OCZ Technology Group Reports Fiscal 2012 Third Quarter Results
Revenue Nearly Doubled to $103M, SSD Revenue up 130%,
Fifth Consecutive Quarter of Gross Margin Expansion Drives non-GAAP Earnings
SAN JOSE, Calif., January 9, 2012 (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 third quarter results for the fiscal year 2012 (Q3’12), which ended on November 30, 2011.
Q3’12 Financial Highlights
Net revenue in Q3'12 was a record $103.1 million, and increased 94% compared with net revenue of $53.2 million reported in Q3'11, and increased 31% compared with net revenue of $78.5 million reported in Q2'12.
SSD revenue reached a record $95.5 million, an increase of 130% compared with Q3'11 SSD revenue of $41.5 million, and a 34% increase compared with Q2'12 SSD revenue of $71.1 million.
On a trailing twelve month basis, SSD revenue was approximately $294 million, up 237% compared with $87 million in the prior trailing twelve months period.
Gross margin increased to 22.5% compared with 14.4% in Q3’11, and 21.6% in Q2’12.
GAAP net loss for Q3'12 was $0.9 million or $0.02 loss per share compared with a GAAP net loss of $8.3 million or $0.29 loss per share in Q3'11.
Non-GAAP net income for Q3'12 was $3.0 million or $0.06 income per share as compared with a non-GAAP net loss for Q3'11 of $0.9 million, or $0.03 loss per share.
“We are pleased to report another quarter of record revenue and increased margins. This trend is being driven by an increase in market adoption of our SSDs, and is supported by OCZ’s substantially increased investments in R&D and the ability to execute on bringing new leading-edge products to market ahead of the competition,” said Ryan Petersen, CEO of OCZ Technology. “Looking forward, we believe OCZ’s momentum positions us well to continue to increase market share in what is widely regarded as one of the fastest growing markets in technology.“
“Exiting the quarter, we saw a material increase in demand for our higher margin products, specifically our PCIe line. This trend, when taken together with the continuing expansion of OCZ products now being shipped with our Indilinx controllers, supports an increase in the rate of our gross margin expansion on a go forward basis,” added Petersen.
”Also, today we announced the acquisition of flash virtualization pioneer Sanrad Inc. Sanrad’s field proven virtualization products have numerous enterprise deployments and the VXL software platform delivers application optimized caching and virtualization technology for VMware vSphere, Microsoft Hyper-V, and Citrix Xen-based server virtualization platforms. This acquisition can be transformational for OCZ as, by integrating the Sanrad virtualization software with products such as our Z-Drive series of PCIe SSDs, we can now offer a complete solution for the virtualization of even the most intensive applications,” concluded Mr. Petersen.
The following information was filed by Zco Liquidating Corp (OCZ) on Monday, January 9, 2012 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: OCZ CIK: 1355128 Form Type:10-Q Quarterly Report Accession Number: 0001193125-12-014045 Submitted to the SEC: Tue Jan 17 2012 5:31:04 PM EST Accepted by the SEC: Tue Jan 17 2012 Period: Wednesday, November 30, 2011 Industry: Computer Storage Devices