OCZ Technology Completes Restatement; Says Now Current With SEC Filings

(RTTNews) - OCZ Technology Group, Inc. (OCZ) reported first quarter GAAP net loss for the first quarter of 2014 of $13.2 million or $0.19 per share, versus a net loss of $24.5 million or $0.36 per share in the same period a year-ago.

Non-GAAP net loss for the first quarter narrowed to $9.7 million or $0.14 per share from last year quarter's net loss of $29.4 million or $0.44 per share.

Revenue for the quarter declined to $55.3 million from $76.5 million in the previous year period.

OCZ Technology also announced results for previously unreported quarters for fiscal Year 2013, including second, third and fourth fiscal quarters.

OCZ Technology also announced that it has filed its Annual Report on Form 10-K for the fiscal year ended February 28, 2013, which includes restated financial results for fiscal years 2009 through 2012, and the restated first quarter of fiscal 2013, which ended May 31, 2012 as well as quarterly results for the second, third and fourth quarters of fiscal year 2013.

As a result of these filings, the company said it is now current with its SEC filings as required under the NASDAQ listing rules.

The company also intend to file its second quarter results for fiscal 2014 by the required date of October 15, 2013.