14 DAY TRIAL // Companies more or less periodically post their financial evolution for the IT industry to see, and it looks like OCZ has now taken its turn at posting the accomplishments and losses it sustained during the first quarter of its Fiscal year 2012.
The solid state drive market doesn't seem to be doing too badly lately, what with tablets and notebooks acting as growing markets for them.
As such, it is not such a shock to learn that OCZ had a good start as far as revenues went during the first quarter of FY 2012, ended May 32.
Granted, what can be seen as a record revenues was counterbalanced by the fact that losses were still incurred, of $9.1 million, or $0.20 per share, mostly due to the acquisition of Indilinx.
Nevertheless, the company racked up $73.8 million in revenue, of which 94% ($69.1 million) came exclusively from SSDs.
"Our strengthened balance sheet coupled with the Indilinx acquisition will allow us to realize substantial cost savings going forward. Moreover, we continue to release award-winning new products while enhancing our technology through investment in R&D,” said said Ryan Petersen, CEO of OCZ Technology.
“We are also expanding our sales infrastructure which helps position OCZ for continued growth in the higher margin enterprise and server segments."
All in all, the sales numbers were 115% higher than those of the first quarter of the previous fiscal year.
As for the future, OCZ hopes to $310 - $345 million during the whole FY 2012 (65-80% higher than the $190 million of FY 2011).
"We are proud to have achieved our 7th consecutive quarter of sequential revenue growth for our solid state drive products as SSD revenues grew to $69.1 million from $13.3 million during the same period last year," the CEO further said.
"We accomplished a great deal in the first quarter, completing the acquisition of Indilinx, raising a substantial amount of working capital, increasing our gross margins, and reporting non-GAAP net income."