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Dot Hill Reports Second Quarter 2012 Results

Stocks in this article: HILL

Balance Sheet:

The Company exited the second quarter of 2012 with cash and cash equivalents of $40.5 million compared to $46.5 million at the end of June 2011 and $41.4 million at the end of March 31, 2012.

Third Quarter 2012 and 2012 Outlook:

The Company reiterated that it expected a weak economic environment in the second half of 2012 and into 2013 that could potentially subdue growth for companies in the IT space at large and also in the storage markets.

The Company is targeting third quarter 2012 non-GAAP net revenue in the range of $48 million to $53 million and a non-GAAP EPS in the range of $(0.04) per share to $0.01 per share in part as a result of continued investments in the launch preparations for new OEM customers. In addition, the Company updated its 2012 outlook established in March 2012 of non-GAAP net revenue of $205 million to $225 million and non-GAAP EPS of $0.02 to $0.08 to non-GAAP net revenue of $205 million to $215 million and non-GAAP EPS of $(0.02) to $0.04.

"While 2013 is starting to look quite exciting for us, given the economic outlook it is still too early to provide more granularity.  We will, however, provide you with more details on December 10 th at our Analyst Day," stated Hanif Jamal, chief financial officer, Dot Hill Systems. "We certainly expect good growth fueled by several company specific factors and given the operating leverage characteristics of our business model we expect this to give us a clear path to consistent non-GAAP profits."  

Conference Call Information:

Dot Hill's second quarter 2012 financial results conference call is scheduled to take place on Wednesday, August 8, 2012 at 11:00 a.m. ET. Please join us for a live audio webcast at in the Investor Relations section. If you prefer to join via telephone, please dial 877-303-3196 (U.S.) or 408-427-3864 (International) at least five minutes prior to the start of the call. A replay of the webcast is scheduled to be available for one week on the Dot Hill web site following the conference call. For a telephone replay, dial 855-859-2056 (U.S.) or 404-537-3406 (International) and enter conference ID#11841938.

About Non-GAAP Financial Measures

The Company's non-GAAP financial measures exclude the impact of stock-based compensation expense, intangible asset amortization, legal settlements and associated expenses, restructuring and severance charges, charges or credits for contingent consideration adjustments, charges for impairment of goodwill and long-lived assets, contra-revenue charges from the extension of customer warrants, specific and significant warranty claims arising from a supplier's defective products, the impact of the company's now exited AssuredUVS business  and the effects of foreign currency gains or losses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods. The Company used these non-GAAP measures when evaluating its financial results as well as for internal resource management, planning and forecasting purposes. These non-GAAP measures should not be viewed in isolation from or as a substitute for the Company's financial results in accordance with GAAP. A reconciliation of GAAP to non-GAAP measures is attached to this press release.

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