nStor Technologies Reports First Quarter Results
14 Maio 2004 - 10:30AM
PR Newswire (US)
nStor Technologies Reports First Quarter Results Data Storage
Solutions Revenues Increase 89% Over Last Year's First Quarter
CARLSBAD, Calif., May 14 /PRNewswire-FirstCall/ -- nStor
Technologies, Inc. today announced operating results for the first
quarter ended March 31, 2004. The Company's net loss was $2,136,000
or $.01 per common share, on revenues of $3,902,000, compared to a
net loss of $1,635,000 or $.01 per common share, on revenues of
$2,334,000, during the first quarter of 2003. Todd Gresham, the
Company's new President and Chief Executive Officer, stated, that,
"during the first quarter, the Company's storage solutions revenues
rose by almost $1.1 million, or 89%, compared to last year's first
quarter. This revenue growth, and a favorable market reception,
confirms our belief that the Company is extremely well positioned
to effectively compete in the SMB/SME
(small-medium-business/enterprise) markets, which we believe
represents the fastest growing segment of the data storage market.
We have begun to experience a rise in the volume of sales orders as
a result of our recently introduced product offerings, in
particular the NexStor 4700 Serial ATA product line." Gresham
further commented, that, "recently awarded OEM agreements have
contributed to the overall growth. We remain confident of our
prospects for the rest of the year as we continue to add new
customers and build successful relationships with our partners."
Gresham added that, "in anticipation of the revenue growth expected
to occur during 2004, the Company increased its personnel and
certain other operating costs, which contributed to the higher net
loss in the 2004 first quarter." About nStor Technologies, Inc.
Headquartered in Carlsbad, California, nStor Technologies, Inc.
operates in two business segments: nStor Corporation, Inc. develops
data storage solutions that are ideally suited for the small and
mid-size markets. The Company's flagship controller technology,
applications-driven platforms and StorView software form the
foundation for the NexStor family of turnkey solutions that support
Microsoft Windows, Linux, UNIX and Macintosh operating
environments. nStor's products are offered in various architectures
including Fibre Channel, Fibre-to-SCSI, SCSI and SATA and are
focused on addressing customers' business needs and applications.
The Company markets its storage solutions through a global network
of OEM partners and systems integrators. For more information,
visit http://www.nstor.com/. Stonehouse Technologies, Inc.,
headquartered in Dallas, Texas, is a provider of telecommunication
software and services that help large enterprises and state and
local governments manage their communications expenses, assets and
processes. These solutions include a suite of modular applications
and consulting services, which allow enterprises to manage voice,
data and wireless services by providing a systematic approach to
automate order processing, monitor expenses, manage vendor
invoices, track asset inventory and allocate costs. Additional
information can be found by visiting Stonehouse's web site at
http://www.stonehouse.com/. This press release includes statements
that may constitute "forward- looking" statements, usually
containing the words "believe," "estimated," "project," "expect,"
"anticipate," or similar expressions. These statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements
inherently involve risks and uncertainties that could cause actual
results to differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include,
but are not limited to, the Company's inability to increase sales
to current customers and to expand its customer base, continued
acceptance of the Company's products in the marketplace, the
Company's inability to improve the gross margin on its products,
competitive factors, dependence upon third-party vendors, outcome
of litigation, insufficient funding and other risks detailed in the
Company's periodic report filings with the Securities and Exchange
Commission. By making these forward- looking statements, the
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release. nStor and
StorView are registered trademarks of nStor Technologies, Inc.
nStor Technologies, Inc. and Subsidiaries Condensed Consolidated
Statements of Operations (in thousands, except per share data)
Three Months Ended March 31, 2004 2003 Sales $3,902 $2,334 Cost of
sales 2,770 1,473 Gross margin 1,132 861 Operating expenses:
Selling, general and administrative 1,912 1,339 Research and
development 1,011 590 Stock-based compensation 3 233 Depreciation
and amortization 160 122 Total operating expenses 3,086 2,284 Loss
from operations (1,954) (1,423) Interest expense (186) (240) Other
income, net 4 28 Net loss $(2,136) $(1,635) Basic and diluted net
loss per common share $(.01) $(.01) Weighted average number of
common shares outstanding, basic and diluted 165,070 142,567 nStor
Technologies, Inc. and Subsidiaries Condensed Consolidated Balance
Sheets (in thousands) March 31, December 31, 2004 2003 ASSETS
Current assets: Cash and cash equivalents $234 $203 Accounts
receivable, net 1,604 1,371 Inventories 1,027 1,589 Prepaid
expenses and other 270 358 Total current assets 3,135 3,521
Property and equipment, net 655 443 Goodwill and other intangible
assets, net 11,132 11,256 $14,922 $15,220 LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Borrowings: Affiliate
$8,681 $6,941 Other 858 896 Accounts payable and other 3,236 2,944
Deferred revenue 1,016 1,178 Total current liabilities 13,791
11,959 Shareholders' equity 1,131 3,261 $14,922 $15,220 DATASOURCE:
nStor Technologies, Inc. CONTACT: Jack Jaiven, Vice
President/Treasurer of nStor Technologies, Inc., +1-561-640-3105,
Web site: http://www.stonehouse.com/ Web site:
http://www.nstor.com/
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