Qualstar Corp (QBAK) 10-Q Quarterly Report August 2017

SIMI VALLEY, Calif., August 8, 2017 — Qualstar Corporation (Nasdaq: QBAK), a manufacturer of data storage solutions and high-efficiency power supplies, today announced its financial results for the second fiscal quarter ended June 30, 2017.

(All amounts are in thousands, except per share data):

Results for the Three Months Ended June 30, 2017 vs. 2016

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Net revenue decreased 4.3% to $2,267 from $2,370

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Total operating expenses decreased 23.7% to $838 from $1,099

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Net income of $59 or $0.03 per basic and diluted share vs. net loss of $336 or ($.16) per basic and diluted share

Results for the Six Months Ended June 30, 2017 vs. 2016

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Net revenue increased 4.1% to $4,706 from $4,520

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Total operating expenses decreased 22.8% to $1,670 from $2,163

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Net income of $117 from net loss of $750, an increase of 116%, or $0.06 per basic and diluted share vs. ($0.37) per basic and diluted share

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Cash provided by operations of $768 vs. cash used by operations of $432

Highlights for the Three and Six Months Ended June 30, 2017

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Strong balance sheet and no debt

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Cash, restricted cash and cash equivalents increased by $766 to $4,557 from $3,791 as of December 31, 2016

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Continued sales growth and product expansion within our power supply subsidiary

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Increased gross profit margins for the three months ended June 30, 2017 from the same period last year by 6.9% and for the six months ended June 30, 2017 by 6.5% from the same period last year

“We continue to make substantial progress improving our operating efficiencies and positioning our business for long term success. This is our second consecutive profitable quarter and we have had positive cash flow for the last twelve months” said Steven N. Bronson, CEO and President of Qualstar. He continued, “We also continue to explore acquisition opportunities.”

The following information was filed by Qualstar Corp (QBAK) on Tuesday, August 8, 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 Qualstar Corp's 10-Q Quarterly Report:

Financial - Expense Highlight
The decrease in engineering expenses for the six months ended June 30, 2017 as compared to the prior year period is a result of the reduction in payroll and related costs, and reduced materials and facilities costs.

Revenue - Product Highlight
The decrease in net revenues in the three months ended June 30, 2017 compared to the prior year period is attributable to the segment-specific factors described below.
Financial - Shares Highlight
While the Company explores strategic alternatives to benefit its shareholders, it continues to implement its established business plan from the prior years.
Revenue - Product Highlight
Storage The decrease in storage revenues in the three months ended June 30, 2017 compared to the prior year period is attributable to the changing data storage market dynamics.
Financial - Expense Highlight
Engineering expenses decreased in the three months ended
Revenue - Product
In order to grow sales,...Read more
Financial - Expense
General and administrative costs decreased...Read more
Revenue - Product
Storage The decrease in...Read more
Legal - Other
Qualstar is subject to a...Read more
Financial - Expense
To further the Companys efforts...Read more
Other - Other
In addition, the design of...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Qualstar Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: QBAK
CIK: 758938
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-17-014101
Submitted to the SEC: Tue Aug 08 2017 4:12:09 PM EST
Accepted by the SEC: Tue Aug 08 2017
Period: Friday, June 30, 2017
Industry: Magnetic And Optical Recording Media