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Coronavirus Impact Pushes Qualstar to Loss

May 7, 2020

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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.

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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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