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Quantum Announces Positive Preliminary Fiscal Third Quarter 2017 Results

SAN JOSE, Calif., Jan. 12, 2017 /PRNewswire/ — Quantum Corp. (QTM) today announced preliminary results for the fiscal third quarter 2017, ended Dec. 31, 2016 that were above the high end of the previously provided guidance range for both total revenue and profitability. The company currently expects:

  • Total revenue of approximately $133 million, up from $128 million in the fiscal third quarter 2016.[1] For the first three quarters of fiscal 2017 (YTD), total revenue grew 8 percent over the same period in fiscal 2016.
  • Scale-out tiered storage revenue[2] (previously referred to as “scale-out storage revenue”) of approximately $40 million, an increase of 12 percent and the 22ndconsecutive quarter of year-over-year growth. Revenue was up 26 percent YTD over the first nine months of fiscal 2016.
  • Total data protection revenue of approximately $83 million, up $2 million.
  • GAAP operating income of approximately $8 million to $9 million and non-GAAP operating income of $9 million to $10 million — an increase of $6 million to $7 million and $2 million to $3 million, respectively.
  • GAAP net income of approximately $6 million to $7 million, or $0.02 per diluted share, and non-GAAP net income of $7 million to $8 million, or $0.03 per diluted share — an increase of $0.02 per diluted share and $0.01 per diluted share, respectively.

“We’re very pleased with our continued strong performance this fiscal year,” said Jon Gacek, president and CEO of Quantum. “For the third straight quarter, we increased total revenue and profit year-over-year, with growth in both scale-out tiered storage and data protection. In addition, comparing the first nine months of fiscal 2017 to the same period a year earlier, we not only grew scale-out tiered storage 26 percent but also increased branded data protection revenue 7 percent and improved our GAAP and non-GAAP bottom-line results by approximately $28 million and $23 million, respectively.

“We ended the quarter with excellent momentum across all product categories, and we start our fiscal fourth quarter with a strong backlog and solid funnel. Therefore, we feel very confident in our ability to deliver year-over-year revenue growth again in the current quarter and exceed our annual revenue and profitability guidance for fiscal 2017.”

Quantum will provide more detailed financial results for the fiscal third quarter and updated guidance for fiscal 2017 in its earnings announcement on Jan. 25, 2017 (see below for conference call information).

Earnings Conference Call and Audio Webcast Notification
Quantum will issue a news release on its fiscal third quarter financial results on Wednesday, Jan. 25, 2017, after the close of the market. The company will also hold a conference call and live audio webcast to discuss these results that same day at 2:00 p.m. PST. Press and industry analysts are invited to attend in listen-only mode.
Dial-in number: +1 (503) 343-6063
Participant passcode: 49870309
Replay number: +1 (404) 537-3406
Replay passcode: 49870309
Replay expiration: Wednesday, Feb. 1, 2017
Webcast site: www.quantum.com/investors

About Quantum
Quantum is a leading expert in scale-out tiered storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges. Quantum’s end-to-end, tiered storage foundation enables customers to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. See how at www.quantum.com/customerstories.

Quantum and the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

“Safe Harbor” Statement: This press release contains “forward-looking” statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Specifically, but without limitation, statements relating to: i) our expected financial results for the fiscal third quarter 2017 and for the first three quarters of fiscal 2017; and ii) our confidence in our ability to deliver year-over-year revenue growth again in the current quarter and exceed our annual revenue and profitability guidance for fiscal 2017, are forward-looking statements within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to Quantum on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Quantum’s actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in Quantum’s periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled “Risk Factors,” in Quantum’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 3, 2016 and in Quantum’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2016. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Use of Non-GAAP Financial Measures

Quantum believes that the non-GAAP financial measures disclosed above provide useful and supplemental information to investors regarding its quarterly financial performance. Quantum management and Board of Directors use these non-GAAP financial measures internally to understand, manage and evaluate the company’s business results and make operating decisions. For instance, Quantum management often makes decisions regarding staffing, future management priorities and how the company will direct future operating expenses on the basis of non-GAAP financial measures. In addition, compensation of our employees is based in part on the performance of our business based on non-GAAP operating income.

