Dot Hill share price slides despite profit, revenue growth

LONGMONT — The share price of data-storage firm Dot Hill Systems Corp. (Nasdaq: HILL) slid 9percent Thursday despite a second-quarter earnings report that included increases in profit and revenue over the previous year.

Longmont-based Dot Hill posted profit of $685,000, or 1 cent per share, improving from a loss of $78,000 for the same quarter last year. The figure was down, however, from profit of $3.9 million, or 6 cents per share in the first quarter of this year.

Revenue for the second quarter was $61.5 million, up from $48.2 million a year ago and from $61.1 million for the first quarter.

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“The second quarter was another strong quarter and proof point of sustained growth in our business,” CFO Hanif Jamal said in a prepared statement. “What is perhaps more important to us, is that when we look at our trailing 12-month financial metrics and trends, we are right on plan and perhaps a little ahead of plan on some metrics, compared to the goals we established for 2017 at our April analyst day.”

Dot Hill shares were trading at $5.61 apiece late Thursday afternoon, down from Wednesday’s close of $6.17.

The company increased its cash and cash equivalents during the quarter to $49.1 million from $46.3 million at the end of the previous quarter.