Stratus ends quarter with $24.3 million cash, reports revenue increase

By Lisa Kerner

Charlotte, N.C., July 16 - Stratus Technologies Bermuda Holdings Ltd. ended the first quarter of fiscal 2013 with cash of $24.3 million and no borrowings on its revolver, senior vice president and chief financial officer Robert C. Laufer said during the company's earnings call on Monday.

The Hamilton, Bermuda-based software and hardware technology company reported cash of $27.5 million at the end of fiscal 2012.

Laufer attributed the difference in cash to first-quarter activity that included an April interest payment of $12.6 million related to senior notes, $1 million for the acquisition of Data Research and Applications, Inc., plus the acquisition of additional property and equipment. The payments were partially offset by cash generated by operations and strong accounts receivable collections.

Financial highlights

Debt interest expense for the quarter ended May 27 was $12.5 million, compared with $12.2 million for the first quarter of fiscal 2012.

For the first fiscal quarter, Stratus' total revenue was up 6.1% at $52.6 million, versus $49.6 million in the prior-year period.

The net loss was $3.3 million, compared with $5.9 million for the same period last year.

Stratus reported adjusted EBITDA of $13.4 million for the first quarter of fiscal 2013, compared with $10.0 million for the first quarter of fiscal 2012.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.