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OCZ Technology Group, Inc. (OCZ), 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.
October 10, 2012 Webcast and Conference Call
OCZ will host a conference call today at 7:00am PT (10:00am ET). A
live audio webcast of the conference call will be available by
visiting the Investor Relations events conference call section of
OCZ’s website at
http://ir.stockpr.com/ocztechnology/conference-calls, which will be
archived for replay until October 17, 2012. All interested parties
can join the call by dialing (253) 237-1170 or (877) 372-0867. Please
call-in 15 minutes prior to the call to secure a line. To access the
archived conference call, please dial (404) 537-3406 or (855)859-2056
and enter replay passcode 40293925.
About OCZ Technology Group, Inc.
Founded in 2002, San Jose, CA-based OCZ Technology Group, Inc. (OCZ)
is a global leader in the design, manufacturing, and distribution of
high-performance solid-state storage solutions and premium computer
components. Offering the industry’s widest range of solid-state
drives (SSDs), OCZ features SSDs in a variety of form factors and
interfaces (i.e. PCIe, SAS and SATA) to address HDD replacement, SAN
acceleration, server and storage virtualization, cloud computing, and
virtual desktop infrastructure (VDI) opportunities. Having developed
firmware and controller platforms to virtualization and endurance
extending technologies, the company delivers vertically integrated,
customizable solutions enabling transformational approaches to how
digital data is captured, stored, accessed, analyzed and leveraged
across a wide range of client and enterprise applications. For more
information, please visit: www.ocztechnology.com.
Forward Looking Statements
Certain statements in this release relate
to future events and expectations and as such constitute
forward-looking statements involving known and unknown factors that
may cause actual results of OCZ Technology Group, Inc. to be
different from those expressed or implied in the forward-looking
statements. In this context, words such as "will," "would," "expect,"
"anticipate," "should" or other similar words and phrases often
identify forward-looking statements made on behalf of OCZ. It is
important to note that actual results of OCZ may differ materially
from those described or implied in such forward-looking statements
based on a number of factors and uncertainties, including, but not
limited to, market acceptance of OCZ’s products and OCZ’s ability to
continually develop enhanced products; adverse changes both in the
general macro-economic environment as well as in the industries OCZ
serves, including computer manufacturing, traditional and online
retailers, information storage, internet search and content providers
and computer system integrators; OCZ’s ability to efficiently manage
material and inventory, including integrated circuit chip costs and
freight costs; and OCZ’s ability to generate cash from operations,
secure external funding for its operations and manage its liquidity
needs. Other general economic, business and financing conditions and
factors are described in more detail in "Item 1A -- Risk Factors" in
Part I in OCZ’s Annual Report on Form 10-K filed with the SEC on May
14, 2012, and statements made in other subsequent filings. The filing
is available both at www.sec.gov as well as via OCZ’s website at
www.ocztechnology.com. OCZ does not undertake to update its
forward-looking statements.
Investor Contact:
Bonnie Mott
Senior Manager of Investor Relations
408-440-3428
Email Contact
Press Contact:
Scott Harlin
Director of Marketing Communications - Enterprise
(408) 733-8400
Email Contact
SOURCE: OCZ Technology Group, Inc.
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