-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EN3FAfEObzx+NNn3CgGzPk7vPbOSZVJdMmIGZsvXqxKF1ERDPHmivmNmxTYZj9uo C45XHtR5pYI2BJ5FvWzHQg== 0001104659-04-009446.txt : 20040405 0001104659-04-009446.hdr.sgml : 20040405 20040405172000 ACCESSION NUMBER: 0001104659-04-009446 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040405 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040405 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DOT HILL SYSTEMS CORP CENTRAL INDEX KEY: 0001042783 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER STORAGE DEVICES [3572] IRS NUMBER: 133460176 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13317 FILM NUMBER: 04718381 BUSINESS ADDRESS: STREET 1: 6305 EL CAMINO REAL CITY: CARLSBAD STATE: CA ZIP: 92009 BUSINESS PHONE: 2129894455 MAIL ADDRESS: STREET 1: 6305 EL CAMINO REAL CITY: CARLSBAD STATE: CA ZIP: 92009 FORMER COMPANY: FORMER CONFORMED NAME: BOX HILL SYSTEMS CORP DATE OF NAME CHANGE: 19970722 8-K 1 a04-4223_18k.htm 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 5, 2004

 

 

Dot Hill Systems Corp.
(Exact name of registrant as specified in its charter)

 

Delaware

 

1-13317

 

13-3460176

(State or other jurisdiction of
incorporation)

 

(Commission File Number)

 

(I.R.S. Employer
Identification No.)

 

 

 

 

 

6305 El Camino Real, Carlsbad, California

 

92009

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (760) 931-5500

 

Not Applicable.
(Former name or former address, if changed since last report.)

 

 

 

Item 7.                    Financial Statements and Exhibits.

(c)                           Exhibits

 

99.1

Press release of Dot Hill Systems Corp. dated April 5, 2004.

 

 

Item 12. Results of Operations and Financial Condition.

 

On April 5, 2004, we disclosed that we expect to report net revenue for the first quarter of 2004 in the range of $47 to $48 million and net loss per share in the range of $0.05 to $0.03 on a basic and fully diluted basis in the press release attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.  The information in this Current Report shall not be incorporated by reference into any registration statement of other document pursuant to the Securities Act of 1933, as amended.

 

2

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

DOT HILL SYSTEMS CORP.

 

 

 

By:

/s/ Preston Romm

 

 

 

Preston Romm

 

 

Chief Financial Officer, Vice President,
Finance, Secretary and Treasurer

 

 

 

Date: April 5, 2004

 

 

 

3

 

INDEX TO EXHIBITS

 

99.1

Press release of Dot Hill Systems Corp. dated April 5, 2004.

 

4

 EX-99.1 3 a04-4223_1ex99d1.htm EX-99.1

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

Contact:

 

 

Preston Romm

 

Kirsten Garvin

Chief Financial Officer

 

Director of Investor Relations

Tel: 760-931-5500

 

Tel: 760-476-3811

Email: investors@dothill.com

 

Email: kirsten.garvin@dothill.com

 

 

Dot Hill Systems Corp. Reports Preliminary Results for First Quarter 2004

 

CARLSBAD, Calif.– April 5, 2004 – Dot Hill Systems Corp. (NASDAQ:HILL) announced today that it expects to report net revenue for the first quarter of 2004, in the range of $47 to $48 million, and net loss per share in the range of $0.05 to $0.03 on a basic and fully diluted basis. Excluding the impact of a one-time charge of $4.7 million related to in-process research and development and amortization expense of $253,000 related to other intangible assets acquired in connection with Dot Hill’s recent acquisition of Chaparral Network Storage, Inc., pro forma earnings per share for the first quarter are expected to range between $0.05 and $0.07 on a basic and fully diluted basis. Net revenue for the first quarter of the prior year was $30.5 million and net loss attributable to common stockholders was $0.06 per share on a basic and fully diluted basis.

 

“We were optimistic as we entered the first quarter of this year following the revenue growth we enjoyed over the preceding three quarters of 2003, however we experienced weaker than expected demand toward the end of the first quarter from our largest customers,” said James Lambert, Dot Hill’s president and chief executive officer.

 

“However, we remain very positive about both our near-term and long-term prospects. Our relationship with our largest OEM customer was recently strengthened by a two-year extension of the existing OEM partner agreement and the expansion of the agreement to include new advanced technology storage products. Last month we announced that our SANnet II Fibre Channel product will be offered by IBM for use with its new eServer BladeCenter T. We are also excited about new customers such as NEC and Bull and we are currently working on new opportunities with other important companies in the storage industry. In all, we feel we are well positioned to take advantage of these opportunities.”

 

“In light of the first quarter results from our larger customers, we are taking a moderate outlook for the second quarter of 2004,” said Preston Romm, Dot Hill’s chief financial officer. “As such, guidance for the second quarter of 2004 is a range of $57 to $60 million net revenue with earnings per share in the range of $0.09 to $0.11 on a fully diluted basis. Excluding the impact of $722,000 in amortization expense related to other intangible assets resulting from our recent acquisition of Chaparral Network Storage, Inc., pro forma earnings per share for the second quarter are expected to be in the range of $0.10 to $0.12 on a fully diluted basis. We ended the

 

 

first quarter of 2004 with approximately $120 million in cash, cash equivalents and short-term investments. This represents a value of approximately $2.54 per share.”

 

Dot Hill will release more detailed first quarter financial results prior to the opening of the market on April 28, 2004. This will be followed by a conference call scheduled to take place on April 28, 2004 at 12:00 p.m. ET. Please join us for a live audio Webcast at http://www.dothill.com in the Investor Relations section. If you prefer to join via telephone, please dial 800-299-6183 (U.S.) or 617-801-9713 (International) at least five minutes prior to the start of the call and enter passcode 23291762. A replay of the Webcast will be available on the Dot Hill Web site following the conference call. For a telephone replay, dial 888-286-8010 (U.S.) or 617-801-6888 (International) and enter passcode 77357707.

 

Dot Hill Systems Corp. is a leader in the innovative design and delivery of storage networking solutions to businesses worldwide. Its products include the SANnet® II family of storage systems. For more information, visit Dot Hill on the Web at www.dothill.com.

 

Dot Hill, the Dot Hill logo and SANnet are trademarks of Dot Hill Systems Corp. All other trademarks and names are the property of their respective owners.

 

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include: statements regarding Dot Hill’s revenue and earnings/losses per share on a GAAP and pro forma basis for the first and second quarters of 2004; statements regarding Dot Hill’s near-term and long-term future; statements regarding our relationship with our largest OEM customer, IBM’s offering of our SANnet II Fibre Channel product, our relationships with NEC and Bull and our work with new opportunities with other important companies in the storage industry; statements regarding our ability to take advantage of opportunities; and statements regarding our ability to utilize our net operating loss carry forwards. Among the risks that contribute to the uncertain nature of the forward-looking statements include: the risk that one or more of Dot Hill’s OEM or other customers may cancel or reduce orders, not order as forecasted or terminate their agreements with Dot Hill, the risk that one or more of Dot Hill’s suppliers or subcontractors may fail to perform or may terminate their agreements with Dot Hill, the ability of Dot Hill to complete deals with existing and new customers on favorable terms or at all, unforeseen technological, intellectual property or engineering issues; competition for direct sales from Dot Hill’s OEM customers, the timing of orders for products and shipments and its effect on revenue recognition; and changing customer preferences in the open systems computing market; as well as the additional risks set forth in the forms 8-K, 10-K and 10-Q most recently filed by Dot Hill. All forward-looking statements contained in this press release speak only as of the date on which they were made. Dot Hill undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

 

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