nStor Technologies a supplier of enterprise-class computer storage solutions, today announced results for the first quarter ended March 31, 2001.
Net loss available to common stock for the 2001 first quarter was $3.6 million, or $0.10 per share, on revenues of $6.2 million, compared with net income of $2.4 million, or $0.06 per dilutive share, on revenues of $12.5 million reported for 2000’s first quarter. The 2000 first quarter results include a one time $5.6 million gain on the sale of certain assets.
Commenting on the results, Larry Hemmerich, chief executive officer of nStor, said, “With respect to our Q1 results, we have seen a market impact due to the overall economic slowdown and delayed purchasing cycles. However, we remain optimistic that the significant number of national and international OEM and channel relationships that we’ve developed since the latter portion of 2000, as well as the recent success of our product strategy, will proliferate our growth beginning in the second half of 2001.”