OCZ Technology Group, Inc. Completes Restatement of Financial Results and Hosts Conference Call and Webcast on October 8th at 5:30 pm Eastern Time

Marketwired

SAN JOSE, CA--(Marketwired - October 07, 2013) - OCZ Technology Group, Inc. (OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, has filed its Annual Report on Form 10-K for the fiscal year ended February 28, 2013, which includes restated financial results for fiscal years 2009 through 2012, and the restated first quarter of fiscal 2013, which ended May 31, 2012 as well as quarterly results for the second, third and fourth quarters of fiscal year 2013. The Company also filed its Quarterly Report on Form 10-Q for the first quarter of fiscal 2014 that ended on May 31, 2013.

"With these filings, the Company is now current with its SEC filings as required under the NASDAQ listing rules," said Ralph Schmitt, CEO of OCZ Technology. "I'd like to thank our employees, investors, customers, vendors and partners for being patient and sticking with us during this challenging period in the Company's history." 

The following financial results reflect adjustments associated with our restatement. In the course of the restatement the Company identified various material weaknesses. These material weaknesses have not yet been fully remediated as the company is still in process of implementing process and control changes. 

For further details regarding the Company's restated financial results please see the Company's Form 10-K for the fiscal year ended February 28, 2013.

The Company will be giving a presentation on Tuesday, October 8, 2013 at 5:30 pm eastern time. A live webcast of the conference call and presentation will be available by visiting the Investor Relations events conference call section of OCZ's website at http://ir.ocz.com/conference-calls, which will be archived for replay until October 15, 2013. All interested parties can join the call by dialing (720) 545-0009 or (877) 430-3736. Please call-in 15 minutes prior to the call to secure a line. The conference call will be archived for phone replay until October 15, 2013. To access the archived conference call, please dial (404) 537-3406 or (855) 859-2056 and enter replay passcode 78512333.

Selected Consolidated Financial Data (Unaudited)

                                     
    Three Months Ended May 31, 2012     Year Ended February 29, 2012  
          1Q13                 FY12        
   
As Filed
    Effect of
Restatement
   
Restated
   
As Filed
    Effect of
Restatement
   
Restated
 
    (In thousands, except per share data)  
Consolidated Statements of Operations Data:                                      
Net revenue   $ 113,620     $ (37,128 )   $ 76,492     $ 365,774     $ (55,614 )   $ 310,160  
Gross profit (loss)     28,431       (36,836 )     (8,405 )     82,436       (70,226 )     12,210  
Total operating expenses     41,368       (18,391 )     22,977       94,373       36,998       131,371  
Loss from operations     (12,937 )     (18,445 )     (31,382 )     (11,937 )     (107,224 )     (119,161 )
Net income (loss)     (6,254 )     (18,230 )     (24,484 )     (17,667 )     (105,785 )     (123,452 )
Net income (loss) per common share, basic and diluted   $ (0.09 )   $ (0.27 )   $ (0.36 )   $ (0.35 )   $ (2.08 )   $ (2.43 )
                                                 
Consolidated Balance Sheet Data:                                                
Cash and cash equivalents   $ 43,232     $ (250 )   $ 42,982     $ 92,339     $ (290 )   $ 92,049  
Inventories, net     125,792       12,464       138,256       108,664       3,469       112,133  
Total assets     346,082       (93,727 )     252,355       358,703       (86,670 )     272,033  
Total current liabilities     91,541       34,758       126,299       100,842       23,612       124,454  
Total liabilities     95,955       35,979       131,934       112,201       24,923       137,124  
Total stockholders' equity     250,127       (129,706 )     120,421       246,502       (111,593 )     134,909  
                                                 

 

                                     
    Year Ended February 28, 2011     Year Ended February 28, 2010  
          FY11                 FY10        
   
As Filed
    Effect of
Restatement
   
Restated
   
As Filed
    Effect of
Restatement
   
Restated
 
    (In thousands, except per share data)  
Consolidated Statements of Operations Data:                                                
Net revenue   $ 190,116     $ (9,488 )   $ 180,628     $ 143,959     $ (6,264 )   $ 137,695  
Gross profit (loss)     24,154       (14,077 )     10,077       18,656       (8,366 )     10,290  
Total operating expenses     41,154       (10,918 )     30,236       31,202       (5,590 )     25,612  
Loss from operations     (17,000 )     (3,159 )     (20,159 )     (12,546 )     (2,776 )     (15,322 )
Net income (loss)     (30,027 )     (3,159 )     (33,186 )     (13,534 )     (2,776 )     (16,310 )
Net income (loss) per common share, basic and diluted   $ (1.05 )   $ (0.11 )   $ (1.16 )   $ (0.64 )   $ (0.13 )   $ (0.77 )
                                                 
