Quantum Corporation has recorded revenue growth and reduced losses for its second fiscal 2020 quarter as it prepares for a return to a major stock exchange listing.
The tape and video file workflow storage supplier grew revenue 18 per cent to $105.8m and reduced losses from $21.6m to $2.3m.
The company forecasts $106m- $112m for the December quarter, which is typically its strongest quarter. For the full fiscal year Quantum expects $424m-$430m revenue. At its peak in fiscal 2007, the company posted $1bn revenue.
Jamie Lerner, CEO, said in a prepared quote: “Our strategic transformation accelerated in the second quarter as we reported double-digit revenue growth, margin expansion, and excluding non-recurring items, continued reductions in operating expenses, all of which led to continued profitability.”
He emphasised the company’s video file workflow storage focus: “We are well-positioned as a recognised industry leader in the storage and management of video and video-like data, and this accelerating trend should support future profitable growth for Quantum.”
Last quarter Quantum emerged from accounting hell with restated quarterly SEC reports after an 18-month investigation to rectify accounting mistakes made by previous management. During this 18-month period it changed its CEO three times, lost an NYSE listing and came under attack from activist investor VIEX.
The business appears to returning to health but there is a long way to go. Cash and cash equivalents were $6m at quarter end, compared to $10.8m six months ago. Outstanding long-term debt was $153.6m.
Quantum has recruited Regan MacPherson as chief legal and compliance officer to help prepare it for a major public stock exchange re-listing.