lakingsphan0427
7 years ago
N2Power, Inc., a Subsidiary of Qualstar Corporation, Receives a New Purchase Order for $1.1 Million
Thu April 12, 2018 9:00 AM|Business Wire|About: QBAK
SIMI VALLEY, Calif.--(BUSINESS WIRE)-- Qualstar Corporation (QBAK) (NASDAQ: QBAK) announced today that N2Power, Inc., a subsidiary of Qualstar and an industry leader in the design and manufacturing of compact and high efficiency power supplies, was recently awarded another $1.1 million order from an existing prestigious gaming customer. Shipments against this order are expected to occur over the next twelve months. N2Power provides standard, semi-custom and custom power solutions for OEMs in various markets worldwide.
“It is exciting to see the fruition of our engineering and other available resources being validated with new and continued orders from our gaming customers,” said Randy Johnson, N2Power’s Vice President of Sales.
“We are committed to growing our footprint in the gaming market by providing customer driven standard and custom power solutions,” said Steven N. Bronson, Qualstar’s Chief Executive Officer.
For additional information regarding N2Power power supplies, call Shelley Urbina at 805-583-7744 or refer to our website at www.n2power.com for authorized distribution partners.
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. Connect with Qualstar on LinkedIn or Twitter.
Cautionary Statement Concerning Forward-Looking Statements
Statements used in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995 and include statements relating to when shipments against orders are expected to occur. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. These forward-looking statements are based upon the current expectations and beliefs of Qualstar's management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For further information on these risks and uncertainties, please refer to the risk factors discussed in Qualstar’s filings with the U.S. Securities and Exchange Commission including, but not limited to, Qualstar’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of such Form 10-K, and any subsequently filed reports. All of Qualstar’s filings are available without charge through the SEC’s website (www.sec.gov) or from Qualstar’s website (www.qualstar.com).The information contained in this press release is as of the date of this press release. Notwithstanding changes that may occur with respect to matters relating to any forward looking statements, Qualstar does not expect to, and disclaims any obligation to, publicly update any forward-looking statements whether as a result of new information, future events or otherwise. Qualstar, however, reserves the right to update such statements or any portion thereof at any time for any reason.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180412005248r1&sid=acqr7&distro=nx&lang=en
View source version on businesswire.com: https://www.businesswire.com/news/home/20180412005248/en/
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Enterprising Investor
9 years ago
Qualstar Reports Fiscal 2015 Fourth Quarter and Full Year Results (9/09/15)
Qualstar Reports an 18% Revenue Increase for Fiscal Year Ending 2015 Versus 2014
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Qualstar® Corporation (NASDAQ: QBAK), a manufacturer of data storage solutions and high-efficiency power supplies, today reported financial results for the fourth quarter and the fiscal year ended June 30, 2015.
2015 Fourth Quarter Financial Results
Revenues for the quarter ended June 30, 2015 were $3.2 million, compared with $2.7 million for the quarter ended June 30, 2014, an increase of $0.5 million or 18.5%. Loss from operations was $0.3 million for the quarter ended June 30, 2015 compared with a loss of $0.7 million for the quarter ended June 30, 2014. Loss per share was $(0.02) for the quarter ended June 30, 2015 compared with loss per share of $(0.06) per basic and diluted share for the quarter ended June 30, 2014.
“We are pleased with the overall improvement in our results. We were able to increase revenue, lower operating expenses and continue with our product expansion for both business units. This demonstrates that we are executing our turnaround plan. We continue to explore other avenues to achieve further growth and continued momentum,” said Steven N. Bronson, Qualstar’s Chief Executive Officer.
“Qualstar has now successfully entered into additional vertical markets with our broadened product offerings in both the Data Storage Solutions and Power Solutions business units. As part of our global expansion, we have developed new channel partners in various countries including emerging markets,” stated Daniel K. Jan, Qualstar’s President.
Data Storage segment revenues were $1.4 million for the quarter ended June 30, 2015, compared with $1.2 million for the same period last year, an increase of $0.2 million or 16.7%. Power supply segment revenues were $1.8 million for the quarter, compared with $1.5 million in the quarter ended June 30, 2014, an increase of $0.3 million, or 20%.
Gross margin was 34.4% of revenues or $1.1 million for the quarter ended June 30, 2015, an improvement over the gross margin of 29.6% of revenues or $0.8 million for the quarter ended June 30, 2014. The increase in gross profit was primarily attributed to lower charges to the inventory reserves during the quarter and sales of higher margin products. Engineering expenses for the fourth quarter of the fiscal year 2015 were $0.4 million or 12.5% of revenues, compared with $0.5 million, or 18.5% of revenues for the fourth quarter of the fiscal year 2014. Sales and marketing expenses were $0.5 million or 15.6% of revenues for the fourth quarter of fiscal 2015, compared with $0.4 million, or 14.8% of revenues in the corresponding period last year. General and administrative expenses for the fourth quarter of fiscal 2015 were $0.5 million, or 15.6% of revenues, compared to $0.8 million, or 29.6% of revenues, for the same period last year. There were no restructuring expenses for the fourth quarter of fiscal 2015, compared to a recovery of $0.2 million, or 7.4% of revenues, for the same period last year.
