Qualstar Reports Net Loss for Fiscal ’07

Qualstar Corp. narrowed its net loss for its just completed 2007 fiscal year when compared with the previous year. The Simi Valley-based manufacturer of automated tape storage systems reported a loss of $1.4 million, or a loss of $0.12 per diluted share, on revenues of $20.6 million for its fiscal year that ended June 30. That is a $300,000 increase from the loss of $1.7 million, or a loss of $0.14 per diluted share, on revenues of $21.7 million for the 2006 fiscal year. Sales of Qualstar’s new XLS tape libraries drove the increase in revenues for the tape library segment to $5.2 million for the fourth quarter when compared to the $4.1 million for the same period in 2006. Sales and marketing expenses dropped in the fourth quarter by $178,000 due to lower compensation, advertising and promotion expenses and the closing of a sales office in the United Kingdom.