Quantum Corporation Reports Fiscal Second Quarter Results
(firmenpresse) - SAN JOSE, CA -- (Marketwire) -- 10/27/11 -- Quantum Corp. (NYSE: QTM)
Quantum Corp. (NYSE: QTM), a proven global expert in data protection and big data management, today reported results for the second quarter of fiscal 2012 (FQ2'12), ended Sept. 30, 2011. Revenue for the quarter totaled $165 million, down 2 percent from the second quarter of fiscal 2011 (FQ2'11) primarily due to expected reductions in media royalties and OEM revenue. However, total revenue was up $12 million sequentially, with record revenue of $36 million from disk system and software sales, including related maintenance, which increased 17 percent from FQ2'11 and 30 percent over the prior quarter. In addition, Quantum branded revenue, which represented 82 percent of total non-royalty revenue for the quarter, grew 4 percent year-over-year and 11 percent sequentially.
For FQ2'12, GAAP net income was $4 million, or 1 cent per diluted share, compared to GAAP net income of $3 million, or 1 cent per diluted share, in FQ2'11. Non-GAAP net income for the quarter was $14 million, or 6 cents per diluted share, up from $13 million, or 6 cents per diluted share, in the comparable quarter last year.
"This was our eighth consecutive quarter of year-over-year branded revenue growth and one in which we generated our highest level of disk and software revenue to date," said Jon Gacek, president and CEO of Quantum. "We had strong customer traction with our new DXi® and StorNext® appliance introductions, as particularly reflected by the revenue generated from our launch of the DXi6701/02 disk backup and deduplication products, which was the most successful branded systems product launch in Quantum's history.
"We also grew branded tape automation revenue 5 percent on a year-over-year basis, partly driven by adding 135 new enterprise and midrange customers. In addition, during the quarter we launched the vmPRO 4000, the first virtual data protection offering resulting from our June acquisition of Pancetera Software. All of this speaks to the momentum and opportunity we see as we continue to leverage our proven expertise in data protection and big data management to aggressively introduce new intelligent solutions with unmatched value for meeting customers' storage challenges."
Beyond driving revenue growth across a number of key areas in FQ2'12, Quantum also paid down $30 million of its senior debt. The company ended the quarter with $69 million of senior debt, $135 million of convertible debt and $49 million in cash and cash equivalents. Reflecting the continued improvements in Quantum's balance sheet, Standard & Poor's Rating Services upgraded its outlook on the company from stable to positive during the quarter.
For the third quarter of fiscal 2012, the company expects:
Revenue of approximately $170 million.
A GAAP gross margin rate and non-GAAP gross margin rate similar to that in FQ2'12.
GAAP operating expenses of $67 million and non-GAAP operating expenses of $61 million.
Interest expense of approximately $3 million and taxes of $1 million.
Key business highlights for the September quarter include the following:
Customers responded very positively to the introduction of the DXi6701/02 appliances, which began shipping in late July. Based on Quantum's latest generation DXi 2.0 software, these products deliver industry-leading performance, price-performance and overall value -- twice the performance for half the price of the nearest competitive offering, with all necessary software licenses included in the base price. The DXi6701/02 also offers tremendous scalability and unique options for where deduplication takes place in the network.
Quantum prepared for the launch of its DXi4601 appliance, which was announced shortly after the quarter finished. Designed for small data centers or remote offices, the DXi4601 provides the industry's first capacity-on-demand capability in a deduplication appliance and achieves twice the performance of competitors in its class at half the price. The first customer to purchase a DXi4601 was the Royal Academy of Arts in London. On the advice of Coolspirit, a Quantum reseller, this renowned institution evaluated the DXi4601 and was impressed by its "ease of use, simplicity of installation and overall value, including the ability to scale seamlessly as our capacity needs increase," according to Brenda Hillary, IT systems manager at the Royal Academy of Arts.
Moving quickly to integrate Pancetera technology into its product portfolio, Quantum announced the vmPRO 4000, an integrated solution that includes both backup software and deduplication for protecting data on virtual servers in small to medium-size businesses and remote offices. The vmPRO 4000 combines turnkey simplicity, advanced technology and market-leading value.
Following the vmPRO 4000 announcement, Quantum finalized preparations for last week's introduction of the vmPRO 4601 appliance and vmPRO software. The vmPRO 4601 doubles the capacity initially available in the vmPRO 4000 line and adds capacity-on-demand scalability and support for vSphere 5, the most recent version of VMware's offering. The vmPRO software is a solution with advanced utilities designed to dramatically improve and simplify virtual data protection in midrange and larger data centers. The software works with Quantum's DXi deduplication appliances to accelerate backup, restore, and disaster recovery protection in data center virtual environments while reducing IT costs.
