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Last $1.67 USD
Change Today -0.02 / -1.18%
Volume 714.7K
QTM On Other Exchanges
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As of 8:04 PM 07/2/15 All times are local (Market data is delayed by at least 15 minutes).

quantum corp (QTM) Key Developments

Crossroads Systems Provides Update to its Patent Infringement Litigation Against Oracle, NetApp, Cisco, Quantum, Dot Hill, and Huawei

Crossroads Systems reported an update to its patent infringement litigation against defendants Oracle, NetApp, Cisco, Quantum, Dot Hill, and Huawei. The company is seeking monetary damages for infringement of U.S. patents 6,425,035, 7,051,147, 7,934,041, and 7,987,311. On June 16, the Federal Court in the Western District of Texas entered an order in which the Court determined the meaning of 17 disputed claim terms in the patents-in-suit. The order was consistent with the Special Master's recommendation issued on February 23, and overruled the defendants' objections on almost all disputed claims terms. The Markman order also closely parallels the claim constructions in previous litigation. A Markman order is significant to a patent case because it provides clarity to a number of patent infringement and validity arguments and must be followed by a jury in deliberations. This was the fourth time the Court has reviewed the meaning of the patent claims relating to Crossroads' '972 patent portfolio. Various patents in Crossroads' '972 access controls patent portfolio have been licensed to 51 companies over 14 years. Crossroads has received over $61 million in license fees and awards over that period. In conjunction with the Markman Order, the Court also granted a motion to stay the cases until the Patent Trial and Appeal Board issues a final decision in the instituted inter partes reviews. The first decision is expected in January 2016.

Crossroads Systems Seeks Monetary Damages for Infringement of U.S. Patents in the Patent Infringement Litigation Case against Oracle, NetApp, Cisco, Quantum, Dot Hill, and Huawei

Crossroads Systems announced that it is seeking monetary damages for infringement of its U.S. patents in the patent infringement litigation case against Oracle, NetApp, Cisco, Quantum, Dot Hill, and Huawei. The Federal Court in the Western District of Texas had entered an order in which the court determined the meaning of 17 disputed claim terms in the patents-in-suit. The order was consistent with the Special Master's recommendation issued on February 23, 2015 and overruled the defendants' objections on almost all disputed claims terms. The Markman order also closely parallels the claim constructions in previous litigation. A Markman order is significant to a patent case because it provides clarity to a number of patent infringement and validity arguments and must be followed by a jury in deliberations. The company announced that this was the fourth time the court has reviewed the meaning of the patent claims relating to Crossroads' '972 patent portfolio. In conjunction with the Markman Order, the Court also granted a motion to stay the cases until the Patent Trial and Appeal Board issues a final decision in the instituted inter partes reviews. The first decision is expected in January 2016.

Quantum Corp. Announces Board Changes, Effective May 6, 2015

Quantum Corp. announced that effective May 6, 2015, Jeffrey C. Smith has resigned from the company’s board of directors. Pursuant to the agreement between Starboard Value LP and Quantum dated July 28, 2014, Starboard has exercised its replacement rights to recommend that Robert J. Andersen be appointed to the board. Andersen, who will join the board as of May 6, currently serves as the chief financial officer of Tessera Technologies Inc.

Quantum Corporation Reports Unaudited Consolidated Earnings Results for the Year Ended March 31, 2015; Provides Earnings Guidance for the First Quarter of Fiscal Year 2016 and Full Year 2016

Quantum Corporation reported unaudited consolidated earnings results for the year ended March 31, 2015. For the year, the company reported total revenue of $553,095,000 compared to $553,165,000 a year ago. Income from operations was $14,397,000 compared to loss from operations of $11,799,000 a year ago. Income before income taxes was $17,478,000 compared to loss before income taxes of $20,257,000 a year ago. Net income was $16,760,000 or $0.06 per diluted share compared to net loss of $21,474,000 or $0.09 per basic and diluted share a year ago. Net cash provided by operating activities was $6,034,000 compared to $35,474,000 a year ago. Purchases of property and equipment were $3,241,000 compared to $5,957,000 a year ago. Non-GAAP operating income was $34.4 million, up from $23.3 million. Non-GAAP net income was $38.1 million, or $0.14 per diluted share, up from $13.7 million, or $0.05 per diluted share. And at March 31, the company's debt consisted of $153.7 million of convertible debt with no covenants and no early call provision. The company provided earnings guidance for the first quarter of fiscal year 2016 and full year 2016. For the first quarter of 2016, the company expects revenue of approximately $125 million to $130 million, reflecting typical seasonality and the strength of the prior quarter, including the large number of significant deals that closed toward the end of the quarter. Scale-out storage revenue growth of 50% over the fiscal first quarter of 2015. GAAP and non-GAAP gross margin of approximately 45-46%. GAAP and non-GAAP operating expenses of approximately $57 million and $54 million, respectively. GAAP operating loss of $100,000 to operating income of $1.9 million and non-GAAP operating income of $3 million to $5 million. Interest expense of $1.9 million and taxes of $400,000. GAAP net loss of $2.1 million to $100,000, or a loss of $0.01 to $0.00 per diluted share, and non-GAAP net income of $1 million to $3 million, or $0.00 to $0.01 per diluted share. For the full fiscal 2016 year, the company is targeting year-over-year growth of 4-5% in total revenue, 50% in scale-out storage revenue and 8 to 10% in non-GAAP operating income. The company expects to generate free cash flow in fiscal 2016.

Quantum Announces Partnership with Dot Hill Systems for Enterprise-Class Disk-Storage Systems

Quantum unveiled a global go-to-market partnership with software- and hardware-storage company Dot Hill Systems (HILL) under which Quantum will integrate Dot Hill's full line of enterprise-class disk-storage systems into its tiered storage offerings.

 

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Price/Earnings 25.9x
Price/Sales 0.8x
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Price/Cash Flow 25.7x
TEV/Sales 0.4x
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