Qualstar Corp. reported first quarter results that showed the impact from the coronavirus pandemic.
The Camarillo tape storage and power supply manufacturer reported Thursday a net loss of $156,000 (-8 cents a share) for the quarter ending March 31, compared with net income of $141,000 (7 cents) in the same period a year earlier. Revenue decreased by 28 percent to $2.1 million.
No analysts follow the company.
Chief Executive Steven Bronson said he was disappointed by the results, especially with the financial performance of its power supply subsidiary, N2Power, which had a 45 percent decline in revenue year over year.
“A majority of N2 Power revenue is derived from the gaming industry, which is currently at a standstill with COVID-19,” Bronson said in a statement.
The company is taking aggressive measures to reduce its overall cost structure, Bronson added.
Shares in Qualstar (QBAK) closed down 8 cents, or more than 4 percent, to $1.79 on the over-the-counter market on a day when the Dow finished up by almost 1 percent and the Nasdaq finished up by 1.4 percent.