In its most recent financial quarter, Qualstar wrote off a million-dollar investment in Chaparral, a Longmont, Colorado-based company that earlier this year pulled a planned IPO and has gone through some recent management upheavals.
Greg Mangold, vice president of marketing at Chaparral, says the company is in the midst of trying to close a Series E round of funding "that will be enough to last us 14 months." Mangold says the almost 4-year-old Chaparral is not yet profitable, though it expects to record close to $20 million in revenue for its current fiscal year.
"We like their 2-Gbit/s product," says Gervais of Chaparral's newest router, a product already embraced by Overland Data Inc. (Nasdaq: OVRL), a Qualstar competitor. "We think they're going to be around," says Gervais of Chaparral. "We're just not sure in what form."
Even with the writedown, Qualstar still reported earnings of six cents per share for the three months ending June 30, also the end of the company's 2001 fiscal year. For the year, Qualstar recorded earnings of 53 cents per share, on revenues of $51.6 million.
- Paul Kapustka, Editor at Large, Byte and Switch http://www.byteandswitch.com
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