Fiscal 2015 Full Year Financial Results
Qualstar reported revenues of $12.9 million in the fiscal year 2015, an increase of 18.3% compared with $10.9 million in the fiscal year 2014. Net loss in fiscal 2015 was $1.3 million or $(0.11) per basic and diluted share. This compares with a net loss in the fiscal year 2014 of $5.6 million, or $(0.46) per basic and diluted share.
Cash equivalents and marketable securities were $4.7 million at June 30, 2015, compared with $7.2 million at June 30, 2014, down $2.5 million. Inventory, net of reserves, at June 30, 2015, was $2.9 million, compared with $3.2 million at June 30, 2014.
“We continue to aggressively manage our cash. In fiscal 2015 the Company used $2.4 million in operating the business, compared to $6.3 million used in 2014 and $6.5 million used in 2013,” stated Mr. Bronson. “We are focused on improving our cash flow. In February 2015, we relocated our offices and warehouse to a smaller footprint and are saving approximately $34,000 per month. We continue to reduce spending where possible and to work toward a positive cash flow.”
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.
http://www.businesswire.com/news/home/20150909005652/en/Qualstar-Reports-Fiscal-2015-Fourth-Quarter-Full#.VfBJSCGFOUk
Enterprising Investor
10 years ago
Qualstar Reports Fiscal 2015 Second Quarter Results (2/12/15)
SIMI VALLEY, Calif.--(BUSINESS WIRE)--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 December 31, 2014.
Results for the Three Months Ended December 31, 2014 vs 2013
• Net revenue increased 2.9% to $3.5 million from $3.4 million
• Total operating expenses decreased 11.1% to $1.6 million from $1.8 million
• Rent restructuring changed from a $26,000 expense to a $245,000 recovery
• Net loss was slightly lower at $245,000 or ($.02) per basic and diluted share vs $251,000 or ($.02) per basic and diluted share
Results for the Six Months Ended December 31, 2014 vs 2013
• Net revenue increased 21.4% to $6.8 million from $5.6 million
• Total operating expenses decreased 35.4% to $3.1 million from $4.8 million
• Rent restructuring changed from a $26,000 expense to a $245,000 recovery
• Net loss decreased 78.6% to $0.6 million from $2.8 million or ($.05) per basic and diluted share vs ($.23) per basic and diluted share
• Cash Used in Operations decreased 42.4% to $1.9 million from $3.3 million year-over-year
Cash, cash equivalents and marketable securities were $5.2 million at December 31, 2014, down $2.0 million from $7.2 million at June 30, 2014. The majority of the decrease in cash is attributed to operating activities, which includes an increase in accounts receivables.
Qualstar has taken substantial action to reduce overhead spending. The Company has entered into agreements that will reduce its leased space by 63.8% to 20,560 square feet from 56,845 square feet. The Company’s base rent payments will be reduced to $20,000 compared to $44,000 per month, a 54.9% reduction. In addition to rent, overall operating expenses related to facilities costs will be reduced. Also, in December, litigation costs were reduced following the recent litigation settlement reached with the Company’s former CEO, Lawrence Firestone.
The Company continues to execute on its commitment to expand product offerings. The XL and PL series of High Wattage Power supplies were recently added to the N2Power product portfolio.
Steven N. Bronson, CEO and President of Qualstar, said, “We are pleased to see the significant progression of our financial turnaround, and expect that our strategic decisions will continue to benefit Qualstar and enhance shareholder value through 2015 and the years to follow.”
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.
http://www.businesswire.com/news/home/20150212006478/en/Qualstar-Reports-Fiscal-2015-Quarter-Results#.VN1a7th0zIU
Enterprising Investor
11 years ago
N2Power is Pleased to Announce Its Agreement with TTI Europe, Inc., a Subsidiary of Berkshire Hathaway, to Partner as N2Power’s Master Distributor for Europe (4/22/14)
SIMI VALLEY, Calif.--(BUSINESS WIRE)--N2Power, a division of Qualstar Corporation (NASDAQ: QBAK), is pleased to announce its distributor agreement with TTI Europe, Inc. (TTI). TTI will handle all coordination of orders, shipments, and inventory of all N2Power products throughout Europe to better serve our European distributor and customer base, as well as promoting the adoption of N2Power products in new designs.
