LONGMONT, Colo., April 8, 2013 (GLOBE NEWSWIRE) -- Dot Hill Systems Corp. (Nasdaq:HILL), a leading provider of SAN storage solutions, announced it updated its guidance for first quarter of 2013, and provided guidance for the second quarter of 2013 as well as for the year ending December 31, 2013. In addition, the Company also established a target operating model for the year ending December 31, 2014.
The Company will be presenting its updated guidance for 2013 and target operating model for 2014 at its Analyst Day, today, April 8, 2013, beginning at 9:00 am Eastern time at the NASDAQ MarketSite in New York City. Management will also discuss the Company's strategy, the pipeline for new customers and product positioning and roadmap. In addition, a representative from the Company's largest customer, Hewlett Packard Company, as well as representatives from Quantum Corporation and Stratus Technologies, Inc., will review their partnership experiences with the Company. Enterprise Strategy Group and the Gartner Group will review market data and storage industry trends.
The webcast and corresponding presentations will be available in the Investor Relations section on the company's web site www.dothill.com live and archived for 90 days following the event. In addition, the Company filed a Form 8-K with the Securities and Exchange Commission at or about the same time it issued this press release, which includes details of the Company's presentation from its Analyst Day.First Quarter 2013 The Company now expects first quarter 2013 non-GAAP net revenue of $44 million to $45 million and non-GAAP EPS of $(0.02) to $0.00. The expected non-GAAP net revenue results are within the guidance range provided on March 14, 2013 of $43 million to $46 million, and non-GAAP EPS results are expected to be better than the previous guidance range of $(0.04) to $(0.02). The Company attributed the better than expected non-GAAP EPS results to anticipated improvements in non-GAAP gross margins that are projected to exceed 30% for first quarter of 2013, due to a more favorable mix of customer and product sales. The Company also stated that it is projecting cash and cash equivalents net of short-term borrowing as of March 31, 2013 to remain flat at $37.5 million compared to December 31, 2012.