The non-GAAP financial measures used in this press release exclude the impact of the item below for the following reason:

Amortization of Intangible Assets
This includes acquired intangibles such as purchased technology in connection with prior acquisitions. These expenses are not factored into management’s evaluation of potential acquisitions or Quantum’s performance after completion of the acquisitions because they are not related to Quantum’s core operating performance. In addition, the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding acquisition-related charges from non-GAAP measures provides investors with a basis to compare Quantum against the performance of other companies without the variability caused by purchase accounting.

Share-Based Compensation Expense
Share-based compensation expense relates primarily to equity awards such as stock options and restricted stock units. Share-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond Quantum’s control. Management believes that non-GAAP measures adjusted for share-based compensation provide investors with a basis to measure Quantum’s core performance against the performance of other companies without the variability created by share-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used.

Restructuring Charges
Restructuring charges primarily relate to expenses associated with changes to Quantum’s operating structure. Restructuring charges are excluded from non-GAAP financial measures because they are not considered core operating activities. Although Quantum has engaged in various restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. Management believes that it is appropriate to exclude restructuring charges from Quantum’s non-GAAP financial measures, as it enhances the ability of investors to compare Quantum’s period-over-period operating results from continuing operations.

Proxy Contest and Related Costs
Proxy contest and related costs are expenses incurred to respond to activities and inquiries of VIEX Capital Advisors, LLC, including their proxy solicitation. These costs are not considered core operating activities. Management believes that it is appropriate to exclude these costs in order to provide investors the ability to compare Quantum’s period-over-period operating results from continuing operations.

Crossroads Patent Litigation Costs
Crossroads patent litigation costs are expenses incurred to defend ourselves and perform other activities related to a patent infringement lawsuit filed by Crossroads Systems, Inc. These costs are excluded from non-GAAP financial measures because they are not considered core operating activities, and management believes that it is appropriate to exclude these costs in order to provide investors the ability to compare Quantum’s period-over-period operating results from continuing operations.

Loss (Gain) on Debt Extinguishment
The loss (gain) on debt extinguishment relates to specific actions undertaken during the third quarter of fiscal 2017. The loss and gain are excluded from non-GAAP financial measures because they are not considered a core operating activity and management believes that it is appropriate to exclude the loss and gain in order to provide investors the ability to compare Quantum’s period-over-period results from continuing operations.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material impact on the company’s reported financial results and, therefore, should not be relied upon as the sole financial measures to evaluate the company. The non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.

Important Information

Quantum Corporation (the “Company”), its directors and certain executive officers will be participants in the solicitation of proxies from stockholders in connection with the Company’s Annual Meeting of Stockholders for the fiscal year ended March 31, 2016 (the “Annual Meeting”). The Company has received a notice of nominations for the election of directors from VIEX Capital Advisors, LLC in connection with the Annual Meeting and it is possible that there may be a contested solicitation in connection with the Annual Meeting. The Company plans to file a proxy statement (the “Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting.

The members of the Board of Directors of the Company and Fuad Ahmad, Chief Financial Officer, would be participants in the Company’s solicitation of proxies in connection with the Annual Meeting. As of December 31, 2016, the holdings of the participants in the Company’s common stock were as follows: Robert I. Anderson – 49,277 shares; Paul R. Auvil III – 597,509 shares; Louis DiNardo – 292,871 shares; Fuad Ahmad – 0 shares; Dale L. Fuller – 197,542 shares; Jon W. Gacek – 1,726,628 shares and options to purchase 1,300,000 shares exercisable within 60 days; David A. Krall – 342,354 shares; Gregg J. Powers – 15,423,566 shares, of which 14,594,195 shares are held in managed accounts of Private Capital Management, LLC, of which Mr. Powers is CEO and Portfolio Manager, and as to which Mr. Powers disclaims beneficial ownership; Clifford Press – 0 shares; and David E. Roberson – 329,263 shares. Additional information regarding such participants, including updated information as to their direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement and other relevant documents to be filed with the SEC in connection with the Annual Meeting. To the extent that holdings of the Company’s securities change from the amounts reflected in the foregoing, such changes will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.