“With more than 20 years in the distribution business in Europe, TTI was the logical distributor to strategically enhance our ability to meet the demands of our European customers and distributors by providing a responsive turnaround and readily available stock,” said Steven N. Bronson, CEO of Qualstar Corporation. “Our global vision is to build solid, knowledgeable distribution sales channels with the capability to serve those channels and customers by holding adequate inventory of our product offerings. We believe that TTI is an excellent ally to achieve N2Power’s distribution vision across Europe.”
“Our shared vision and relationship with TTI will allow us to service our other distribution channels and grow our business across Europe substantially in the coming years. It really is a ‘win-win’ situation for all parties involved,” stated Randy Johnson, Vice President of Sales for N2Power.
Phil Goff, Business Development Manager for Power at TTI added, “N2Power’s focus on high efficiency, high power density AC/DC and DC/DC embedded power supplies fits perfectly with TTI’s continued investment into the Power Supply arena. The feature-rich products of N2Power and its ability to offer modified standard products will help us offer our customers a comprehensive solution to their power needs.”
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 N2PowerTM brand, and of data storage systems marketed under the QualstarTM 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.
TTI, Inc., a Berkshire Hathaway company, is the world’s leading specialist distributor of passive, connector, electromechanical, discrete and power components. TTI’s philosophy is "Lead by Design," and the company differentiates itself by focusing on people, parts and process. TTI in Europe strives to be the distributor of choice for customers and suppliers alike by introducing new product technologies and by stocking broad and deep inventory across its franchise base. TTI’s sophisticated inventory management system ensures the ability to service changes in demand due to fluctuating markets and supply chains. For more information about TTI, please visit www.ttieurope.com.
http://www.businesswire.com/news/home/20140422005001/en/N2Power-Pleased-Announce-Agreement-TTI-Europe-Subsidiary
Enterprising Investor
11 years ago
Qualstar Reports Fiscal 2014 First Quarter Results (2/13/14)
SIMI VALLEY, CA--(Marketwired - Nov 13, 2013) - Qualstar® Corporation (NASDAQ: QBAK), a manufacturer of data storage solutions and high-efficiency power supplies, today reported financial results for its first fiscal quarter ended September 30, 2013.
Fiscal 2014 First Quarter Financial Results
Revenues for the first quarter of fiscal 2014 were $2.2 million, compared to $3.4 million for the same quarter of fiscal 2013, a decrease of $1.2 million or 36.5 percent. Loss from operations was $2.5 million compared to $1.9 million in the first quarter of fiscal 2013. Net loss was $0.21 per basic and diluted share compared with $0.16 in the prior year.
Storage revenues were $1.2 million for the first quarter compared to $1.9 million in the first quarter of fiscal 2013, a decrease of $0.7 million, or 35.1 percent. This year-over-year decrease in revenues was attributable to weak demand generally. N2Power revenues were $1.0 million for the quarter, compared to $1.5 million in the prior year quarter, a decrease of $0.5 million, or 38.3 percent. The decrease in revenues was due to weak demand overall, but especially in the telecom and network equipment markets.
Gross profit declined to $0.5 million, from $0.9 million, and gross margins decreased to 21.0 percent of revenues, compared with 27.3 percent of revenues, for the three months ended September 30, 2013 compared with the three months ended September 30, 2012. The decrease resulted from an increase in inventory reserves, partially offset by a higher proportion of revenues coming from higher margin service contracts.
Engineering expenses for the first quarter of fiscal 2014 were $874,000, or 39.9 percent of revenues, compared with $666,000 or 19.3 percent of revenues, for the first quarter of fiscal 2013. Sales and marketing expenses were $733,000, or 33.5 percent of revenues, compared to $531,000 or 15.4 percent of revenues, in the corresponding period last year. The increase was due to compensation, advertising and promotional expenses. General and Administrative expenses ("G & A") were $1,394,000 or 63.7 percent of revenues, compared to $740,000, or 21.4 percent of revenues, for the same period last year. The increase in G&A expenses was attributed to reimbursement of $395,000 to BKF Capital Group, Inc., for fees previously incurred by it in the Proxy Contest, and an increase in professional fees.
Cash, cash equivalents and marketable securities were $11.8 million at September 30, 2013, down $2.0 million from $13.8 million at June 30, 2013.
Since July 2013, under the leadership of new CEO, Steven N. Bronson, major cost reduction actions have taken place. Mr. Bronson stated: "The quarter just ended has been a transition period. Cost cutting and internal restructuring have resulted in headcount being reduced by about 30% and the majority of the consultants being eliminated. By January 1, 2014, we believe that by current actions and commitments, the effects of these cost savings are expected to reduce operating expenses by about 40% compared with the previous year.
"In addition to internal cost saving actions, the outsourced manufacturing contract with CTS is in the process of being terminated over the next few months. Qualstar will be bringing inventory and manufacturing in-house, and by so doing, we believe that we will be more responsive to our customers in terms of quality and delivery times, and will be able to manage our costs more effectively."
