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STEC Announces Fourth Quarter And Full-Year 2012 Results

SANTA ANA, Calif., March 14, 2013 (GLOBE NEWSWIRE) -- STEC, Inc. (Nasdaq:STEC), announced today the Company's financial results for the fourth quarter and full-year ended December 31, 2012.

Revenue for the fourth quarter of 2012 was $35.1 million, a decrease of 39.6% from $58.1 million for the fourth quarter of 2011 and a decrease of 16.6% from $42.1 million for the third quarter of 2012.

GAAP gross profit margin was 32.2% for the fourth quarter of 2012, compared to 41.1% for the fourth quarter of 2011 and 37.0% for the third quarter of 2012. GAAP diluted loss per share was $0.50 for the fourth quarter of 2012, compared to $0.08 for the fourth quarter of 2011 and $0.42 for the third quarter of 2012.

Non-GAAP gross profit margin was 32.8% for the fourth quarter of 2012, compared to 41.5% for the fourth quarter of 2011 and 37.5% for the third quarter of 2012. Non-GAAP diluted loss per share was $0.35 for the fourth quarter of 2012, compared to $0.02 for the fourth quarter of 2011 and $0.24 for the third quarter of 2012.

Revenue for full-year 2012 was $168.3 million, a decrease of 45.4% from $308.1 million for full-year 2011. GAAP gross profit margin was 35.6% for full-year 2012, compared to 43.6% for full-year 2011. GAAP full-year 2012 diluted loss per share was $2.22, compared to full-year 2011 diluted earnings per share of $0.50. Non-GAAP gross profit margin was 36.1% for full-year 2012, compared to 43.8% for full-year 2011. Non-GAAP diluted loss per share was $1.03 for full-year 2012, compared to non-GAAP diluted earnings per share of $0.70 for full-year 2011.

A reconciliation of GAAP to non-GAAP results is provided in the tables included in this release.

Business Outlook

"Although we experienced another very challenging quarter, I am very pleased with the headway that we made towards the successful implementation of our business strategy that is focused on diversifying our customer base," said Mark Moshayedi, STEC's Chief Executive Officer and President. "The strategic goal is to attain a solid mix of channel distributors and Enterprise customers along with our OEM customers.

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