SCIENCE

OCZ Technology Group reports its fiscal 2011 second quarter ("Q2'11") results, which ended on August 31, 2010.

On a GAAP basis, net revenue for Q2'11 totaled $38.0 million, compared to $37.8 million reported in fiscal 2010's second quarter ("Q2'10"). Revenue in the Company's core SSD product line totaled $20.2 million, an increase of 81% from the $11.1 million reported in Q2'10.

In August, the Company announced the strategic transition away from certain unprofitable commodity DRAM module products. Pro forma revenue for the Company's continuing products was $29.5 million for the quarter, compared to $23.1 million in Q2'10.

This change has allowed the Company to focus on building its position in its core market for high-performance SSDs, which are commonly used in servers and enterprise storage arrays. SSD's represented 69% of the Company's ongoing business in Q2'11.

On a GAAP basis, which includes the results of the aforementioned discontinued products and related write-offs, net income for Q2'11 was a loss of $7.6 million, or $0.29 per fully diluted share, compared to a loss of $1.7 million, or $0.08 per share in Q2'10. Non-GAAP net loss for Q2'11 was $2.5 million, or $0.09 per fully diluted share, compared to a non-GAAP net loss for Q2'10 of $1.6 million, or $0.08 per share. Reconciliation between GAAP and non-GAAP information is contained in the table below.

"In the second quarter of fiscal 2011, we benefited from continued growth in our enterprise and server SSD business," said Ryan Petersen, Chief Executive Officer of OCZ Technology Group. "We are pleased with the fast paced growth of both our client and enterprise SSD product lines, and the progress we have made in transitioning from unprofitable legacy commodity DRAM products."