Dot Hill revenue up, loss increases

LONGMONT – Dot Hill Systems Corp. in Longmont increased revenue by 11 percent during its first-quarter 2010 ending March 31 to $60 million compared with $53.9 million during the same period a year ago.

The increased revenue did not stem a net loss, however. The data-storage firm reported a net loss of $6.4 million, or 12 cents per share, during the first quarter compared with a net loss of $3.3 million, or 7 cents  per share, for the first quarter of 2009, and $5 million, or 11 cents per share, for the fourth quarter of 2009.

During the quarter, Dot Hill completed acquisition of Cloverleaf Communications Inc., released and began volume shipments of Dot Hill’s next generation Series 3000 products.

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The company exited first-quarter 2010 with cash and cash equivalents of $51.3 million, as compared to $57.6 million at the end of 2009. The decrease in the company’s cash and cash equivalents was primarily attributable to cash used for the Cloverleaf acquisition.

The company also used $4.7 million in cash flows from operations during the quarter, which included approximately $1.5 million of Cloverleaf liabilities that the company assumed in the acquisition that are reflected in operating cash flows.