nStor Technologies Reports Third-Quarter Results 55 Percent
Sequential Revenue Growth, Demonstrating Continued Momentum in
Storage Business CARLSBAD, Calif., Nov. 15 /PRNewswire-FirstCall/
-- nStor Technologies, Inc. (AMEX:NSO), an innovative developer of
storage-network solutions, today announced operating results for
the third quarter and nine-months ending September 30, 2004. During
the third quarter, the company's revenues from continuing
operations rose by 55 percent or $1,113,000 when compared to the
second quarter of 2004 and by 11 percent or $318,000 when compared
to the third quarter of 2003. Revenues for the nine months ending
September 30, 2004 increased by 32 percent or $1,771,000 over the
corresponding period in 2003. Revenues from the company's
previously-owned telemanagement subsidiary, Stonehouse
Technologies, are not included in these amounts and Stonehouse's
operating results have been reclassified as discontinued operations
as a result of the sale of Stonehouse, which closed effective
November 13, 2004. The company's third-quarter loss from continuing
operations was $1,446,000 or $.01 per common share on revenues of
$3,122,000, compared to a loss from continuing operations of
$1,047,000 or $.01 per common share on revenues of $2,804,000
during the corresponding quarter of 2003. Including the effect of
discontinued operations, the company's third-quarter net loss
amounted to $3,907,000 or $.02 per common share, compared to a net
loss of $1,138,000 or $.01 per common share during the prior year's
third quarter. The loss from discontinued operations was $2,461,000
or $.01 per common share including a $2,619,000 non-cash impairment
charge related to the disposition of Stonehouse, compared to a
$91,000 or $.00 per common share loss from discontinued operations
during the three months ended September 30, 2003. The nine-month
loss from continuing operations was $5,328,000 or $.03 per common
share on revenues of $7,379,000, compared to a loss from continuing
operations of $3,647,000 or $.02 per common share on revenues of
$5,608,000 during the corresponding period in 2003. Including the
effect of discontinued operations, the company's nine-month net
loss amounted to $7,845,000 or $.05 per common share, compared to a
net loss of $4,360,000 or $.03 per common share during the
corresponding period of 2003. The company's loss from discontinued
operations was $2,517,000 or $.02 per common share including the
aforementioned $2,619,000 impairment charge and $713,000 or $.01
per common share during the nine months ended September 30, 2004
and 2003, respectively. Recently reported, the company sold its
Stonehouse subsidiary for an aggregate sales price of $6.7 million,
including $5.6 million in cash and $1.1 million in notes receivable
over three years. nStor achieved many key objectives during the
third quarter, including greater focus on its core storage business
with the disposition of the telemanagement segment and the success
of various operational excellence programs that yielded cost
savings. In addition, the company's significant strides in the
defense sector and increased traction in the EMEA market
contributed to strong sales growth. "nStor continues to make
substantial inroads into its target markets, bolstering sales
efforts with the addition of strategic OEM customers and systems
integrators worldwide," said Todd Gresham, nStor's president and
CEO. "We are well positioned to execute on our operational,
marketing and sales programs through the rest of the year." About
nStor Technologies, Inc. Headquartered in Carlsbad, Calif., nStor
Technologies, Inc. (AMEX:NSO) is a developer of data storage
solutions that are ideally suited for large enterprises as well as
small to mid-sized businesses. The Company's flagship controller
technology and StorView software form the foundation for the
NexStor family of turnkey solutions that support Microsoft Windows,
Linux, UNIX and Macintosh operating environments. Designed for
storage-intensive environments and mission-critical applications,
nStor's products are offered in various architectures including
Fibre Channel, 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/. 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)
(unaudited) Three Months Ended Nine Months Ended September 30,
September 30, 2004 2003 2004 2003 Sales $3,122 $2,804 $7,379 $5,608
Cost of sales 1,896 2,074 5,080 4,104 Gross margin 1,226 730 2,299
1,504 Operating expenses: Selling, general and administrative 1,576
949 4,318 2,719 Research and development 747 625 2,443 1,838
Depreciation and amortization 60 29 164 76 Total operating expenses
2,383 1,603 6,925 4,633 Loss from operations (1,157) (873) (4,626)
(3,129) Interest expense, net (289) (174) (702) (518) Loss from
continuing operations (1,446) (1,047) (5,328) (3,647) Loss from
discontinued operations (including impairment loss of $2,619 in
2004) (2,461) (91) (2,517) (713) Net loss $(3,907) $(1,138)
$(7,845) $(4,360) Basic and diluted net loss per common share: Loss
from continuing operations $(.01) $(.01) $(.03) $(.02) Loss from
discontinued operations (.01) (.00) (.02) (.01) Net loss $(.02)
$(.01) $(.05) $(.03) Weighted average number of common shares
considered outstanding, basic and diluted 165,098 164,285 165,085
154,130 nStor Technologies, Inc. and Subsidiaries Condensed
Consolidated Balance Sheets (in thousands) September 30, 2004
December 31, (unaudited) 2003 ASSETS Current assets: Cash and cash
equivalents $2 $-- Receivables, net 1,351 482 Inventories 1,768
1,571 Prepaid expenses and other 115 295 Assets held for sale*
9,067 10,582 Total current assets 12,303 12,930 Property and
equipment, net 469 323 Goodwill and other intangible assets, net
1,989 1,989 $14,761 $15,242 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Borrowings: Affiliate $12,914 $6,941 Other 418
561 Accounts payable and other 2,869 2,402 Liabilities held for
sale* 3,081 2,077 Total current liabilities 19,282 11,981
Shareholders' (deficit) equity (4,521) 3,261 $14,761 $15,242
*Assets and liabilities of Stonehouse Technologies, sold effective
November 13, 2004. DATASOURCE: nStor Technologies, Inc. CONTACT:
Veena Raman of nStor Technologies, Inc., +1-760-683-2500, Web site:
http://www.nstor.com/
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