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OCZ Announces Filing Extension for Form 10-Q and Revised Q2 Revenue Estimate

Discussion in 'News' started by Cristian_25H, Oct 10, 2012.

  1. Cristian_25H

    Cristian_25H News Poster

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    OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that it will file a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission that allows the Company to extend the deadline to file its Form 10-Q for the second quarter of fiscal year 2013 (Q2'13), which ended on August 31, 2012. With this extension, if the Form 10-Q is filed by October 15, 2012, the Form 10-Q will be deemed to be timely filed.

    The Company's financial statements are still under review. The Q2'13 revenue will be materially lower than the September 5th preliminary revenue range of $110 to $120 million. This new revenue estimate and filing delay is principally due to the impact of customer incentive programs which were discovered subsequent to the preliminary announcement during the normal close process, and which the Company will be reporting as a material weakness in its Form 10-Q. The Company also expects to report negative gross margins and a significant net loss for Q2'13 and will hold a conference call today at 7:00am Pacific Time (10:00am Eastern Time).

    The financial information for Q2'13 presented in this press release is preliminary and remains subject to management's review of the results and also review by the Company's independent accounting firm. The Company will now host its Q2'13 earnings call in conjunction with the filing of its Form 10-Q and has postponed the previously scheduled conference call.
     

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