Followers | 240 |
Posts | 12043 |
Boards Moderated | 1 |
Alias Born | 04/05/2009 |
Wednesday, August 22, 2012 8:22:52 AM
SIMI VALLEY, CA--(Marketwire - Aug 21, 2012) - Qualstar® Corporation (NASDAQ: QBAK), a manufacturer of data storage solutions and high-efficiency power supplies, announced a 13% reduction in workforce late last week related to the end of life certain unprofitable, legacy product lines and old drive technologies. This action is expected to result in annual savings of approximately $480,000. This decision is part of the company's previously-announced strategic plan and one of many steps the company is taking to lower its breakeven and reach its target of profitability by fiscal year-end.
"Although these actions are never easy, this is one of the many steps we are taking to more effectively manage costs and streamline our operations to focus on key market opportunities," said Larry Firestone, President and CEO. "Qualstar remains committed to taking the necessary steps to drive revenue growth and improve profitability to deliver value to its shareholders."
About Qualstar Corporation
Qualstar, founded in 1984, is a diversified electronics manufacturer specializing in data storage and power supplies. The company's products are known throughout the world for high quality and Simply Reliable designs that provide years of trouble-free service. More information is available at www.qualstar.com or www.n2power.com or by phone at 805-583-7744.
For more information, contact:
Nicki Andalon
Vice-President & CFO
Qualstar Corporation
(805) 583-7744
Email Contact
Vanessa Lehr/Annie Leschin
Investor Relations
StreetSmart Investor Relations
415) 775-1788
http://www.marketwire.com/press-release/qualstar-announces-workforce-reduction-nasdaq-qbak-1692815.htm
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
FEATURED Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • Apr 22, 2024 8:49 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Kona Gold Beverages, Inc. Prepares for First Production Run Set to Launch May 17, 2024 • KGKG • Apr 22, 2024 8:30 AM