Qualstar Corp., a manufacturer of automated tape storage and high efficiency power supplies, announced a 12 percent decrease in revenue and a 66 percent drop in net income for the first quarter of fiscal 2012.
The company, which is based in Simi Valley, reported a net income of $57,000, or 0 cents per basic and diluted share, compared with a net income of $167,000, or 1 cent per basic and diluted share in the year-ago quarter.
The company makes high-density cartridge tapes for tape-based backup and archive storage.
Revenue fell to $4.6 million for the quarter, down from $5.2 million a year ago.
The company also reported lower income from operations, which fell 89 percent to $13,000 for the quarter, from $120,000 a year ago.
Tape library segment revenues declined 25 percent to $2.4 million. Power supply segment grew 9 percent to $2.2 million.
The company reduced research and development as well as selling and administrative costs due to staff reductions.
"We're off to an encouraging start in fiscal 2012,” said Bill Gervais, president and chief executive officer. “Our first quarter results reflected an uptick in revenues and gross profit to a level sufficient to provide a small profit.”