Qualstar Corp. (QBAK, Financial) filed Amended Annual Report for the period ended 2009-06-30.
Qualstar Corp. designs and manufactures the world's finest tape products. The company pioneered adapting 9-track tape technology from mainframesto desktop computing environments and have applied this experience to tape library systems for cartridge tape formats. The company's tape products are compatible with virtually every operating system and platform and are supported by applications packages from many leading developers such as Tivoli Systems and Computer Associates. Qualstar Corp. has a market cap of $23.5 million; its shares were traded at around $1.92 with and P/S ratio of 1.3. The dividend yield of Qualstar Corp. stocks is 12.5%. Qualstar Corp. had an annual average earning growth of 12.4% over the past 5 years.
Nidhi H. Andalon was appointed our Chief Financial Officer by our Board of Directors on January 19, 2009. Ms. Andalon joined Qualstar s finance department in January 2003 as a senior accountant, and was promoted to Assistant Controller in June 2004 and to Controller in October 2005. Upon being appointed Chief Financial Officer, our Board approved an increase in her base salary from $125,000 to $140,000 to reflect her increased responsibilities. In recognition of her performance as Chief Financial Officer during her first six months in that position, our Board approved a further increase in her base salary to a rate of $150,000 per year, effective as of July 2009.
Under Section 162(m) of the Internal Revenue Code, we generally receive a federal income tax deduction for compensation paid to any of our named executive officers only to the extent total compensation does not exceed $1.0 million during any fiscal year or if it is “performance-based” under Section 162(m). The total compensation earned by our executive officers has always been less than $1.0 million and, consequently, the limitations imposed by Section 162(m) have not been a factor.
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Qualstar Corp. designs and manufactures the world's finest tape products. The company pioneered adapting 9-track tape technology from mainframesto desktop computing environments and have applied this experience to tape library systems for cartridge tape formats. The company's tape products are compatible with virtually every operating system and platform and are supported by applications packages from many leading developers such as Tivoli Systems and Computer Associates. Qualstar Corp. has a market cap of $23.5 million; its shares were traded at around $1.92 with and P/S ratio of 1.3. The dividend yield of Qualstar Corp. stocks is 12.5%. Qualstar Corp. had an annual average earning growth of 12.4% over the past 5 years.
Highlight of Business Operations:
William J. Gervais and Richard A. Nelson co-founded Qualstar in 1984 and they continue to serve Qualstar full time as executive officers. The Compensation Committee considers both Mr. Gervais and Mr. Nelson to be largely responsible for the success the Company has achieved, and to be two of our most important employees. However, Mr. Gervais and Mr. Nelson historically have requested that their base salaries be maintained at levels the Compensation Committee considers to be relatively low. The reasons for this include their belief that in the long term their individual equity ownership of Qualstar potentially will provide greater financial returns than current compensation. Moreover, Mr. Gervais voluntarily reduced his salary from a rate of $195,000 per year to a rate of $175,000 per year effective August 25, 2008 in order to reduce costs. In order to further reduce costs, our Board of Directors, upon the recommendation of Mr. Gervais, reduced the base salaries of Mr. Gervais and Mr. Nelson, as well as of Mr. Covey, by 10% for an indefinite period, effective as of July 2009. Mr. Gervais and Mr. Nelson also have never requested nor accepted stock option awards.Nidhi H. Andalon was appointed our Chief Financial Officer by our Board of Directors on January 19, 2009. Ms. Andalon joined Qualstar s finance department in January 2003 as a senior accountant, and was promoted to Assistant Controller in June 2004 and to Controller in October 2005. Upon being appointed Chief Financial Officer, our Board approved an increase in her base salary from $125,000 to $140,000 to reflect her increased responsibilities. In recognition of her performance as Chief Financial Officer during her first six months in that position, our Board approved a further increase in her base salary to a rate of $150,000 per year, effective as of July 2009.
Under Section 162(m) of the Internal Revenue Code, we generally receive a federal income tax deduction for compensation paid to any of our named executive officers only to the extent total compensation does not exceed $1.0 million during any fiscal year or if it is “performance-based” under Section 162(m). The total compensation earned by our executive officers has always been less than $1.0 million and, consequently, the limitations imposed by Section 162(m) have not been a factor.
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