased over 200% to $133.2 million, compared to fiscal year 2010 SSD revenues of $43.5 million.
 
“Fiscal 2011 was a transformational year for OCZ.   We discontinued our unprofitable DRAM module products in order to focus on SSDs, began shipments to our first Tier 1 OEM, and achieved our second sequential quarter of positive non-GAAP operating income,” said Ryan Petersen, CEO of OCZ Technology.  “We have been focused on building the OEM and enterprise segments of our business ,the recent public follow-on offering added about $94 million to our cash position and will provide important support for this growing base of customers.”
 
Petersen added, “Looking forward into fiscal 2012, we expect that our recent acquisition of Indilinx will expand our market opportunities, positively impact gross margins as our controller technology is vertically integrated into our product portfolio, and accelerate our development of next generation SSD products.”
 
Reporting on a GAAP basis, which includes certain items related to the accelerated discontinuation of the Company's DRAM products, the acquisition of certain intellectual property, changes in warrant derivative valuation, and other non cash charges, GAAP operating loss for Q4'11 was $0.5 million compared to GAAP operating loss of $6.0 million in Q4'10. Non-GAAP operating profit for Q4’11 was $0.1 million and includes an operating loss of $1.7 million associated with the discontinued memory products in Q4'11 compared to a non-GAAP operating loss of $3.8 million in Q4’10.
 
 
 

The following information was filed by Zco Liquidating Corp (OCZ) on Tuesday, May 3, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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