Business
Quantum Announces Fiscal 2021 First Quarter Financial Results
Cost Controls and Balance Sheet Actions Help Mitigate Impact of COVID-19, Delivers Results In-Line with Guidance; Company Anticipates $10 Million Sequential
About this update from Quantum Corporation
[{"type":"text","content":"Cost Controls and Balance Sheet Actions Help Mitigate Impact of COVID-19, Delivers Results In-Line with Guidance; Company Anticipates $10 Million Sequential Revenue Improvement in Fiscal Q2\n\n\nSAN JOSE, Calif., Aug. 5, 2020 /PRNewswire/ -- Quantum Corporation (NASDAQ: QMCO) today announced financial results for its fiscal first quarter ended June 30, 2020.\n\n \n \n \n \n \n \n\n \nFirst Quarter Fiscal 2021 Financial Summary\nRevenue was $73.3 million Gross margin was 42.1% Total operating expenses decreased $8.7 million, or 20%, compared to the year ago quarter GAAP Net loss of $10.7 million, or $(0.27) per diluted share Adjusted Net Loss of $6.8 million or $(0.17) per diluted share Adjusted EBITDA of $1.4 millionJamie Lerner, Chairman and CEO, Quantum commented, \"The Quantum team executed with agility and resiliency in the first fiscal quarter, advancing our long-term transformation strategy amidst a dynamic and challenging environment. Our quarterly financial results were in-line with expectations, and while we recognize many of our customers are still facing uncertainty and volatility, we have seen some encouraging trends already in the second quarter supporting our belief that the first quarter was the trough in our business. Now, as many industries begin to resume operations, our solutions are increasingly in demand. We already have clear visibility to revenue targets in the second fiscal quarter representing a double-digit percentage increase sequentially as compared to the first fiscal quarter.\" \nMr. Lerner continued, \"Our second fiscal quarter is typically strong from a seasonal perspective. Sports and entertainment customers are ramping back up albeit with shortened seasons, and our business with these customers does not require spectators, just the resumption of operations and the capture of video data for streaming and other uses. We have continued to innovate our technology and serve our customers' growing video and unstructured data needs all while controlling costs and strengthening our balance sheet. Combined with the improvements we have made to the company over the past 24 months, I am confident that the re-built earnings power of Quantum will become increasingly apparent as we navigate through this crisis and expand our leadership in managing and retaining unstructured data.\"\nFirst Quarter of Fiscal 20...