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.
http://www.marketwired.com/press-release/qualstar-reports-fiscal-2014-first-quarter-results-nasdaq-qbak-1852124.htm
Enterprising Investor
11 years ago
Qualstar Reports Fiscal 2014 First Quarter Results (11/13/13)
SIMI VALLEY, CA--(Marketwired - Nov 13, 2013) - Qualstar® Corporation (NASDAQ: QBAK), a manufacturer of data storage solutions and high-efficiency power supplies, today reported financial results for its first fiscal quarter ended September 30, 2013.
Fiscal 2014 First Quarter Financial Results
Revenues for the first quarter of fiscal 2014 were $2.2 million, compared to $3.4 million for the same quarter of fiscal 2013, a decrease of $1.2 million or 36.5 percent. Loss from operations was $2.5 million compared to $1.9 million in the first quarter of fiscal 2013. Net loss was $0.21 per basic and diluted share compared with $0.16 in the prior year.
Storage revenues were $1.2 million for the first quarter compared to $1.9 million in the first quarter of fiscal 2013, a decrease of $0.7 million, or 35.1 percent. This year-over-year decrease in revenues was attributable to weak demand generally. N2Power revenues were $1.0 million for the quarter, compared to $1.5 million in the prior year quarter, a decrease of $0.5 million, or 38.3 percent. The decrease in revenues was due to weak demand overall, but especially in the telecom and network equipment markets.
Gross profit declined to $0.5 million, from $0.9 million, and gross margins decreased to 21.0 percent of revenues, compared with 27.3 percent of revenues, for the three months ended September 30, 2013 compared with the three months ended September 30, 2012. The decrease resulted from an increase in inventory reserves, partially offset by a higher proportion of revenues coming from higher margin service contracts.
Engineering expenses for the first quarter of fiscal 2014 were $874,000, or 39.9 percent of revenues, compared with $666,000 or 19.3 percent of revenues, for the first quarter of fiscal 2013. Sales and marketing expenses were $733,000, or 33.5 percent of revenues, compared to $531,000 or 15.4 percent of revenues, in the corresponding period last year. The increase was due to compensation, advertising and promotional expenses. General and Administrative expenses ("G & A") were $1,394,000 or 63.7 percent of revenues, compared to $740,000, or 21.4 percent of revenues, for the same period last year. The increase in G&A expenses was attributed to reimbursement of $395,000 to BKF Capital Group, Inc., for fees previously incurred by it in the Proxy Contest, and an increase in professional fees.
Cash, cash equivalents and marketable securities were $11.8 million at September 30, 2013, down $2.0 million from $13.8 million at June 30, 2013.
Since July 2013, under the leadership of new CEO, Steven N. Bronson, major cost reduction actions have taken place. Mr. Bronson stated: "The quarter just ended has been a transition period. Cost cutting and internal restructuring have resulted in headcount being reduced by about 30% and the majority of the consultants being eliminated. By January 1, 2014, we believe that by current actions and commitments, the effects of these cost savings are expected to reduce operating expenses by about 40% compared with the previous year.
"In addition to internal cost saving actions, the outsourced manufacturing contract with CTS is in the process of being terminated over the next few months. Qualstar will be bringing inventory and manufacturing in-house, and by so doing, we believe that we will be more responsive to our customers in terms of quality and delivery times, and will be able to manage our costs more effectively."
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.
http://www.marketwired.com/press-release/qualstar-reports-fiscal-2014-first-quarter-results-nasdaq-qbak-1852124.htm
Enterprising Investor
11 years ago
Qualstar Announces the Departure of Executive and Ongoing Progress With Its Cost Reduction Efforts (11/05/13)
SIMI VALLEY, CA--(Marketwired - Nov 5, 2013) - Qualstar Corporation (NASDAQ: QBAK), a manufacturer of data storage solutions and high-efficiency power supplies, today announced the departure of William J. Lurie the Company's Vice President of Engineering.
In furtherance of the Company's efforts to reduce Qualstar's cost structure, the Company eliminated the position of Vice President of Engineering and terminated the employment of William J. Lurie. Mr. Lurie's duties shall be distributed among other employees of Qualstar. "We believe that the successful turnaround of Qualstar requires that expenses need to be carefully controlled and we reduced a layer of management that is redundant for an organization our size," said Steven N. Bronson, CEO and President. Mr. Bronson continued, "We wish Bill all the success with his future endeavors."
Since July 2013, under the leadership of Steven N. Bronson, as CEO and President, and the new Board of Directors, the Company has made significant progress in reducing its overall expense structure in an effort to achieve the goal of making the Company profitable.
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.
http://www.marketwired.com/press-release/qualstar-announces-departure-executive-ongoing-progress-with-its-cost-reduction-efforts-nasdaq-qbak-1848775.htm
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