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Mittwoch,
14.02.2024 09:00
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PR Newswire
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Qualstar Corporation Reports Preliminary Financial Results for the 2023 Fourth Quarter and Fiscal Year
pixabay.com
PR Newswire
IRVINE, Calif., Feb. 14, 2024
Net Income Increased By 247% Year Over Year
IRVINE, Calif., Feb. 14, 2024 /PRNewswire/ -- Qualstar Corporation (OTC Markets: QBAK), a leading manufacturer of data storage solutions and high-efficiency power supplies, today announced certain preliminary unaudited financial results for the quarter and year ended December 31, 2023.
Consolidated Financial Highlights (Unaudited)
(Amounts in thousands except per share data and percentages)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended December 31, | | Year Ended December 31, | |||||||||||||||||||||||
| Consolidated Financial Results | | 2023 | | 2022 | | | $ ∆ | | % ∆ | | | | 2023 | | 2022 | | | $ ∆ | | % ∆ | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues | | $ | 3,404 | | | $ | 2,826 | | | $ | 578 | | 20.5 % | | | $ | 10,616 | | $ | 9,845 | | | $ | 771 | | 7.8 % | |
| Gross profit | | $ | 1,213 | | | $ | 947 | | | $ | 266 | | 28.1 % | | | $ | 3,280 | | $ | 2,995 | | | $ | 285 | | 9.5 % | |
| Gross margin | | | 35.6 % | | | | 33.5 % | | | | | | | | | | 30.9 % | | | 30.4 % | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Income from operations | | $ | 310 | | | $ | 227 | | | $ | 83 | | 36.6 % | | | $ | 140 | | $ | 92 | | | $ | 48 | | 52.2 % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income | | $ | 320 | | | $ | 274 | | | $ | 46 | | 16.8 % | | | $ | 191 | | $ | 55 | | | $ | 136 | | 247.3 % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings per share | | $ | 0.21 | | | $ | 0.16 | | | $ | 0.05 | | 31.3 % | | | $ | 0.12 | | $ | 0.03 | | | $ | 0.09 | | 300.0 % | |
Key Highlights:
- Third consecutive year of revenue growth, with a compound annual growth rate of 9.5% since 2020
- In 2023, Qualstar repurchased 182,570 shares of its common stock at an average price of $2.86, in addition to 325,940 shares repurchased from 2021 to 2022
- The company has no debt and a net book value of $3.46 per common share
- Committed to organic growth through ongoing product and sales expansion
- Seeking strategic acquisitions
"We are pleased with our preliminary 2023 financial results and believe we are well-poised for future success," said Mr. Steven N. Bronson, CEO of Qualstar Corporation. Mr. Bronson added, "We also have recently engaged an independent auditor to perform audits of our 2022 and 2023 financial statements as part of our consideration to list our common stock on a securities exchange and to provide better access to the capital markets."
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