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Tuesday, Oct 8
OCZ finally releases FQ1 results, FQ2 10-Q mistakenly filed
- OCZ (OCZ -7.1%), which has been dealing with an accounting review for a year, has finally released its FQ1 (May quarter) results. The company has also filed 10-Qs (I, II) for FQ1 and FQ2, and a 10-K for FY13 (ended Feb. '13). However, OCZ says its FQ2 10-Q was mistakenly filed by its financial printer (shades of Google and R.R. Donnelley), and shouldn't be relied upon.
- OCZ had FQ1 revenue of $55.3M (-28% Y/Y), and EPS of -$0.14 (better than -$0.44 a year earlier). Thanks to a mix shift towards enterprise sales and an FQ4 inventory write-down, gross margin was 15.5%, up from 2.4% in FQ4 and -10.7% a year earlier. Opex -14% Y/Y to $19.7M.
- U.S. sales rose 32% Y/Y, but international sales fell 53%.
- The mistakenly-filed 10-Q indicates OCZ had FQ2 revenue of $32.9M (-63% Y/Y), and GAAP EPS of -$0.30. GAAP gross margin was reportedly a mere 3.1%, and free cash flow -$23.3M. Cash/equivalents are said to be at $10.6M at quarter's end.
- OCZ says it "faced significant challenges securing flash" in the first half of FY14, and thinks flash availability/pricing was affected by the company's credit situation. This, in turn, impacted FQ2 gross margin. Also, a customer's completion of a data center project is said to have hurt sales.