LONGMONT, Colo., March 14, 2013 (GLOBE NEWSWIRE) -- Dot Hill Systems Corp. (Nasdaq:HILL) reported financial results for the fourth quarter and year ended December 31, 2012.
Non-GAAP Financial and Operational Highlights:
- Net revenue from Vertical Markets grew 38% on a year-over-year basis compared to 2011;
- The Company's Server OEM annual revenue, excluding its largest customer, was up almost 12% in 2012 from 2011;
- Fourth quarter 2012 gross margins were 28.3%, compared to 25.4% for the same period in 2011.
"Our vertical markets grew over 38% annually, which is an impressive growth rate by most any measure and especially in light of the headwinds our industry has faced throughout the year," said Dana Kammersgard, president and CEO, Dot Hill Systems. "We believe this is clear evidence that our strategic initiatives are beginning to work.""In addition, on our third quarter conference call, we reported three new OEM wins and several more in our pipeline," Kammersgard continued. "I am pleased to report today that we now have won a total of 11 new opportunities that are in various stages of contract negotiations, customization, and/or launch preparation." Fourth Quarter 2012 GAAP Financial Detail (includes the results of both discontinued and continuing operations): The Company recognized GAAP net revenue of $44.1 million for the fourth quarter of 2012, compared to $47.0 million for the fourth quarter of 2011 and $48.2 million for the third quarter of 2012. GAAP gross margin for the fourth quarter of 2012 was 17.8% compared to 17.6% for the fourth quarter of 2011 and 25.3% for the third quarter of 2012. GAAP operating expenses for the fourth quarter of 2012 were $12.6 million, compared to $15.0 million for the fourth quarter of 2011 and $15.1 million in the third quarter of 2012.