Dallas, Texas 03/04/2014 (FINANCIALSTRENDS) – Quantum Corp (NYSE:QTM) has reported the revenue for third quarter was $145.9 million, with 8% revenue decline from the third quarter of fiscal 2013. However, the total revenue was up by 11% on sequential basis. Some of the significant achievements from the product side included substantial growth of 20% in StorNext and related service and over 30 % sales increases in branded Scalar ® tape automation and DXi. The company generated around $7.3 million in cash from operations in third quarter, and ending the same with a total of $82.8 million in cash and equivalents.
Major Business highlights from Third Quarter.
Quantum Corp (NYSE:QTM) announced a new solution to reduce primary and back up costs thus saving around 30% in annual storage expenses. With Quantum’s DXi virtual deduplication appliances and vmPRO” backup software facilitating the MSPs and VARS to expand their services. The company has both small and major customers totaling over 100,000 across the world and the company is focusing on providing a valuable service by reducing cost and easy use of their systems.
Quantum Corp (NYSE:QTM) Plans for Fourth Quarter of 2014.
Quantum Corp (NYSE:QTM) aims to generate around $125 million to $130 million during the fourth quarter of 2014. The GAAP and non -GAP margin is expected to be above 42%. From the outsourcing of manufacturing operations and staffing reductions, the company also aims to save around $16 million to $18 million of additional annual expense savings.
Quantum Corp (NYSE:QTM) current Rating.
According to the rating by current market trend, the analysts have upgraded the ratings to “Outperform”. There are strong predictions the price may increase upto 18.64% with the current price as $1.40. The prices fluctuated between $1.17 and $1.20 and finally closed around $1.19 during last session. The company has current capital market around $295.01 million.