Promptly after filing its definitive Proxy Statement with the SEC, the Company will mail the definitive Proxy Statement to each stockholder entitled to vote at the Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the Company’s preliminary proxy statement, any amendments or supplements thereto and any other relevant documents filed by the Company with the SEC in connection with the Annual Meeting at the SEC’s website (http://www.sec.gov). Copies of the Company’s definitive proxy statement, any amendments or supplements thereto and any other relevant documents filed by the Company with the SEC in connection with the Annual Meeting will also be available, free of charge, at the Company’s website (www.quantum.com) or by writing to Investor Relations, Quantum Corporation, 224 Airport Parkway, Suite 550, San Jose, CA 95110.

[1] All comparisons are relative to the fiscal third quarter 2016 unless otherwise noted.
[2] All references to scale-out tiered storage revenue and data protection revenue include related service revenue.

Contact:
Brad Cohen
Public Relations
Quantum Corp.
+1 (408) 944-4044
[email protected]

Brinlea Johnson or Allise Furlani
Investor Relations
The Blueshirt Group
+1 (212) 331-8424 or +1 (212) 331-8433
[email protected] or [email protected]

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Quantum Names Molly Rector Vice President of Marketing

SAN JOSE, Calif., Sept. 19, 2016 /PRNewswire/ — Quantum Corp. (QTM) today announced that Molly Rector has joined the company as vice president, marketing. Rector brings more than 15 years of enterprise storage experience to the role, including 12 years as a chief marketing officer — most recently at DataDirect Networks (DDN), an HPC storage provider, and previously at archive storage vendor Spectra Logic. Her appointment comes as Quantum continues to expand its portfolio of scale-out storage, data protection and archive solutions, providing a unique combination of high performance, low-cost capacity and fast access to meet increasing business demands.

“Molly has a deep understanding of customers, their workflows and what it takes to address their evolving storage and data management challenges,” said Jon Gacek, president and CEO of Quantum. “She also has a demonstrated record of success in expanding market opportunities and working closely with sales teams to drive profitable growth. I’m excited about drawing on her extensive experience as we look to build on our market momentum and deliver increased value to our customers, partners and shareholders.”

Just prior to joining Quantum, Rector spent nearly three years at DDN as CMO and executive vice president of global marketing and product management. During her tenure, she led the company’s successful expansion into five new vertical markets, helping to increase the company’s customer base by 14 percent a year and contributing to its double-digit revenue growth.

Before DDN, from 2004 to 2014, Rector was CMO and executive vice president of worldwide marketing and product management at Spectra Logic, where she drove the company’s strategy shift from a point technology focus to a solution-centric approach and increased the sales funnel by more than 40 percent. As part of an initiative to expand Spectra Logic’s market, she also founded the Active Archive Alliance, an industry coalition formed to educate end users on the evolving new technologies that enable reliable, online and efficient access to archived data. She continues to serve on the Alliance board, as well as the board of the Storage Networking Industry Association.

“Having both competed against and partnered with Quantum over the years, I know what a strong technology and product portfolio the company has and how uniquely suited it is to meeting some of the most difficult storage challenges organizations are facing,” said Rector. “I look forward to bringing this message and the benefits of Quantum’s solutions to a broader range of customers and working with the rest of the leadership team to achieve the company’s growth objectives.”

About Quantum

Quantum is a leading expert in scale-out storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges. Quantum’s end-to-end, tiered storage foundation enables customers to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. See how at www.quantum.com/customerstories.

