Dot Hill reports 2015 Q2 results

– 25% Year-over-Year Non-GAAP Revenue Growth – 200% Year-over-Year Non-GAAP EPS Growth – Increases mid-point of full year non-GAAP revenue and non-GAAP EPS guidance

Dot Hill Systems Corp. (NASDAQ:HILL), a supplier of enterprise class storage systems, reported financial results for the second quarter ended June 30, 2015.

Financial and Operational Highlights:

– Grew Non-GAAP revenue of $60.6 million in the second quarter of 2015, compared to $60.3 million in the first quarter 2015 and $48.4 million in the second quarter of 2014, or year-over-year growth of 25.2%
– Delivered non-GAAP earnings per fully diluted share (EPS) of $0.06 in the second quarter of 2015, compared to $0.06 in the first quarter 2015 and $0.02 in the second quarter of 2014, or year-over-year growth of 200%
– Awarded three new patents, bringing the Company’s portfolio to 105 patents

“The second quarter of 2015 marks the third data point of double digit revenue growth and as such begins to establish the trend line that I have referenced in prior quarters. At $60.6 million, we achieved strong year over year non-GAAP revenue growth of 25%,” stated Dana Kammersgard, president and CEO, Dot Hill Systems. “And with $0.06 of non-GAAP earnings, we achieved 200% growth in EPS, once again reinforcing the operating leverage inherent in our model. I continue to believe we are the only storage company guiding and posting double digit revenue growth with profits growing disproportionately faster.”

Second Quarter 2015 GAAP Financial Detail:

– Net revenue was $61.5 million for the second quarter of 2015, compared to $48.2 million for the second quarter of 2014 and $61.1 million for the first quarter of 2015.
– Gross margin for the second quarter of 2015 was 32.7%, compared to 33.2% for the second quarter of 2014 and 34.4% for the first quarter of 2015.
– Operating expenses for the second quarter of 2015 were $19.4 million, compared to $16.0 million for the second quarter of 2014 and $17.1 million in the first quarter of 2015.
– Net income for the second quarter of 2015 was $0.7 million, or $0.01 per fully diluted share, compared to a net loss of $0.1 million, or ($0.00) per fully diluted share, for the second quarter of 2014, and net income of $3.9 million, or $0.06 per fully diluted share, for the first quarter of 2015.

First Half 2015 GAAP Financial Detail:

– Net revenue was $122.7 million for the first half of 2015, compared to $96.4 million for the first half of 2014.
– Gross margin for the first half of 2015 was 33.6% compared to 32.4% for the first half of 2014.
– Operating expenses were $36.5 million for the first half of 2015, compared to $31.7 million for the same period in 2014.
– Net income for the first half of 2015 was $4.6 million compared to a net loss of $0.5 million for the first half of 2014.

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