Violin Memory (VMEM) Tops Q4 EPS by 1c; Announces Restructuring Plan

Violin Memory (NYSE: VMEM) reported Q4 EPS of ($0.20), $0.01 better than the analyst estimate of ($0.21). Revenue for the quarter came in at $10.9 million versus the consensus estimate of $13 million.

Violin Memory today also announced a restructuring plan focused on aligning its expense structure with current revenue expectations. In connection with the restructuring plan, the Company reduced headcount by approximately 25% from the ending headcount as of October 31, 2015. The Company has notified those affected by the workforce reduction and has taken steps to ensure a smooth transition.

The Company anticipates these actions to result in a reduction of quarterly non-GAAP operating expenses of approximately 33% when compared to the fiscal third quarter ended October 31, 2015. As a result, the Company expects operating expenses to be between $16 million and $17 million per quarter and its cash burn rate to be less than $10 million per quarter beginning with its fiscal second quarter ending July 31, 2016. More information about the restructuring plan will be provided during the Company's conference call today.

For earnings history and earnings-related data on Violin Memory (VMEM) click here.

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