In the SEC filing, nStors accountants paint a bleak picture: The auditors reports for our consolidated financial statements for the years [2001-2003] state that given our recurring operating losses and our continued experience of negative cash flows from operations, there is substantial doubt about our ability to continue. The companys filing also states: We have insufficient liquidity to fund our operating needs for the next 12 months.
NStor lost $6 million for 2003, including $1.6 million in the fourth quarter. That followed losses of $8 million in 2002 and $14 million in 2001.
NStor Corp., the storage division, recently added a SATA platform to go with its Fibre Channel arrays (see nStor Unveils SATA Series). The storage division generates most of nStor's revenue, which came to $12.6 million last year.
Levy claimed a significant increase in orders in March, and said he hoped a reseller agreement with DataCore Software Corp. would give sales a boost (see nStor Resells DataCore Software). He also said customers were waiting for more SATA products to become available before jumping in.
There isn't much time to lose for any company wanting a place on the SATA bandwagon: The SATA market is clearly taking off and has attracted most of the big-name array vendors and component makers (see SATA Suppliers Ready for Onslaught and AMCC Buys More Storage).
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