Consolidated Balance Sheet Data:                                                
Cash and cash equivalents   $ 17,514     $ -     $ 17,514     $ 1,224     $ -     $ 1,224  
Inventories, net     22,798       4,046       26,844       9,846       3,241       13,087  
Total assets     89,269       (3,781 )     85,488       47,849       (1,063 )     46,786  
Total current liabilities     66,793       2,156       68,949       41,561       1,713       43,274  
Total liabilities     76,210       2,156       78,366       41,561       1,713       43,274  
Total stockholders' equity     13,059       (5,936 )     7,123       6,288       (2,776 )     3,512  
                                                 

 

                   
       Year Ended February 28, 2009     
          FY09        
   
As Filed
    Effect of
Restatement
   
Restated
 
    (In thousands, except per share data)  
Consolidated Statements of Operations Data:                        
Net revenue   $ 155,982     $ (610 )   $ 155,372  
Gross profit (loss)     19,791       (4,691 )     15,100  
Total operating expenses     30,685       (4,691 )     25,994  
Loss from operations     (10,894 )     -       (10,894 )
Net income (loss)     (11,724 )     -       (11,724 )
Net income (loss) per common share, basic and diluted   $ (0.56 )   $ -     $ (0.56 )
                         
Consolidated Balance Sheet Data:                        
Cash and cash equivalents   $ 420     $ -     $ 420  
Inventories, net     16,787       -       16,787  
Total assets     57,703       -       57,703  
Total current liabilities     38,780       -       38,780  
Total liabilities     38,780       -       38,780  
Total stockholders' equity     18,923       -       18,923  
                         

About OCZ Technology Group, Inc.
Founded in 2002, San Jose, CA-based OCZ Technology Group, Inc. (OCZ) is a global leader in the design, manufacturing, and distribution of high-performance solid-state storage solutions and premium computer components. Offering a complete spectrum of solid-state drives (SSDs), OCZ provides SSDs in a variety of form factors and interfaces (i.e. PCIe, SAS and SATA) to address a wide range of client and enterprise applications. Having developed firmware and controller platforms, to virtualization and endurance extending technologies, the company delivers vertically integrated solutions enabling transformational approaches to how digital data is captured, stored, accessed, analyzed and leveraged by customers. More information is available at www.ocz.com.

Forward-Looking Statements
Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of OCZ Technology Group, Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as "will," "would," "expect," "anticipate," "should" or other similar words and phrases often identify forward-looking statements made on behalf of OCZ. It is important to note that actual results of OCZ may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties, including, but not limited to OCZ's ability to continue as a going concern, the risk of litigation or governmental investigations or proceedings relating to OCZ's historical accounting policies, practices and procedures and other matters; OCZ's ability to timely file periodic reports in the future, that margins in the second quarter of FY 2014 will likely be lower, market acceptance of OCZ's products and OCZ's ability to continually develop enhanced products; adverse changes both in the general macro-economic environment as well as in the industries OCZ serves, including computer manufacturing, traditional and online retailers, information storage, internet search and content providers and computer system integrators; OCZ's ability to efficiently manage material and inventory; OCZ's ability to obtain sufficient component parts, including NAND flash, at acceptable prices, and OCZ's ability to generate cash from operations, secure external funding for its operations, secure appropriate levels of credit and manage its liquidity needs. Other general economic, business and financing conditions and factors are described in more detail in "Item 1A -- Risk Factors" in Part I in OCZ's Annual Report on Form 10-K filed with the SEC on October 7, 2013, and statements made in other subsequent filings. The filing is available both at www.sec.gov as well as via OCZ's website at www.ocz.com. OCZ does not undertake to update its forward-looking statements.

Contact:
OCZ Investor Relations  
Bonnie Mott 
Senior Manager of Investor Relations 
(408) 440-3428
bmott@ocztechnology.com 

Media
Scott Harlin
Director of Marketing Communications - Enterprise
(408) 733-8400
sharlin@ocztechnology.com
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