Quantum and the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

“Safe Harbor” Statement: This press release contains “forward-looking” statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Specifically, but without limitation, statements relating to: 1) building on our market momentum and delivering increased value to our customers, partners and shareholders; 2) how uniquely suited the Company is to meeting some of the most difficult storage challenges organizations are facing; and 3) Ms. Rector’s plans to bring this message and the benefits of Quantum’s solutions to a broader range of customers and to work with the rest of the leadership team to achieve the company’s growth objectives, are forward-looking statements within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to Quantum on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Quantum’s actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in Quantum’s periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled “Risk Factors,” in Quantum’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2016 and in Quantum’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 3, 2016, as amended. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Public Relations Contact:
Brad Cohen
Quantum Corp.
+1 (408) 944-4044
[email protected]

0 136

VIEX Nominates Five Strong Director Candidates for Election to Board of Quantum Corporation

NEW YORK, June 6, 2016 /PRNewswire/ — VIEX Capital Advisors, LLC, together with its affiliates (collectively, “VIEX”) the largest stockholder of Quantum Corporation (QTM), announced today that it has nominated five highly-qualified, independent candidates for election to the Quantum’s Board of Directors (“the Board”) at the Company’s 2016 Annual Meeting of Stockholders.

“VIEX thinks that the continuing destruction of shareholder value on the Quantum Board’s watch is indefensible,” said Eric Singer, Managing Member of VIEX Capital Advisors. “We strongly believe that our nominees possess the relevant skills and fresh perspectives desperately needed to address the clear performance issues and capital structure challenges facing Quantum, and to oversee a comprehensive, independent and credible strategic assessment of the business with a singular focus on maximizing shareholder value. We look forward to the upcoming annual meeting and to presenting a compelling case for change to Quantum’s long-suffering shareholders.”

VIEX’s nominees for the Quantum Board are:

Mark Bonney has successfully managed turnarounds in several technology companies in the US and abroad over the past 30 years. He has significant management, operations and financial experience as a senior executive of middle market, high technology companies in the United States and globally. He is a member of the Board, President and Chief Executive Officer of MRV Communications, Inc. (MRVC), a global supplier of packet and optical solutions that power the world’s largest networks. Previously, Mr. Bonney served as the President and Chief Executive Officer of On Board Advisors, LLC, a strategic and financial advisory firm. He has served on the boards of American Bank Note Holographics, Inc., Axsys Technologies, Inc., and Sigma Designs. Mr. Bonney is currently a director Zix Corporation, where he has served since January 2013.
John Mutch is a seasoned operating executive and investor in the technology industry with over 30 years of public and private company operating and investing experience with a long, sustained track record of creating shareholder value and extensive executive management experience. He serves as the managing partner of MV Advisors LLC, a strategic block investment firm which provides focused investment and strategic guidance to small and mid-cap technology companies. Previously, Mr. Mutch served as the President, CEO and Chairman of the Board of BeyondTrust Software, a privately held security software company. He also served as President and CEO of both Peregrine Systems and HNC Software, an enterprise analytics software provider. Mr. Mutch currently serves as a member of the Board of Directors of Agilysys, Inc. (AGYS), and as the Chairman of the Board of Aviat Networks and previously served on the boards of Phoenix Technology, Adaptec Inc., Edgar Online, Aspyra, Overland Storage and Brio Software.
Raghavendra Rau is an accomplished global executive who has led transformative change in the technology and software industries. He has extensive experience in the technology industry, significant public company board experience and executive level management experience. He served as the Chief Executive Officer of SeaChange International Inc. (SEAC), a manufacturer of digital video systems and provider of related services to media companies worldwide, and also on the Board of Directors. He currently serves as a member of the Board of Directors, of Rovi Corporation (ROVI), a creator of personalized and data-driven entertainment. Previous, Mr. Rau served on the Board of Directors of Aviat Networks, Inc. and Microtune, Inc. Mr. Rau is a former Chairman of the QuEST Forum, a collaboration of service providers and suppliers dedicated to telecom supply chain quality and performance, and was a director of the Center for Telecom Management at the University of Southern California.
Khurram Sheikh is an experienced technology and innovation executive with multi-functional skill sets in the mobile, telecommunications and media industries. He currently serves as the Chairman and Chief Executive Officer of AIJAAD, a design-thinking based innovation practice in Silicon Valley. Previously, Mr. Sheikh served as the President of SiBEAM Inc., a leader in the development of gigabit wireless chip, IP and software technologies, as the Chief Strategy and Technology Officer at both Silicon Image Inc. and Lattice Semiconductor Inc. (LSCC) following its acquisition of Silicon Image, as the Chief Executive Officer of JKSFS – New Age Communications, a technology company focused on innovation at the intersection of cloud and mobile access networks, and as Chief Executive Officer, Chief Technology Officer and President of Global Business Units at Powerwave Technologies Inc., a global telecommunications corporation.
Eric Singer has demonstrated financial expertise and significant experience serving as a director of various technology companies. Mr. Singer currently serves on the board of directors of TigerLogic Corporation (TIGR), a global provider in engagement solutions, including the Omnis mobile development platform, IEC Electronics Corp., a provider of electronic manufacturing services to advanced technology companies primarily in the military and aerospace, medical, industrial and communications sectors, Numerex Corp., a provider of managed machine-to-machine enterprise solutions enabling the Internet of Things, and YuMe, Inc., a leading independent provider of digital video brand advertising solutions powered by data-driven insights and multi-platform expertise. Mr. Singer previously served as a director of Meru Networks, Inc., PLX Technology, Inc., Sigma Designs, Inc., including as its Chairman of the Board, and Zilog Corporation.

