Weak Quarter Sends Qualstar Shares Lower

Qualstar Corp. had weak results in the fourth quarter but showed improvement for the full year. The Simi Valley manufacturer of data storage and power supply products reported on Thursday net income of $17,000 (1 cent a share) for the quarter ending Dec. 31. That compares to a net income of $671,000 (13 cents) in the same period a year earlier. Revenues decreased by 9 percent to $2.9 million. No analysts follow the company. For the full year, the company showed improved financials. Net income was $1.5 million (72 cents a share) compared to $640,000 (31 cents) in the previous year. Revenues increased by 15 percent to $12.2 million. Chief Executive Steven Bronson said he was pleased with Qualstar’s performance last year and the groundwork has been laid for future growth. “We will continue to expand our product offerings through organic efforts and pursue complementary acquisitions,” Bronson said in a statement. Qualstar (QBAK) released its earnings on Thursday. On Friday shares in company closed down 69 cents, or 11 percent, to $5.58 on the Nasdaq.