Qualstar Corp (QBAK) 10-K Annual Report September 2014

— Qualstar® Corporation (Nasdaq: QBAK), a manufacturer of data storage solutions and high-efficiency power supplies, today reported financial results for its third fiscal quarter ended March 31, 2014.

Results for the Three Months Ended March 31, 2014 vs 2013

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Revenue decreased 13.2% to $2.6 million from $3.0 million

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GAAP gross margin decreased 37.3% to -7.8% from 29.5%

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Non-GAAP gross margin was 43%

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Total operating expenses decreased 39.7% to $2.0 million from $3.3 million, excluding restructuring expenses

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Restructuring expenses decreased to $0 from $913,000

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Net loss was $2.2 million or ($.18) per basic and diluted share vs $3.3 million or ($.27) per basic and diluted share, a 34% decrease in losses

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Non-GAAP net loss was $467,000 or ($.04) per basic and diluted share

Results for the Nine Months Ended March 31, 2014 vs 2013

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Revenues decreased 16.1% to $8.2 million from $9.8 million

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Gross margin decreased 10% to 21.6% from 31.6%

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Non-GAAP gross margin was 42.4% for the nine months ended March 31, 2014

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Total operating expenses decreased 12.5% to $6.7 million from $7.7 million, excluding restructuring expenses

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Restructuring expenses decreased 98.9% to $26,000 from $2.3 million

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Net loss was $4.9 million or ($.40) per basic and diluted share vs $6.9 million or ($.56) per basic and diluted share, a 28.5% decrease in losses

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Non-GAAP net loss was $2.3 million or ($.19) per basic and diluted share

Cash, cash equivalents and marketable securities were $7.7 million at March 31, 2014, down $6.1 million from $13.8 million at June 30, 2013. The decrease in cash is primarily due to repurchasing inventory back in-house from our previously outsourced manufacturing contractor, severance due to reduction of headcount and operating losses.

“Qualstar has attained significant reductions in operating expenses as we continue to streamline our processes – including bringing manufacturing back under our own direction to improve speed of delivery and quality. By balancing the aggressive moves to reduce costs and investment in expanding our product portfolio to target new, growing markets, we are well-positioned to realize growth as a company,” stated Mr. Steven N. Bronson, Qualstar’s Chief Executive Officer.

“Our strategy remains focused on driving improved performance that will keep us leaders of data storage solutions,” stated Mr. Bronson.

The following information was filed by Qualstar Corp (QBAK) on Wednesday, May 14, 2014 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Qualstar Corp provided additional information to their SEC Filing as exhibits

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Exhibit 99: Additional Exhibits

Ticker: QBAK
CIK: 758938
Form Type: 10-K Annual Report
Accession Number: 0001437749-14-017550
Submitted to the SEC: Mon Sep 29 2014 1:26:18 PM EST
Accepted by the SEC: Mon Sep 29 2014
Period: Monday, June 30, 2014
Industry: Magnetic And Optical Recording Media