Dot Hill Systems records profitable 2013

LONGMONT – Data-storage firm Dot Hill Systems Corp. (Nasdaq: HILL) on Thursday reported its first annual net profit since 2005.

The Longmont-based company’s profit of nearly $5.1 million for the fiscal year ended Dec. 31 came on revenue of $206.6 million. The profit amounted to 9 cents per diluted share, compared to a 2012 net loss of $15 million, or 26 cents per share.

The company’s 2013 revenue climbed more than $12 million from the previous year. Still, Dot Hill’s share price had slid 17.4 percent from the previous day’s close to $4.93 in mid-afternoon trading.

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The company projected first-quarter 2014 earnings per share of 0 to 1 cent, but overall 2014 earnings per share of 18 to 29 cents.

“Against the backdrop of a storage industry that was generally flat in 2013, our results and our revenue growth are strong indicators of the inherent operating leverage in our business,” Dot Hill chief executive Dana Kammersgard said in a press release. “More importantly, we are projecting even greater top line growth in 2014, given that several of our recently announced customers who did not contribute meaningfully in 2013 are expected to ramp this year.”

Dot Hill’s year-end earnings came along with strong fourth-quarter numbers as well.

The company had $58.8 million in revenue for the fourth quarter, compared with $44 million for the fourth quarter of 2012 and $52.6 million for the third quarter of 2013. Fourth quarter net profit was $2.2 million, or 4 cents per share, compared to a loss of 9 cents per share a year earlier.