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Qualstar Corp (QBAK) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Qualstar Corp

CIK: 758938 Ticker: QBAK

Exhibit 99.1

 

QUALSTAR REPORTS RESULTS FOR THE FIRST QUARTER 2017

 

Qualstar reports its first quarter of profitability since September 30, 2011 and third consecutive quarter of positive cash flow

 

Simi Valley, Calif., May 10, 2017

— Qualstar® Corporation (NASDAQ: QBAK), a manufacturer of data storage solutions and high-efficiency power supplies, today reported financial results for the first quarter ended March 31, 2017.

 

Quarter Ended March 31, 2017 Financial Results

 

Revenues for the quarter ended March 31, 2017 were $2.4 million, compared with $2.2 million for the quarter ended March 31, 2016, an increase of $0.2 million or 9.1%. Income from operations for the quarter ended March 31, 2017 was $0.1 million compared with a loss of $(0.4) million for the quarter ended March 31, 2016. Net income per basic and diluted share for the quarter ended March 31, 2017 was $0.03 and $(0.20) for the quarter ended March 31, 2016.

 

Data Storage segment revenues were $0.7 million for the quarter ended March 31, 2017, compared with $0.8 million for the same period last year, a decrease of $0.1 million or (12.5)%, primarily due to pricing competition in the industry. Power supply segment revenues were $1.7 million for the quarter, compared with $1.4 million in the quarter ended March 31, 2016, an increase of $0.3 million, or 21.4%, due to new customer projects and the timing of orders shipped to manufacturers.

 

Gross margin was 37.5% of revenues or $0.9 million for the quarter ended March 31, 2017, an increase from the gross margin of 31.8% of revenues or $0.7 million for the quarter ended March 31, 2016. Operating expenses for the three months ended March 31, 2017 were $0.8 million or 33.3% of revenues, compared with $1.1 million, or 50.0% of revenues for the three months ended March 31, 2016.

 

 

Steven N. Bronson, Chief Executive Officer and President of Qualstar said, “Our combined efforts on improving sales, product offerings and ongoing cost cutting measures has demonstrated our success in executing the turnaround of our company. We are optimistic that we can compete effectively with our lean cost structure and customer centric approach”. Mr. Bronson added, “we are not only pleased with reporting our first quarterly profit in almost seven years but that we achieved our third consecutive quarter of positive cash flow.”.

 

Cash, cash equivalents and restricted cash increased $0.1 million for the quarter ended March 31, 2017 to $3.8 million compared to $3.7 million at March 31, 2016.

 

 

About Qualstar Corporation

 

Qualstar, founded in 1984, is a diversified electronics manufacturer specializing in data storage and power supplies. Qualstar is a leading provider of high efficiency and high density power supplies marketed under the N2Power™ brand, and of data storage systems marketed under the Qualstar™ brand. Our N2Power power supply products provide compact and efficient power conversion for a wide variety of industries and applications including, but not limited to, telecom, networking, broadcast, industrial, lighting, gaming and test equipment. Our Qualstar data storage products are used to provide highly scalable and reliable solutions to store and retrieve very large quantities of electronic data. Qualstar’s products are known throughout the world for high quality and Simply Reliable™ designs that provide years of trouble-free service. More information is available at www.qualstar.com or www.n2power.com or by phone at 805-583-7744.

 

 
 

The following information was filed by Qualstar Corp (QBAK) on Wednesday, May 10, 2017 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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Inside this 10-Q Quarterly Report

Document And Entity Information
Note 14 - Subsequent Events
Condensed Consolidated Balance Sheets (current Period Unaudited)
Condensed Consolidated Balance Sheets (current Period Unaudited) (parentheticals)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Operations (unaudited)
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (details Textual)
Note 10 - Legal Proceedings
Note 10 - Legal Proceedings (details Textual)
Note 11 - Income Taxes
Note 11 - Income Taxes (details Textual)
Note 12 - Segment Information
Note 12 - Segment Information (details Textual)
Note 12 - Segment Information (tables)
Note 12 - Segment Information - Income (loss) Before Taxes By Segment (details)
Note 12 - Segment Information - Segment Revenue (details)
Note 12 - Segment Information - Total Assets By Segment (details)
Note 13 - Related Party Transactions
Note 13 - Related Party Transactions (details Textual)
Note 2 - Recent Accounting Pronouncements
Note 3 - Significant Customers, Concentration Of Credit Risk, And Geographic Information
Note 3 - Significant Customers, Concentration Of Credit Risk, And Geographic Information (details Textual)
Note 3 - Significant Customers, Concentration Of Credit Risk, And Geographic Information (tables)
Note 3 - Significant Customers, Concentration Of Credit Risk, And Geographic Information - Geographic Activity, Revenue (details)
Note 4 - Net Earnings Per Share
Note 4 - Net Earnings Per Share (details Textual)
Note 4 - Net Earnings Per Share (tables)
Note 4 - Net Earnings Per Share - Computation Of Basic And Diluted Net Loss Per Share (details)
Note 5 - Balance Sheet Details
Note 5 - Balance Sheet Details (details Textual)
Note 5 - Balance Sheet Details (tables)
Note 5 - Balance Sheet Details - Components Of Property And Equipment (details)
Note 5 - Balance Sheet Details - Inventories (details)
Note 5 - Balance Sheet Details - Other Accrued Liabilities (details)
Note 6 - Contingencies
Note 6 - Contingencies (details Textual)
Note 6 - Contingencies (tables)
Note 6 - Contingencies - Product Warranty Liability (details)
Note 7 - Commitments
Note 7 - Commitments (details Textual)
Note 7 - Commitments (tables)
Note 7 - Commitments - Future Minimum Lease Payments (details)
Note 8 - Stock Incentive Plans And Share-based Compensation
Note 8 - Stock Incentive Plans And Share-based Compensation (details Textual)
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity (details Textual)
Significant Accounting Policies (policies)

Material Contracts, Statements, Certifications & more

Qualstar Corp provided additional information to their SEC Filing as exhibits

Ticker: QBAK
CIK: 758938
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-17-008610
Submitted to the SEC: Wed May 10 2017 4:11:55 PM EST
Accepted by the SEC: Wed May 10 2017
Period: Friday, March 31, 2017
Industry: Magnetic And Optical Recording Media

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