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TheStreet Open House

STEC's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Additionally, as we discuss our financial performance, we will be referring to certain non-GAAP financial measures, please see the reconciliations of our GAAP to non-GAAP measures included in today’s earnings release. Thanks again for joining us today.

And now I’d like to turn the call over to our CEO, Manouch Moshayedi. Manouch?

Manouch Moshayedi

Thank you, Mitch, good afternoon, and thank you for joining the call. The second quarter proved to be a challenging sales period. Looking ahead though, we are encouraged by the activity and traction of our new products and sales efforts.

But before I go into details about the upcoming quarter, I want to briefly address a matter of SEC’s recent decision to file the civil complaint against me. I intend to vigorously defend myself against unsubstantiated allegations and we expect that we and an independent evaluation of facts we’ll find the complaint is without merit.

In the mean time, it will be business as usual at the SEC and I remain as committed as ever to maintaining the same level of outstanding service and top quality products to our customers and to growing our company. I’ll also note that the SEC has decided not to pursue any enforcement actions against the company itself nor any other officers of the company. Since this remains an open case that is all the liberty to discuss at this time as much as I would like to provide you with a more detailed discussion of the relevant facts. Now, back to our business. Less than one year ago, we began the strategic process to fundamentally shift our business model, as we look to expand overall market for our products.

Traditionally, targeting major storage and server OEMs has enabled us to reach the majority of the enterprise market. In order to address the broader market and expand our opportunities, we’re taking critical steps over the past several quarters, including one, looking at emerging class of all existing base system OEMs, two, developing relationships with the large to medium enterprises to gain valuable end-user feedback and three, improving our channel presence. Thus far, we’re pleased with the progress in these areas.

Read the rest of this transcript for free on seekingalpha.com

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