Quantum Reports Prelim. Q3 Profit In Line With Guidance; Revenue Below View

(RTTNews) - Quantum Corp. (QTM) on Tuesday announced preliminary results for its fiscal third quarter 2015 ended December 31, 2014.

The company said its total revenue was about $142 million, slightly below the low end of the company's October guidance range of $145 million to $150 million. This was down slightly year-over-year, mainly due to a 31% decline in revenue from OEM tape automation partners.

Net income for the third quarter was about $7 million or $0.03 per share which was in line with the company's guidance. The company had reported a net loss of $2 million or $0.01 per share in the third quarter of prior year.

Adjusted net income for the quarter was about $11 million, or $0.04 per share, which was in line with the company's guidance. This was up from $6 million, or $0.02 per share in the prior year's third quarter.

Analysts polled by Thomson Reuters expected the company to earn $0.04 per share on revenue of $148.37 million for the third quarter. Analysts' estimates typically exclude special items.

"Our preliminary third quarter results again demonstrate the leverage in our financial model - while total revenue was slightly below our guidance, we still delivered bottom line results in line with guidance," said Jon Gacek, president and CEO of Quantum.