Monday, April 22, 11:29 AM
A critical weekend column from SA contributor Austin Craig could be taking a toll on OCZ (OCZ -6.9%). Craig, who has written about OCZ in the past, argues weak PC demand, liquidity issues, cash burn, weak IT hardware demand, high inventories, the delisting threat, and competition make for a toxic mix. Among other things, he points out OCZ's financing deal with Hercules Technology Growth Capital involves a 15.5% interest rate in its first year, and only initially gives OCZ $20M (another $10M depends on milestones). Moreover, OCZ is required to raise another $10M (likely at high rates) by May 31, or else Hercules' interest rate goes up to 17.5%.
3 Comments[Tech, On the Move, Quick Ideas]
Wednesday, April 17, 10:46 AM
OCZ (OCZ +23.6%) rips higher after preannouncing revenue of $65M-$75M and a positive gross margin for the Feb. quarter (FQ4). Though the revenue range isn't great, the Street seems more interested OCZ is actually reporting something for the quarter, after repeatedly delaying the filing of its Aug. and Nov. '12 quarter 10-Qs. Some other details: OCZ had an FQ4 unshipped backlog of $18M due to NAND flash constraints; it has paid off its Wells Fargo credit facility, and taken out a loan from Hercules Growth Capital; and it has requested a hearing regarding its NASDAQ delisting notice.
1 Comment[Tech, On the Move]
Wednesday, April 17, 8:07 AM
OCZ Technology (OCZ) estimates FQ4 revenues of $65M-$70M, but expects positive gross margins, "an indication that the operating adjustments regarding restructuring and the restatement are behind the company. Gross margins will continue to improve in the coming quarters." Operating expenses are expected at $23M-$26M. (PR)
12 Comments[Tech, Breaking News]
Monday, April 8, 5:20 PM
OCZ Technology (OCZ) -11.1% AH after announcing it won't meet the NASDAQ's April 8 extension date to become current with its SEC filings. Though OCZ insists it has "made substantial progress" in restating results, the company's filings for the Aug. and Nov. 2012 quarters (FQ2 and FQ3) will be further delayed. (previous)
3 Comments[Tech, On the Move]
Monday, March 25, 5:47 PM
OCZ (OCZ +4.5%) names Rafael Torres, who in the past has served as the CFO of chipmaker Power Integrations and networking equipment vendor PLX Technology, its new CFO. He replaces Arthur Knapp, who announced plans to retire last August. OCZ shares spiked in the final minutes of trading today after spending much of the day below water. (PR)
Tuesday, March 12, 8:03 AM
OCZ Technology (OCZ) +16.1% premarket after announcing last night it entered into a $30M loan and security agreement with Hercules Technology Growth Capital. The loan agreement consists of a $15M term loan and a $15M revolving loan facility.
Comment![Tech, On the Move]
Tuesday, February 19, 12:34 PM
Sell on the news? OCZ Technology (OCZ -7.7%) is off sharply after announcing the NASDAQ has accepted its plan to regain listing compliance - the plan requires OCZ to file its much-delayed August and November quarter 10-Qs by April 8. Separately, OCZ is announcing a new Vertex SSD that relies on flash memory produced using a 20nm manufacturing process (allows for higher densities, and perhaps also lower costs).
Comment![Tech, On the Move]