Quantum Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

12 Months Ended

Mar. 31, 2014

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS [Abstract]

Schedule of Revised Financial Statements

The foregoing revisions are not material to any prior period's Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Loss or Consolidated Statements of Stockholders' Deficit and have no impact on the Consolidated Statement of Cash Flows. The impact of these revisions to our Consolidated Balance Sheet at March 31, 2013; our Consolidated Statements of Operations for the years ended March 31, 2013 and 2012; and our Condensed Consolidated Statements of Operations for the first three quarters of fiscal 2014 and each quarter of fiscal 2013 is summarized as follows (in thousands, except per share amounts):

Consolidated Balance Sheets

	As of March 31, 2013
	As Reported			As Revised
Accounts receivable	$	99,093		$	96,835
Other current assets		12,192			11,831
Total current assets		271,727			269,108
Other long-term assets		9,531			9,892
Total long-term assets		99,413			99,774
Total assets		371,140			368,882
Accrued restructuring charges, current		4,756			3,021
Accrued compensation		30,311			30,964
Other accrued liabilities		20,188			14,569
Total current liabilities		201,517			194,816
Accrued restructuring charges, long-term		-			1,735
Other long-term liabilities		7,812			11,301
Total long-term liabilities		251,205			256,429
Accumulated deficit		(517,816	)		(518,597	)
Stockholders' deficit		(81,582	)		(82,363	)
Total liabilities and stockholders' deficit		371,140			368,882

Consolidated Statements of Operations - Annual

	Fiscal Year Ended March 31,
	2013						2012
	As Reported			As Revised			As Reported			As Revised
Product revenue	$	399,043		$	398,910		$	451,340		$	451,469
Royalty revenue		44,492			44,492			56,666			56,154
Total revenue		587,572			587,439			652,370			651,987
Cost of service revenue		79,647			79,604			88,459			88,466
Total cost of revenue		346,921			346,878			378,535			378,542
Gross margin		240,651			240,561			273,835			273,445
Sales and marketing expenses		137,041			136,873			130,938			131,239
General and administrative expenses		62,179			62,017			62,910			62,666
Total operating expenses		283,351			283,021			270,143			270,200
Income (loss) from operations		(42,700	)		(42,460	)		5,192			4,745
Loss before income taxes		(51,258	)		(51,018	)		(7,922	)		(8,369	)
Net loss		(52,419	)		(52,179	)		(8,809	)		(9,256	)
Diluted net loss per share		(0.22	)		(0.22	)		(0.04	)		(0.04	)

Consolidated Statements of Operations - Quarterly - Fiscal 2014 - Unaudited

	Fiscal 2014
	1^st Quarter						2^nd Quarter
	As Reported			As Revised			As Reported			As Revised
Product revenue	$	85,969		$	85,849		$	84,707		$	84,756
Total revenue		147,969			147,849			131,430			131,479
Gross margin		69,955			69,835			56,343			56,392
General and administrative expenses		14,697			14,689			14,813			14,795
Total operating expenses		64,108			64,100			61,375			61,357
Income (loss) from operations		5,847			5,735			(5,032	)		(4,965	)
Income (loss) before income taxes		3,783			3,671			(7,426	)		(7,359	)
Net income (loss)		3,393			3,281			(7,960	)		(7,893	)
Diluted net income (loss) per share		0.01			0.01			(0.03	)		(0.03	)

	3^rd Quarter
	As Reported			As Revised
Product revenue	$	98,348		$	98,287
Total revenue		145,930			145,869
Gross margin		61,434			61,373
General and administrative expenses		14,279			14,261
Total operating expenses		61,471			61,453
Loss from operations		(37	)		(80	)
Loss before income taxes		(2,107	)		(2,150	)
Net loss		(2,415	)		(2,458	)
Diluted net loss per share		(0.01	)		(0.01	)

Consolidated Statements of Operations - Quarterly - Fiscal 2013 - Unaudited

	Fiscal 2013
	1^st Quarter						2^nd Quarter
	As Reported			As Revised			As Reported			As Revised
Product revenue	$	93,811		$	93,778		$	100,067		$	100,034
Total revenue		140,879			140,846			147,340			147,307
Cost of service revenue		20,334			20,304			20,232			20,232
Total cost of revenue		85,084			85,054			88,116			88,116
Gross margin		55,795			55,792			59,224			59,191
Sales and marketing expenses		35,278			34,444			34,441			34,441
General and administrative expenses		16,780			16,739			15,279			15,238
Total operating expenses		70,607			69,732			69,195			69,154
Loss from operations		(14,812	)		(13,940	)		(9,971	)		(9,963	)
Loss before income taxes		(16,999	)		(16,127	)		(11,898	)		(11,890	)
Net loss		(17,498	)		(16,626	)		(12,268	)		(12,260	)
Diluted net loss per share		(0.07	)		(0.07	)		(0.05	)		(0.05	)

	3^rd Quarter						4^th Quarter
	As Reported			As Revised			As Reported			As Revised
Product revenue	$	112,517		$	112,483		$	92,648		$	92,615
Total revenue		159,395			159,361			139,958			139,925
Cost of service revenue		19,360			19,360			19,721			19,708
Total cost of revenue		91,367			91,367			82,354			82,341
Gross margin		68,028			67,994			57,604			57,584
Sales and marketing expenses		33,588			33,588			33,734			34,400
General and administrative expenses		14,851			14,810			15,269			15,230
Total operating expenses		73,656			73,615			69,893			70,520
Loss from operations		(5,628	)		(5,621	)		(12,289	)		(12,936	)
Loss before income taxes		(7,798	)		(7,791	)		(14,563	)		(15,210	)
Net loss		(8,146	)		(8,139	)		(14,507	)		(15,154	)
Diluted net loss per share		(0.04	)		(0.04	)		(0.06	)		(0.06	)

These revisions impacted our Condensed Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Comprehensive Loss and Consolidated Statements of Stockholders' Deficit for each period by an amount equal to the impact to net income (loss) for the applicable period.

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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