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This excerpt taken from the QBAK 10-Q filed Nov 13, 2006. LIQUIDITY AND
CAPITAL RESOURCES
Net cash used in operating activities was $236,000 in the three
months ended September 30, 2006, primarily attributed to
the net loss for the quarter and decreases in accrued payroll
and related liabilities, accounts payable and other accrued
liabilities and an increase in prepaids and other assets,
partially offset by a reduction in accounts receivable. Cash
provided by operating activities was $25,000 in the three months
ended September 30, 2005, primarily attributed to a
reduction in accounts receivable and an increase in accounts
payable, partially offset by an increase in prepaid expenses and
other assets and a decrease in other accrued liabilities.
Cash used in investing activities was $461,000 in the three
months ended September 30, 2006, primarily attributed to
the purchase of marketable securities, partially offset by the
sale of marketable securities. Cash used in investing activities
was $637,000 in the three months ended September 30, 2005,
primarily attributed to the purchase of marketable securities.
Cash was not used in or provided by financing activities during
the three months ended September 30, 2006 or the three
months ended September 30, 2005.
As of September 30, 2006, we had $6.1 million in cash
and cash equivalents and $27.5 million in marketable
securities. We believe that our existing cash and cash
equivalents and anticipated cash flows from our operating
activities, plus funds available from the sale of our marketable
securities, will be sufficient to fund our working capital and
capital expenditure needs for at least the next 12 months.
We may utilize cash to invest in businesses, products or
technologies that we believe are strategic. We regularly
evaluate other companies and technologies for possible
investment by us. In addition, we have made and may in the
future make investments in companies with whom we have
identified potential synergies. However, we have no present
commitments or agreements with respect to any material
acquisition of other businesses or technologies.
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This excerpt taken from the QBAK 10-K filed Sep 28, 2006. LIQUIDITY AND
CAPITAL RESOURCES
Cash used by operating activities was $0.0 million in
fiscal 2006, and cash provided by operating activities was
$0.2 million in fiscal 2005 and $0.3 million in fiscal
2004. In fiscal 2006, a breakeven in operating cash resulted
from the receipt of research and development credit refunds and
a decrease in accounts receivable, offset by a net loss for the
year. In fiscal 2005, operating cash was primarily provided by
refunds of fiscal 2002 federal and state income taxes paid and a
decrease in accounts receivable, offset partially by decreases
in accounts payable and other accrued liabilities. In fiscal
2004, operating cash was primarily provided by a refund of
fiscal 2003 income taxes paid and increases in accounts payable
and other accrued liabilities, offset partially by increases in
accounts receivable and inventories.
Cash used in investing activities was $5.3 million in
fiscal 2006, and cash provided by investing activities was
$7.3 million in fiscal 2005 and cash used in investing
activities was $15,000 in fiscal 2004. Cash used in investing
activities in fiscal 2006 related primarily to the purchase of
marketable securities and equipment partially offset by sales of
marketable securities. Cash provided by investing activities in
fiscal 2005 related primarily to sales of marketable securities
partially offset by purchases of equipment. Cash used in
investing activities in fiscal 2004 related primarily to
purchases of marketable securities as well as equipment and
leasehold improvements.
Cash used in financing activities was $0.0 million in
fiscal 2006, $1.7 million in fiscal 2005 and
$0.1 million in fiscal 2004. Cash used in financing
activities for fiscal 2005 and 2004, related primarily to
repurchasing shares of the Company’s common stock.
As of June 30, 2006, we had $6.8 million in cash and
cash equivalents and $26.8 million in marketable
securities. We believe that our existing cash and cash
equivalents and funds available from the sale of our
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marketable securities, will be sufficient to fund our working
capital and capital expenditure needs for at least the next
12 months. We may utilize cash to invest in businesses,
products or technologies that we believe are strategic. We
regularly evaluate other companies and technologies for possible
investment by us. In addition, we have made and may in the
future make investments in companies with whom we have
identified potential synergies. However, we have no present
commitments or agreements with respect to any material
acquisition of other businesses or technologies.
This excerpt taken from the QBAK 10-Q filed May 12, 2006. LIQUIDITY
AND CAPITAL RESOURCES
Cash provided by operating activities was $281,000 in the nine
months ended March 31, 2006, primarily attributed to
decreases in receivables and prepaid income taxes, partially
offset by an increase in inventories and a decrease in accrued
payroll and related liabilities. Cash provided by operating
activities was $355,000 in the nine months ended
March 31, 2005, primarily attributed to reductions in
accounts receivable and deferred taxes, partially offset by a
decrease in accounts payable and other accrued liabilities.
Cash used in investing activities was $5.2 million in the
nine months ended March 31, 2006, primarily attributed to
the purchase of marketable securities, partially offset by
proceeds from the sale of marketable securities. Cash used in
investing activities was $2.6 million in the nine months
ended March 31, 2005, primarily attributed to the purchase
of marketable securities.
