Violin Memory Inc. Gains In Extended Session On Q3 Beat

Violin Memory Inc.,

beat results Monday with a narrower than expected third-quarter loss on sequential revenue growth of 17 percent. The Santa Clara, Calif. -based flash systems company gained nearly 6 percent in Monday's extended session recently, changing hands at $5.60. Chief Executive Kevin A. DeNuccio said the company is “growing at a 40 to 50 percent annualized rate while beginning to build a backlog that should further improve our performance going forward.” The company expected to provide a fourth-quarter outlook in a conference call with analysts who expect a loss of $0.19 cents a share on revenue of $22.4 million. Violin's third-quarter loss widened to $23.5 million, or $0.25 a share, from a year-earlier loss of $34.1 million, or $0.85 a share. The adjusted loss equaled $0.19 cents a share. Third-quarter revenue fell to $21.7 million from $28.3 million a year earlier. Revenue in the recent second quarter totaled $18.6 million. Wall Street expected an adjusted loss of $0.20 cents a share on revenue of $20.2 million.