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  • mylots@sbcglobal.net mylots Oct 8, 2013 1:14 PM Flag

    OCZ Technology Group, Inc. Reports Results for Previously Unreported Quarters for Fiscal 2013

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    OCZ Technology Group, Inc. Reports Results for Previously Unreported Quarters for Fiscal 2013
    BY Market Wire
    — 11:00 PM ET 10/07/2013
    SAN JOSE, CA -- (Marketwired) -- 10/08/13 -- OCZ Technology Group, Inc. (OCZ
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    ) , a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, reports previously unreported quarters for Fiscal Year 2013, which ended on February 28, 2013. This includes our second, third and fourth fiscal quarters. Our first fiscal quarter is included in the press announcement related to our restatement.
    "Throughout our Fiscal Year of 2013, we focused our attention on making changes that would allow us to run a more streamlined and efficient Company," said Ralph Schmitt, CEO of OCZ Technology (OCZ
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    ). "While our peak revenue was close to $100 million in the third fiscal quarter, our business had negative gross margins due to the mismatch in competitive pricing and our cost structure for the client value product lines."
    "In the fiscal third and fourth quarters, we also made significant adjustments to inventories held both inside the Company and in the channel. We rebalanced the inventory to focus on high growth and more attractive markets including the Enterprise SATA, SAS and PCIe markets. These actions impacted margins as revenues also declined due to rationalizing the product portfolio," added Schmitt. "All of these operational adjustments are now behind us."
    Fourth Quarter of Fiscal Year 2013, ended February 28, 2013
    Revenue for the fourth quarter of 2013 was $69.7 million compared to revenue of $99.2 million for the third quarter of 2013.
    GAAP gross margin for the fourth quarter of 2013 was 1.7% compared to a GAAP gross margin loss of (25.4%)

    Sentiment: Strong Buy