Recently OCZ Technology has put up their investor relation which helped the SSD maker’s stocks shoot up as high as 30%.
The report also stated about the unreported financial results for August 21st 2012 and November 30th, 2012 which was a concern as NASDAQ issued a demand that OCZ Technology should submit their financial report or else face delisting. Its been mention that the quarters ending August 31st, 2012 and November 30, 2012 earned them a profit of $65 Million to $85 Million. The company also expects positive results for the 4th quarter as they estimated the 4th quarter fiscal 2013 to be between $65 Million $70 Million.
During this time, OCZ released their first SSD drives with 20nm flash NAND and expects that the transition to this NAND will be completed by the end of second fiscal 2013.
But OCZ did point out certain issues. They said that they have unshipped backlog for the 4th quarter worth $ 18 Million, and there was a tight supply of flash NAND during the quarter as the FLASH NAND manufacturers were allocating only certain NAND products. The only way OCZ said they can tackle this issue is to diversify NAND vendors during this time. The company is also planning and expecting that flash chip suppliers will still be tight throughout this year.
Ralph Schmitt, OCZ Technology’s CEO said,”While we know our shareholders are disappointed in our inability to becoming current on our financials by the April 8th NASDAQ deadline. the OCZ team and our auditors are working diligently in bringing this to closure as our review procedures for the accounting of the restatement is taking longer than we had anticipated in an effort to ensure that it is accounted for appropriately. The restatement progress does not change the fact that our business continues to operate effectively, and we continue to improve our operational situation.”
He added,”In the quarter we lowered our borrowing levels and paid off our credit facility with Wells Fargo. We then engaged in a loan with Hercules Growth Capital that gave us more capital to continue to improve the business. We also were able to reduce our operating expenses even further in order to lower our breakeven point. We have drawn $10M against our $30M credit facility, have approximately $10M of cash on hand and are current with our key vendors. All of which are improvements in these metrics on a quarter to quarter basis.”
Its after this notice, OCZ’s shot up to as high as 30%.