Qualstar Corp (NASDAQ:QBAK) a major manufacturer of data storage offerings and high-efficiency power supplies, posted its financial report for the quarter and twelve-month periods closed December 31, 2017. Revenues came at $10.6 million for the year closed December 31, 2017 compared to $9.4 million for the year closed December 31, 2016. Net income was $0.6 million as compared to a net loss of $1.2 million. Discounting the impact of a stock-based compensation charge worth $0.4 million in Q3 2017, non-GAAP net income came at $1 million.
Steven N. Bronson, the President and Chief Executive Officer of Qualstar, expressed that he is thrilled about the momentum that they maintained across all of their divisions in the fourth quarter. Their strategy remains to gain traction, leading in sharp revenue increase and an exceptional finish to the year. They experienced promising conditions in several of the markets that they serve, and their numbers validate that they are well set to take benefit of opportunities.
Cash flow has considerably improved, as their revenues have surged and their current operating expenses have dropped. Bronson stated that they remain committed to their plan to enhance shareholder value via disciplined investments for innovation and organic growth, and strategic acquisitions.
Qualstar reported that revenue for the quarter closed December 31, 2017 came at $3.2 million compared with $2.2 million for the same quarter, a year ago. Income from operations came at $0.7 million versus a loss of $0.4 million for the comparable quarter last year. Net income per share came at $0.33 for the quarter closed December 31, 2017 versus a net loss of $(0.20) per share for the quarter closed December 31, 2016. Gross margin came at 43.8% of revenues for the quarter closed December 31, 2017, a considerable jump from the gross margin of 18.3% of revenue for the quarter closed December 31, 2016.