UPDATE 1-OCZ Technology posts surprise Q1 profit

Tweet Share this EmailPrint Related Topics Stocks » Markets » Media » Earnings » Technology »

Wed Jul 6, 2011 5:26pm EDT

* Sees FY12 rev $310-$345 mln

* Q1 adj EPS $0.01 vs est net loss $0.01/shr

* Q1 rev up 115 pct to $73.8 mln

July 6 (Reuters) - Computer memory and storage hardwaremaker OCZ Technology Group posted a surprisefirst-quarter profit and said it sees full-year revenue risingat least 65 percent.

Shares of the San Jose, California-based company rose nearly11 percent to $9.25 in trading after the bell on Wednesday.

OCZ, which makes solid state hard drives (SSD) forcomputers, said it expects 2012 revenue of $310-$345 million, upfrom the $190 million it posted last year. It upped itslong-term gross margin expectations to 30-40 percent.

Analysts, on average, were expecting 2012 revenue of $310million, according to Thomson Reuters I/B/E/S.

For the May quarter, net loss was $9.1 million, or 20 centsper share, compared with $4.8 million, or 19 cents apiece, ayear ago. Adjusted net income was 1 cent per share, down fromthe 11 cents per share it posted a year earlier.

Revenue more than doubled to $73.8 million.

Analysts expected a loss of 1 cent per share on revenue of$69.4 million.

OCZ attributed the rise in revenue to a fivefold increase in its core SSD segment sales to $69.1 million.

Shares of the company closed at $8.34 on Wednesday. (Reporting by Abhiram Nandakumar in Bangalore; Editing byJoyjeet Das)

StocksMarketsMediaEarningsTechnologyRelated Quotes and NewsCompanyPriceRelated News Tweet this Link this Share this Digg this EmailReprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/Comments (0)Be the first to comment on reuters.com. Add yours using the box above.
Social Stream (What's this?)#echo-stream .echo-stream-more-wrapper {display:none !important;} Start Network FooterEnd Network Footer START News Content Page Tags 'Text' | 'Picture' | 'Slideshow' | 'Video' ie. articleId ie. articleId ie. headline for article ie. headline for article END News Content Page Tags © Copyright 2011 Thomson ReutersEditorial Editions:AfricaArabicArgentinaBrazilCanadaChinaFranceGermanyIndiaItalyJapanLatin AmericaMexicoRussiaSpainUnited KingdomUnited StatesReutersContact UsAdvertise With UsHelpJournalism HandbookArchiveSite IndexVideo IndexReader Feedback MobileNewslettersRSSPodcastsWidgetsYour ViewAnalyst ResearchThomson ReutersCopyrightDisclaimerPrivacyProfessional ProductsProfessional Products SupportFinancial ProductsAbout Thomson ReutersCareersOnline ProductsAcquisitions MonthlyBuyoutsVenture Capital JournalInternational Financing ReviewProject Finance InternationalPEhub.comPE WeekFindLawSuper Lawyers Attorney Rating Service Reuters on Facebook

Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.