Qualstar Corp (QBAK) 10-Q Quarterly Report November 2018

Simi Valley, CA, August 8, 2018 — Qualstar Corporation (NASDAQ: QBAK), a leading manufacturer of data storage solutions and high-efficiency power supplies, today announced its financial results for the three and six months ended June 30, 2018.

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

Results for the Three Months Ended June 30, 2018 vs. 2017

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Net revenue increased 42.5% to $3,231 from $2,267

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Total operating expenses increased 13.1% to $948 from $838

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Net income of $474 or $0.23 per basic and diluted share vs. net income of $59 or $0.03 per basic and diluted share

Results for the Six Months Ended June 30, 2018 vs. 2017

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Net revenue increased 31.0% to $6,166 from $4,706

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Total operating expenses increased 6.9% to $1,786 from $1,670

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Net income of $1,064 from of $117, an increase of 809.4%, or $0.52 per basic and $0.51 per diluted share vs. $0.06 per basic and diluted share

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Cash provided by operations of $820 vs. $768

Highlights for the Three and Six Months Ended June 30, 2018

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Strong balance sheet and no debt

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Cash, restricted cash and cash equivalents increased by 18% to $5,647 from $4,798 as of December 31, 2017

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Revenue growth in the data storage segment is strong for both products and services

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Increased gross profit margins for the three months ended June 30, 2018 from the same period last year by 4.4% to $1,422 from $897 and for the six months ended June 30, 2018 by 8.2% to $2,850 from $1,787 for the same period last year

“We are extremely pleased by our strong financial performance and the foundation that we have in place. We continue to experience strong momentum in our Data Storage business unit,“ said Steven N. Bronson, CEO and President of Qualstar. “We also continue to explore external growth opportunities,” Mr. Bronson stated.

Cash, cash equivalents and restricted cash increased $1,090 to to $5,647 as of June 30, 2018 compared to $4,557 at June 30, 2017.

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 Thursday, August 9, 2018 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 - Income Highlight
The cash provided by operating activities for the nine months ended September 30, 2018 of $112,000 consisted of the operating income for the period of $1,469,000, increased by non-cash adjustments of $297,000, and offset by changes in operating assets and liabilities of $1,654,000, largely due to the increase in inventory of $1,381,000 to support sales demand.

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: 0001437749-18-019959
Submitted to the SEC: Thu Nov 08 2018 3:46:18 AM EST
Accepted by the SEC: Thu Nov 08 2018
Period: Sunday, September 30, 2018
Industry: Magnetic And Optical Recording Media