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Qualstar Corporation (QBAK) reported its financial results on Friday for the fourth quarter and fiscal year ended June 30, 2009.
Revenues for the fourth quarter were $3.8 million, compared to $4.9 million for the same quarter of fiscal 2008. Net loss was $1.2 million or $(0.10) per basic and diluted share, compared to a net loss of $166,000, or $(0.01) per basic and diluted share for the fourth quarter of fiscal 2008. This missed analysts' estimates for a loss of $0.06 per share.
Qualstar reported revenues of $17.9 million in fiscal 2009, compared with $21.5 million in fiscal 2008. The Company's net loss in fiscal 2009 was $2.6 million or $(0.21) per basic and diluted share, compared with a net loss of $0.8 million, or $(0.06) per basic and diluted share, in fiscal 2008. This also missed analysts' estimates for a loss of $0.17 per share.
The Company manufactures automated tape libraries and power supplies. Its products are known throughout the world for energy efficiency and rugged, Simply Reliable designs yielding years of trouble-free operation. Qualstar tape libraries are sold, installed and supported worldwide to backup, archive and protect data from incidental and catastrophic loss. Its N2Power brand high efficiency, ultra small switching power supplies are sold to OEM manufacturers worldwide, where very low power consumption is required.
Bill Gervais, President and CEO of Qualstar, commented in a conference call, "We are beginning to see evidence that our market should be returing to a more normal state over the next year. The underlying fundamentals driving this market continue to hold firm. Worldwide data continues to grow as more applications convert to digital content. The archival preservation of this data is increasingly mandated by authorities around the world. Tape has proven to be the most cost effective and energy efficient means of storing large amounts of data. In addition, tape is portable and can be physically removed from the primary site for additional security."
He continued, "In our N2Power segment, the fundamentals remain very strong. The rush towards more electrically efficient products is widespread and expected to continue for years. Power costs continue to increase, and manufacturers seem to be jumping onto the 'green' bandwagon and making their products do more with fewer amps."
Mr. Gervais concluded, "We remain the most cost effective means for long term data retention. We will be one of the survivors in this market. Our competitors are exiting the market at a rate of about one per year. Our N2Power business and the XLS line of products is generating more interest in the overall marketplace from customers, both on the domestic and international fronts, and that this will benefit us in the coming quarters."
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