Simi Valley-based Qualstar Corp. reported a 15 percent increase in revenue in its third quarter earnings report.
The data storage manufacturer had $2.7 million in revenue, up from $2.3 million in the same period last year.
Its net loss totaled $53,000, or a 3 cent loss per basic and diluted share, compared to net loss of $1.5 million, or a 71 cent loss, in the third quarter of 2015.
Qualstar saw its cash balance increase to $3.7 million from $3.5 million in the previous quarter. It did not carry any debt.
“We are encouraged by our financial results and excited about future prospects,” President and CEO Steven Bronson said in a news release. “The expansion and revamping of our product line and investment in key aspects of the business have allowed us to build a stronger foundation, which in turn has enabled us to be competitive. Additionally, the prudent financial controls that have been implemented during the last few years are delivering improved financial margins reinforcing the success of our turnaround strategy. We are also continuing to explore external opportunities to accelerate our top and bottom line numbers.”
The company will focus on controlling cash and returning to profitability by expanding its product portfolio in data storage and power supplies and reducing overhead, Qualstar said in its third quarter report.
It reduced its headcount by 42 percent over the past year by retaining consultants on a project basis in lieu of fulltime employees. To continue reducing costs, on May 1 Qualstar subleased the office space in Westlake Village and consolidated all its employees into the 15,160-square-foot facility in Simi Valley.
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