nStor Technologies Reports Second Quarter Results Company Revenues
Grow 40 Percent Year-Over-Year CARLSBAD, Calif., Aug. 16
/PRNewswire-FirstCall/ -- nStor Technologies, Inc. (AMEX:NSO) today
announced operating results for the second quarter and six-months
ended June 30, 2004. The Company, through its wholly owned
subsidiary, nStor Corporation, develops data storage solutions that
are designed for the small and medium-size business markets. During
the second quarter and six-months ending June 30, 2004, the
Company's data storage solutions revenues rose by $391,000 or 24
percent and $1,453,000 or 52 percent, respectively, compared to
last year's corresponding periods. Revenues from Stonehouse
Technologies, the Company's telemanagement solutions subsidiary,
increased by 62 percent and 53 percent, respectively. The Company's
second quarter net loss was $1,802,000 or $.01 per common share, on
revenues of $3,906,000, compared to a net loss of $1,587,000 or
$.01 per common share, on revenues of $2,791,000 during the second
quarter of 2003. The six-month net loss was $3,938,000 or $.02 per
common share, on revenues of $7,808,000, compared to a net loss of
$3,222,000 or $.02 per common share, on revenues of $5,125,000
during the corresponding period in 2003. According to nStor's
president and CEO, Todd Gresham, the continuing acceptance of the
Company's 4700 series SATA products has resulted in a 90 percent
increase in new product sales this quarter as compared to first
quarter 2004. Gresham continued to state, "We've added a number of
strategic customers in the video, medical and geophysical markets,
which reinforces the strength of our SATA systems. In addition, we
continue to sign up new OEM and Solutions Integrator partners to
meet the escalating demand for powerful, reliable and economical
storage solutions." nStor has increased its total customer base by
more than 35 percent over the past year. "We are well positioned to
execute on our plans and achieve significant traction for our
entire portfolio of highly integrated systems, resulting in
continued growth through the second half of the year," concluded
Gresham. Jack Jaiven, the Company's treasurer and interim CFO,
further addressed the Company's net loss, which he attributed to
increased selling, marketing, management transition and other
operating costs as the Company ramps up in anticipation of strong
revenue growth. Jaiven added, "This remains consistent with
adhering to our strategy and continuing to execute on our plans in
addressing the needs of the small to mid-size business market."
About nStor Technologies, Inc. Headquartered in Carlsbad,
California, nStor Technologies, Inc. operates in two business
segments: nStor Corporation develops integrated data storage
solutions that are ideally suited for small and mid-tier
enterprises and small-to-medium business applications. The
company's flagship controller technology and StorView management
software form the foundation for the NexStor family of turnkey
solutions that support a wide range of operating systems. Designed
for storage-intensive environments and mission-critical
applications, nStor's products are available in Fibre Channel, SCSI
and SATA configurations. The company markets its storage solutions
through leading OEM partners and a global network of 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 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) (unaudited) Three Months Ended Six Months
Ended June 30, June 30, 2004 2003 2004 2003 Sales $3,906 $2,791
$7,808 $5,125 Cost of sales 2,624 1,624 5,394 3,097 Gross margin
1,282 1,167 2,414 2,028 Operating expenses: Selling, general and
administrative 1,957 1,329 3,869 2,668 Research and development 685
622 1,696 1,212 Stock-based compensation (1) 41 542 44 775
Depreciation and amortization 155 123 315 245 Total operating
expenses 2,838 2,616 5,924 4,900 Loss from operations (1,556)
(1,449) (3,510) (2,872) Interest expense (246) (158) (432) (398)
Other income, net -- 20 4 48 Net loss $(1,802) $(1,587) $(3,938)
$(3,222) Basic and diluted net loss per common share $(.01) $(.01)
$(.02) $(.02) Weighted average number of common shares considered
outstanding, basic and diluted 165,070 155,301 165,078 148,969 (1)
If stock-based compensation were not reported separately, this
non-cash compensation expense would be included in selling, general
and administrative. nStor Technologies, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (in thousands) June 30,
December 31, 2004 2003 (unaudited) ASSETS Current assets: Cash and
cash equivalents $472 $203 Accounts receivable, net 1,842 1,371
Inventories 1,340 1,589 Prepaid expenses and other 389 358 Total
current assets 4,043 3,521 Property and equipment, net 581 443
Goodwill and other intangible assets, net 11,008 11,256 $15,632
$15,220 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:
Borrowings: Affiliate $10,744 $6,941 Other 858 896 Accounts payable
and other 3,424 2,944 Deferred revenue 1,230 1,178 Total current
liabilities 16,256 11,959 Shareholders' equity (624) 3,261 $15,632
$15,220 DATASOURCE: nStor Technologies, Inc. CONTACT: Jack Jaiven -
Treasurer of nStor Technologies, Inc., +1-760-683-2500; or Michael
Porter, President/Investor Relations, or Cheryl Schneider,
V.P./Investor Relations, or Jeff Myhre, V.P./Editorial, all of
Porter, Le Vay & Rose, Inc., +1-212-564-4700, for nStor
Technologies, Inc. Web site: http://www.stonehouse.com/ Web site:
http://www.nstor.com/
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