Cash was not used in financing activities during the nine months
ended March 31, 2006. Cash used in financing activities
during the nine months ended March 31, 2005 was
$1.7 million, primarily attributed to the repurchase of
359,082 shares of our common stock.
As of March 31, 2006, we had $7.3 million in cash and
cash equivalents and $26.7 million in marketable
securities. We believe that our existing cash and cash
equivalents plus funds available from the sale of our marketable
securities will be sufficient to fund our working capital and
capital expenditure needs for at least the next 12 months.
We may utilize cash to invest in businesses, products or
technologies that we believe are strategic. In addition, we have
made and may in the future make investments in companies with
whom we have identified potential synergies. However, we have no
present commitments or agreements with respect to any material
acquisition of other businesses or technologies.
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We develop products in the United States and sell them
worldwide. As a result, our financial results could be affected
by factors such as changes in foreign currency exchange rates or
weak economic conditions in foreign markets. As all sales are
currently made in U.S. dollars, a strengthening of the
U.S. dollar could make our products less competitive in
foreign markets. Our interest income is sensitive to changes in
the general level of U.S. interest rates, particularly
since the majority of our investments are in short-term
instruments. We have no outstanding debt nor do we utilize
derivative financial instruments. Therefore, no quantitative
tabular disclosures are required.
We carried out an evaluation, under the supervision and with the
participation of our management, including our Chief Executive
Officer and Chief Financial Officer, of the effectiveness of the
design and operation of Qualstar’s disclosure controls and
procedures as of March 31, 2006, pursuant to
Rule 13a-15
under the Securities Exchange Act of 1934. Based upon that
evaluation, our Chief Executive Officer and Chief Financial
Officer concluded that our disclosure controls and procedures
are effective to ensure that information required to be
disclosed by us in reports that we file or submit under the
Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the Commission’s rules
and forms, and to ensure that the information required to be
disclosed by us in reports that we file or submit under the
Exchange Act is accumulated and communicated to our management,
including our Chief Executive Officer and Chief Financial
Officer, as appropriate, to allow timely decisions regarding
required disclosure.
We did not make any changes in our internal control over
financial reporting during the third quarter of fiscal 2006 that
materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
This excerpt taken from the QBAK 10-Q filed Feb 13, 2006. LIQUIDITY
AND CAPITAL RESOURCES
Cash used by operating activities was $4,000 in the six months
ended December 31, 2005, primarily attributed to increases
in inventories, prepaids and other assets and prepaid income
taxes, partially offset by a decrease in accounts receivable.
Cash provided by operating activities was $135,000 in the six
months ended December 31, 2004, primarily attributed to a
reduction in accounts receivable.
Cash used in investing activities was $3.8 million in the
six months ended December 31, 2005, primarily attributed to
the purchase of marketable securities. Cash used in investing
activities was $2.3 million in the six months ended
December 31, 2004, primarily attributed to the purchase of
marketable securities.
Cash was not used in financing activities during the six months
ended December 31, 2005. Cash used in financing activities
during the six months ended December 31, 2004 was
$1.7 million, primarily attributed to the repurchase of
359,082 shares of our common stock.
As of December 31, 2005, we had $8.4 million in cash
and cash equivalents and $25.4 million in marketable
securities. We believe that our existing cash and cash
equivalents plus funds available from the sale of our marketable
securities will be sufficient to fund our working capital and
capital expenditure needs for at least the next 12 months.
We may utilize cash to invest in businesses, products or
technologies that we believe are strategic. In addition, we have
made and may in the future make investments in companies with
whom we have identified potential synergies. However, we have no
present commitments or agreements with respect to any material
acquisition of other businesses or technologies.
We develop products in the United States and sell them
worldwide. As a result, our financial results could be affected
by factors such as changes in foreign currency exchange rates or
weak economic conditions in foreign markets. As all sales are
currently made in U.S. dollars, a strengthening of the U.S.
dollar could make our products
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less competitive in foreign markets. Our interest income is
sensitive to changes in the general level of U.S. interest
rates, particularly since the majority of our investments are in
short-term instruments. We have no outstanding debt nor do we
utilize derivative financial instruments. Therefore, no
quantitative tabular disclosures are required.
We carried out an evaluation, under the supervision and with the
participation of our management, including our Chief Executive
Officer and Chief Financial Officer, of the effectiveness of the
design and operation of Qualstar’s disclosure controls and
procedures as of December 31, 2005, pursuant to
Rule 13a-15
under the Securities Exchange Act of 1934. Based upon that
evaluation, our Chief Executive Officer and Chief Financial
Officer concluded that our disclosure controls and procedures
are effective to ensure that information required to be
disclosed by us in reports that we file or submit under the
Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the Commission’s rules
and forms, and to ensure that the information required to be
disclosed by us in reports that we file or submit under the
Exchange Act is accumulated and communicated to our management,
including our Chief Executive Officer and Chief Financial
Officer, as appropriate, to allow timely decisions regarding
required disclosure.
We did not make any changes in our internal control over
financial reporting during the second quarter of fiscal 2006
that materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
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