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Dot Hill Reports Second Quarter 2013 Results

Achieves Profitability With Non-GAAP EPS of $0.06 Per Share Delivers Highest Quarterly Non-GAAP Gross Margin in Eight Years at 34.7% More Than Doubles Mid-Point of Full Year 2013 Non-GAAP EPS Guidance

LONGMONT, Colo., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Dot Hill Systems Corp. (Nasdaq:HILL), a leading provider of SAN storage solutions, reported financial results for the second quarter 2013, ended June 30, 2013.

Non-GAAP Second Quarter 2013 Financial Highlights:
  • Total non-GAAP net revenue was $51.2 million compared to $44.9 million for the first quarter of 2013 and $47.7 million for the second quarter of 2012;
  • Net revenue from vertical markets grew 55% sequentially and 106% on a year-over-year basis;
  • Non-GAAP gross margin was 34.7% compared to 32.1% for the first quarter 2013 and 27.4% for the second quarter 2012, and the highest gross margin in over eight years;
  • Operating expenses declined slightly compared to first quarter 2013 and second quarter 2012;
  • Company achieved profitability with non-GAAP EPS of $0.06, compared to $0.00 for the first quarter of 2013 and a loss of ($0.03) for the second quarter of 2012.

"I am both pleased and encouraged with our Q2 performance. We grew our topline 14% sequentially and 7% year-over-year, despite a decline in contribution from our largest customer," stated Dana Kammersgard, president and chief executive officer, Dot Hill Systems. "Most importantly, revenues from our vertical markets increased a very impressive 55% sequentially and more than doubled year-over-year. This favorable product mix drove gross margin percent to an eight-year high and gross margin improvement of 2.6% sequentially and 7.3% year-over-year."

Second Quarter 2013 GAAP Financial Detail (including discontinued operations):

The Company recognized GAAP net revenue of $50.7 million for the second quarter of 2013, as compared to $47.8 million for the second quarter of 2012 and $44.5 million for the first quarter of 2013. GAAP gross margin for the second quarter of 2013 was 33.5% as compared to 22.9% for the second quarter of 2012 and 32.2% for the first quarter of 2013. GAAP operating expenses for the second quarter of 2013 were $14.9 million, as compared to $15.6 million for the second quarter of 2012 and $15.3 million in the first quarter of 2013. GAAP net income for the second quarter of 2013 was $2.1 million, or $0.04 per fully diluted share, as compared to a net loss of $5.0 million, or ($0.09) per share, for the second quarter of 2012, and a net loss of $1.0 million, or ($0.02) per share, for the first quarter of 2013.

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