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Friday, May 20, 2022

Coronavirus Impact Pushes Qualstar to Loss

Qualstar Corp. reported first quarter results that showed the impact from the coronavirus pandemic. The Camarillo tape storage and power supply manufacturer reported Thursday a net loss of $156,000 (-8 cents a share) for the quarter ending March 31, compared with net income of $141,000 (7 cents) in the same period a year earlier. Revenue decreased by 28 percent to $2.1 million. No analysts follow the company. Chief Executive Steven Bronson said he was disappointed by the results, especially with the financial performance of its power supply subsidiary, N2Power, which had a 45 percent decline in revenue year over year. “A majority of N2 Power revenue is derived from the gaming industry, which is currently at a standstill with COVID-19,” Bronson said in a statement. The company is taking aggressive measures to reduce its overall cost structure, Bronson added. Shares in Qualstar (QBAK) closed down 8 cents, or more than 4 percent, to $1.79 on the over-the-counter market on a day when the Dow finished up by almost 1 percent and the Nasdaq finished up by 1.4 percent.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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