Broadcast routing switcher and pro-AV vendor QuStream (aka Pesa) reported that its revenue for the second quarter of fiscal 2010 was US $4.3 million compared to US $3.6 million in the same period in fiscal 2009, a 19% increase. Gross margins for the quarter were 52%, a decrease from the 62% margins achieved a year ago on lower revenues. The company attributed the decrease in gross margins to increasing inventories. 99% of the company’s revenues in Q2 came from the United States.
Revenue for the six months ended June 30, 2010 was US $6.0 million compared to US $6.0 million in the same period last year. 96% of revenue in 1H 2010 was from the United States. Gross margins for the first six months were 52% compared to 10% for the same period last year. The company says that this increase in gross margin was mainly due to a decrease of net inventory provision of $2m, and a higher margin on the new products sold.
Net earnings for the second quarter of fiscal 2010 was US $0.5 million or $0.02 per share compared to a net loss of US $0.4 million or ($0.02) per share for the same period last year. Net loss for the six months ended June 30, 2010 was US $0.4 million or ($0.02) per share compared to a net loss of US $5.0 million or ($0.22) per share for the same period last year.
Commenting on the resultsm QuStream president and COO Chuck Tillett said that during Q2 the company “saw a return to profitability in a challenging and competitive environment. Tillet further stated that “The Company remains focused on executing its strategic initiatives to return to growth and profitability.”
You can read the full QuStream Q2 press release here.
You can read the QuStream Q2 Financial Statements and Management’s Discussion & Analysis here.