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Quantum profit misses consensus by 77.1% in fiscal Q3

Quantum Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 5 cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

EPS fell 62.7% year over year from 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.5 million, a decline of 67.5% from $4.7 million in the prior-year period.

The normalized profit margin dropped to 0.9% from 3.3% in the year-earlier period.

Total revenue fell 9.9% on an annual basis to $128.0 million from $142.1 million, and total operating expenses declined 6.1% on an annual basis to $124.2 million from $132.3 million.

Reported net income came to a loss of $299,000, or a loss of 1 cents per share, compared to income of $7.8 million, or 21 cents per share, in the year-earlier period.