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

VIEX Opportunities Fund, LP – Series One, together with the other participants named herein (collectively, “VIEX”), intends to file a preliminary proxy statement and an accompanying proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of its slate of five highly qualified director nominees at the 2016 annual meeting of stockholders of Quantum Corporation, a Delaware corporation (the “Company”).

VIEX STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.

The participants in the solicitation are VIEX Opportunities Fund, LP – Series One (“Series One”), VIEX Opportunities Fund, LP – Series Two (“Series Two”), VIEX Special Opportunities Fund III, LP (“VSO III”), VIEX GP, LLC (“VIEX GP”), VIEX Special Opportunities GP III, LLC, (“VSO GP III”), VIEX Capital Advisors, LLC (“VIEX Capital”), Eric Singer, Mark Bonney, John Mutch, Raghu Rau, and Khurram Sheik.

As of the date hereof, Series One beneficially owned 7,407,865 shares of Common Stock. Series Two beneficially owned 1,413,191 shares of Common Stock. VSO III beneficially owned 20,710.666 shares of Common Stock. VIEX GP, as the general partner of Series One and Series Two, may be deemed the beneficial owner of the (i) 7,407,865 shares owned by Series One and (ii) 1,413,191 shares owned by Series Two. VSO GP III, as the general partner of VSO III, may be deemed the beneficial owner of the 20,710,666 shares owned by VSO III. VIEX Capital, as the investment manager of Series One, Series Two and VSO III, may be deemed the beneficial owner of the (i) 7,407,865 shares owned by Series One, (ii) 1,413,191 shares owned by Series Two and (iii) 20,710,666 shares owned by VSO III. Mr. Singer, as the managing member of VIEX GP and VIEX Capital, may be deemed the beneficial owner of the (i) 7,407,865 shares owned by Series One, (ii) 1,413,191 shares owned by Series Two and (iii) 20,710,666 shares owned by VSO III. As of the date hereof, Messrs. Bonney, Mutch, Rau and Sheikh did not beneficially own any shares of Common Stock.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/viex-nominates-five-strong-director-candidates-for-election-to-board-of-quantum-corporation-300279929.html

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