After launching its first StorNext appliance, the StorNext M330, in June, Quantum announced additions to its StorNext appliance family in September. This included new purpose-built configurations of expansion appliances and disk offerings as well as archive enabled libraries. The company's move to offer more than just StorNext software is intended to simplify big data file sharing and archiving while delivering unparalleled data management performance, flexibility and cost-effectiveness for shared, scale-out environments.
Quantum will hold a conference call today, Oct. 27, 2011, at 2:00 p.m. PDT, to discuss its fiscal second quarter results. Press and industry analysts are invited to attend in listen-only mode. Dial-in number: (480) 629-9867 (U.S. & International). Quantum will provide a live audio webcast of the conference call beginning today, Oct. 27, 2011, at 2:00 p.m. PDT. Site for the webcast and related information: .
Quantum Corp. (NYSE: QTM) is a proven global expert in data protection and big data management. From small businesses to multinational enterprises, more than 50,000 customers trust Quantum to solve their data protection, retention and management challenges. Quantum's best-of-breed, open systems solutions provide significant storage efficiencies and cost savings while minimizing risk and protecting prior investments. They include: ®-Series disk-based deduplication and replication systems for fast backup and restore, ® tape automation products for disaster recovery and long-term data retention, ® data management software and appliances for high-performance file sharing and archiving and ™ solutions for protecting virtual machine data. Quantum Corp., 1650 Technology Drive, Suite 800, San Jose, CA 95110, (408) 944-4000, .
Quantum, the Quantum logo, DXi, Scalar, StorNext and vmPRO are either registered trademarks or trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.
"Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995: This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Specifically, without limitation, the statements regarding the momentum and opportunity we see, as well as all of our statements under the "Outlook" section are forward-looking statements within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to Quantum on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Quantum's actual results to differ materially from those implied by the forward-looking statement. More detailed information about these risk factors, and additional risk factors, are set forth in Quantum's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Item 1A. Risk Factors," in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 14, 2011 and Quantum's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2011. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Quantum believes that the non-GAAP financial measures disclosed above provide useful and supplemental information to investors regarding its quarterly financial performance. Quantum management uses these non-GAAP financial measures internally to understand, manage, and evaluate the company's business results and make operating decisions. For instance, Quantum management often makes decisions regarding staffing, future management priorities and how the company will direct future operating expenses on the basis of non-GAAP financial measures. In addition, compensation of our employees is based in part on the performance of our business based on non-GAAP operating income.
The non-GAAP financial measures used in this press release exclude the impact of amortization of intangibles, share-based compensation expense, restructuring charges and acquisition expenses for the following reasons:
Amortization of Intangible Assets
This includes acquired intangibles such as purchased technology and customer relationships in connection with prior acquisitions. These expenses are not factored into management's evaluation of potential acquisitions or Quantum's performance after completion of the acquisitions because they are not related to Quantum's core operating performance. In addition, the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding acquisition-related charges from non-GAAP measures provides investors with a basis to compare Quantum against the performance of other companies without the variability caused by purchase accounting.
Share-Based Compensation Expense
Share-based compensation expense relates primarily to equity awards such as stock options and restricted stock units. Share-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond Quantum's control. As a result, management excludes this item from Quantum's internal operating forecasts and models. Management believes that non-GAAP measures adjusted for share-based compensation provide investors with a basis to measure Quantum's core performance against the performance of other companies without the variability created by share-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used.
Restructuring Charges
Restructuring charges primarily relate to expenses associated with changes to Quantum's operating structure. Restructuring charges are excluded from non-GAAP financial measures because they are not considered core operating activities. Although Quantum has engaged in various restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. Management believes that it is appropriate to exclude restructuring charges from Quantum's non-GAAP financial measures, as it enhances the ability of investors to compare Quantum's period-over-period operating results from continuing operations.
Acquisition Expenses
The acquisition expenses are those expenses incurred to acquire Pancetera and are not part of Quantum's future core operations.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material impact on the company's reported financial results and, therefore, should not be relied upon as the sole financial measures to evaluate the company. The non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.
The non-GAAP financial information set forth in this table is not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial information used by other companies.
Contact:
Brad Cohen
Public Relations
Quantum Corp.
(408) 944-4044
Christi Lee
Investor Relations
Quantum Corp.
(408) 944-4450
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2011 - 14:05 Uhr
Sprache: Deutsch
News-ID 1050831
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
SAN JOSE, CA
Phone:
Kategorie:
Networking
Anmerkungen:
Diese Pressemitteilung wurde bisher 108 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Quantum Corporation Reports Fiscal Second Quarter Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Quantum Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
