Dot Hill’s shares rise, despite declines in revenue, net income

LONGMONT – The stock price for data storage equipment manufacturer Dot Hill Systems Corp. (Nasdaq: HILL) surged more than 6 percent Thursday despite revenue and net income declining in the third quarter versus last year.

Longmont-based Dot Hill reported revenue of $52.1 million for the period ending Sept. 30, down from $52.6 million last year.

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Net income was $40,000 up from a loss of $78,000 in the second quarter but down from a profit of $1.8 million in the third quarter last year.

The company’s stock price was $4.16 per share by mid afternoon, up 27 cents from the previous day’s close.

The company projects fourth-quarter non-GAAP revenue of between $62 million and $68 million.

“Based on our development and some of our customers’ launch schedules, we have been anticipating a back-end loaded 2014, particularly in our Vertical Markets business,” Dot Hill CFO Hanif Jamal stated.