SAN DIEGO, California - Overland Data, Inc. (NASDAQ/NMS: OVRL)
today reported results for its third fiscal quarter ended March 31, 1997. Revenues for the
quarter increased 41% to $15.4 million compared to $10.9 million in the same period of the
prior year. Net income more than doubled to $797,000, or $.09 per share, compared to
$284,000, or $.04 per share, in the prior year.
For the nine months ended March 31, 1997, revenues of $42.6 million were up 25% from $34.2
million in the same period of the prior year. Net income for the nine months amounted to
$2.2 million, or $.25 per share, compared to $1.4 million, or $.18 per share, in the prior
year.
Commenting on the Company's performance, Scott McClendon, Overland's President & CEO,
stated, "We are pleased with our first quarterly results as a public company. We have
a strong base of highly reliable products and continue to introduce follow-on and new
products to complement them. Our award-winning DLT-based LibraryXpress products, which
have now been shipping for a full year, have received wide acceptance in the marketplace
and we are working on solid opportunities for them over the next few quarters."
Overland also reported that its Board of Directors has authorized a program to purchase up
to 500,000 shares of its common stock in the open market. The Company intends to use such
shares to lessen the dilutive impact on earnings per share of its employee stock benefit
plans. The program will be implemented after April 17, 1997 which marks the end of the
Company's internally imposed blackout period for its third fiscal quarter.
Overland Data is a technology leader in high-performance scaleable tape solutions for
high-capacity backup, interchange, HSM and archival storage. The Company offers three
complete technology choices: DLT, 18- and 36-track, and 9-track, designed for
workstations, networks and midrange systems. Overland's award-winning products meet the
needs of end users, distributors and OEMs in industries worldwide.
-- Table Follows --
OVERLAND DATA, INC.
CONSOLIDATED STATEMENTS OF OPERATION
(Unaudited)
(In thousands, except per share data)
Three Months Ended |
Nine Months Ended |
||||||
March 31 |
March 31 |
||||||
1997 |
1996 |
1997 |
1996 |
||||
| Net sales ..................................... | $ 15,404 |
$ 10,889 |
$ 42,637 |
$ 34,208 |
|||
| Cost of goods sold ...................... | 10,167 |
7,254 |
27,588 |
22,633 |
|||
| Gross profit ................................. | 5,237 |
3,635 |
15,049 |
11,575 |
|||
| Operating expenses: | |||||||
| Sales and marketing ..................... | 1,738 |
1,542 |
5,296 |
4,410 |
|||
| Research and development .......... | 993 |
858 |
3,088 |
2,766 |
|||
| General and administrative ........... | 1,189 |
742 |
2,938 |
2,143 |
|||
| Total expenses ............................ | 3,920 |
3,142 |
11,322 |
9,319 |
|||
| Operating income ........................ | 1,317 |
493 |
3,727 |
2,256 |
|||
| Other income (expense), net ........ | 12 |
(44) |
(117) |
(81) |
|||
| Income before income taxes ........ | 1,329 |
449 |
3,610 |
2,175 |
|||
| Income taxes ............................... | 532 |
165 |
1,445 |
779 |
|||
| Net income ................................. | $ 797 |
$ 284 |
$ 2,165 |
$ 1,396 |
|||
| Net income per share .................. | $ 0.09 |
$ 0.04 |
$ 0.25 |
$ 0.18 |
|||
| Shares used in computing net income per share ................... |
9,343 |
8,033 |
8,602 |
7,840 |
|||
Except for the factual statements made herein, the information contained in this press
release consists of forward looking statements that involve risks and uncertainties. The
Company's actual results could differ materially from those contained in such statements.
Factors that could cause or contribute to such differences include unexpected shortages of
critical components, rescheduling or cancellation of customer orders, the timing and
market acceptance of new product introductions by the Company and its competitors, and
general competition and price pressures in the marketplace. Reference is also made to
other factors set forth in the Company's filings with the Securities and Exchange
Commission including the "Risk Factors", "Management's Discussion and
Analysis" and other sections of the Company's Form 10-K for the most recently
completed fiscal year.
* DLT is a claimed trademark of Quantum Corp. worldwide. All other products are trademarks
or registered trademarks of their respective companies.
