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STec Announces Second Quarter 2013 Results

Stocks in this article: STEC

SANTA ANA, Calif., Aug. 7, 2013 (GLOBE NEWSWIRE) -- sTec, Inc. (Nasdaq:STEC) announced today the Company's financial results for the second quarter ended June 30, 2013.

Revenue for the second quarter of 2013 was $23.5 million, a decrease of 42.3% from $40.7 million for the second quarter of 2012 and an increase of 6.8% from $22.0 million for the first quarter of 2013.

GAAP gross profit margin was 28.0% for the second quarter of 2013, compared to 36.6% for the second quarter of 2012 and 26.8% for the first quarter of 2013. GAAP diluted loss per share was $0.65 for the second quarter of 2013, compared to $1.07 for the second quarter of 2012 and $0.54 for the first quarter of 2013.

Non-GAAP gross profit margin was 29.0% for the second quarter of 2013, compared to 37.2% for the second quarter of 2012 and 27.7% for the first quarter of 2013. Non-GAAP diluted loss per share was $0.43 for the second quarter of 2013, compared to $0.27 for the second quarter of 2012 and $0.41 for the first quarter of 2013.

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

Conference Call

As a result of the pending acquisition by Western Digital Corporation (the "Merger"), sTec will not be holding a conference call to discuss results for the second quarter of 2013.

About sTec, Inc.

sTec, Inc. is a leading global provider of enterprise-class solid-state storage solutions designed for the ever-growing performance, reliability and endurance requirements of today's advanced data centers. The industry's first company to deploy solid-state drives (SSDs) into large-scale enterprise environments, sTec offers the industry's widest range of solid-state storage solutions, which protect critical information for major business and government organizations worldwide. Headquartered in Santa Ana, California, sTec also serves the embedded and military/aerospace markets with SSDs for industrial and rugged environments. For more information, visit www.stec-inc.com .

For information about sTec and to subscribe to the Company's "Email Alerts" service, please click on "Company" near the top, right-hand side of the Company's home page at www.stec-inc.com . Then click on "Investor Relations," followed by "Email Alerts."

The sTec, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1079

sTec and the sTec logo are either registered trademarks or trademarks of sTec, Inc. in the United States and certain other countries. All other trademarks or brand names referred to herein are the property of their respective owners.

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