Dot Hill Systems Turns To Profit In Q4

(RTTNews) - Dot Hill Systems Corp. (HILL) said that net income for the fourth quarter of 2013 was $2.2 million or $0.04 per share, compared to a net loss of $5.0 million or $0.09 per share for the fourth quarter of 2012.

Non-GAAP net income for the fourth quarter of 2013 was $4.2 million or $0.07 per share, compared to a net loss of $2.0 million or $0.03 per share, for the fourth quarter of 2012.

Net revenue was $58.8 million for the fourth quarter of 2013, compared to $44.1 million for the fourth quarter of 2012. Non-GAAP net revenue increased to $59.7 million for the fourth quarter of 2013, compared to $46.2 million for the fourth quarter of 2012.

"More importantly, we are projecting even greater top line growth in 2014, given that several of our recently announced customers who did not contribute meaningfully in 2013 are expected to ramp this year. In some cases the ramps will likely be towards the second half of 2014 and accordingly we expect these customers will become foundational for strong revenue growth into 2015," said Dana Kammersgard, CEO, Dot Hill Systems Corp.

For the first quarter of 2014, the company expects earnings per share to be in the range of $0.00 - $0.01 and non-GAAP net revenue of $47 million to $50 million.

Looking ahead for the full year 2014, the company projects earnings per share to be in the range of $0.18 - $0.29, and non-GAAP net revenue of $220 million - $255 million.

"As we look out over our own internal planning horizon, we think that our compounded average annual growth rate in non-GAAP revenue should be 14-18% overall from a 2013 baseline, with the vertical markets business growing 40-50%," said Hanif Jamal, chief financial officer, Dot Hill Systems Corp.