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Dot Hill Reports Fourth Quarter And Full Year 2012 Results

GAAP net loss for the fourth quarter of 2012 was $5.0 million, or $0.09 per share, as compared to a net loss of $6.6 million, or $0.12 per share, in the fourth quarter of 2011, and a net loss $3.0 million, or $0.05 per share, in the third quarter of 2012.

Full Year 2012 GAAP Financial Detail (includes the results of both discontinued and continuing operations):

The Company recognized GAAP net revenue of $194.9 million for the full year of 2012, compared to $197.5 million for the full year of 2011. GAAP gross margin for 2012 was 23.7%, compared to 21.1% in 2011. GAAP operating expenses for 2012 were $60.4 million compared to $63.5 million in 2011. GAAP net loss for the full year of 2012 was $15.0 million, compared to a GAAP net loss of $22.0 million for the full year of 2011.

Fourth Quarter 2012 Non-GAAP Financial Detail:

The Company recognized non-GAAP net revenue of $46.2 million in the fourth quarter of 2012, compared to $48.0 million for the fourth quarter of 2011 and $48.2 million for the third quarter of 2012. 

Non-GAAP gross margin was 28.3% for the fourth quarter of 2012, compared to 25.4% for the fourth quarter of 2011 and 26.4% for the third quarter of 2012. The year-over-year improvement in gross margin was largely attributable to a more favorable product and customer mix. 

Total non-GAAP operating expenses for the fourth quarter of 2012 were $14.7 million, as compared to $12.3 million for the fourth quarter of 2011 and $14.2 million for the third quarter of 2012. 

Non-GAAP net loss for the fourth quarter of 2012 was $2.0 million, or $0.03 per share, as compared to a fourth quarter of 2011 non-GAAP net loss of $0.1 million, or $0.00 per share, and a third quarter 2012 non-GAAP net loss of $1.7 million, or $0.03 per share. Non-GAAP EBITDA for the fourth quarter of 2012 was negative $1.0 million compared to positive $0.1 million for the fourth quarter of 2011 and negative $0.9 million for the third quarter of 2012.

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