Qualstar revenues down 23 percent during first quarter
Qualstar revenues sunk during the first quarter, the company reported May 12.
Simi Valley-based Qualstar is an electronics manufacturer that specializes in data storage and power supplies for telecom, broadcast and gaming industries, among others. Revenues sank 23 percent during the quarter from $2.8 million in 2015 to $2.1 million in 2016.
Net losses decreased from $474,000 last year to $414,000 this year after the company laid off 31 percent of its staff and moved into a building half the size of its previous office.
Qualstar said in filings with the Securities and Exchange Commission it subleased a 56,845-square-foot office space and moved into a 20,560-square-foot facility.
During that time, Qualstar also moved Westlake Village employees into its Simi Valley office to save money. With the moves, operating expenses were down slightly from $1.4 million in 2015 to $1 million in 2016. According to S&P Capital IQ, the company has a profit margin of -40 percent.
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