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SANTA ANA, Calif., May 8, 2013 (GLOBE NEWSWIRE) -- sTec, Inc. (Nasdaq:STEC) announced today the Company's financial results for the first quarter ended March 31, 2013.
Revenue for the first quarter of 2013 was $22.0 million, a decrease of 56.3% from $50.4 million for the first quarter of 2012 and a decrease of 37.3% from $35.1 million for the fourth quarter of 2012.
GAAP gross profit margin was 26.8% for the first quarter of 2013, compared to 35.9% for the first quarter of 2012 and 32.2% for the fourth quarter of 2012. GAAP diluted loss per share was $0.54 for the first quarter of 2013, compared to $0.23 for the first quarter of 2012 and $0.50 for the fourth quarter of 2012.
Non-GAAP gross profit margin was 27.7% for the first quarter of 2013, compared to 36.4% for the first quarter of 2012 and 32.8% for the fourth quarter of 2012. Non-GAAP diluted loss per share was $0.41 for the first quarter of 2013, compared to $0.17 for the first quarter of 2012 and $0.35 for the fourth quarter of 2012.
A reconciliation of GAAP to non-GAAP results is provided in the tables included in this release.
"Our results were in-line with the guidance that we provided for the first quarter of 2013 as we continue to work towards the objective of diversifying our market presence and expanding our customer base through our new go-to-market strategy," said Mark Moshayedi, sTec's CEO and President.
Go-to-market strategy for now and for the long-term
"Based on the evolving dynamics of our industry, we have implemented a new go-to-market strategy. Focusing our efforts on selling SSDs as a component to a limited set of OEM customers in a market that has attracted much larger and more vertically integrated competitors has created challenges for us. In response to these changing dynamics, we are making significant investments in the people, tools and resources necessary to transition from an OEM-centric model to a more-balanced and diversified sales model. One of our high priority initiatives is to become more recognized and valued to end-users. To that end, we have re-branded the company, launched a global channel program and have hired enterprise sales and marketing personnel with expertise in systems and applications. As we continue to execute our plan, our target is to achieve a sales mix by year-end with about half of our revenue coming from traditional OEM customers and the other half coming from non-OEM customers, including global channel partners and direct enterprise customers. Longer-term, our goal is to have our customer base as widely distributed as possible."