Revenue for the quarter should exceed $39 million and the company expects earnings for the first quarter to be in the range of $0.07 to $0.09 per share. The current consensus of Wall Street estimates for the quarter consists of $37.4 million in revenue and earnings of $0.06 per share. Overland plans to announce complete first quarter results after the close of the market on Oct. 18, 2001.
"Although Overland's business in the eastern United States slowed as a result of the disruptions following the tragic events of September 11, 2001, elsewhere our business was strong throughout the quarter," stated Christopher Calisi, Overland's President and CEO. "We believe that many businesses will be reevaluating and strengthening their disaster recovery plans and that the market for automated tape backup solutions will see further improvement. Furthermore, we are pleased with the market acceptance of our recently released next-generation Neo(TM) series of tape libraries which is positioned at an attractive price point and offers state of the art features not enjoyed by our competition. Although cautious about these uncertain economic times, we are encouraged by our performance and remain optimistic about our future outlook given the potential for increased spending in the area of data storage and recovery."
Overland is a global supplier of storage automation solutions and related technologies designed to meet and surpass the critical requirements of high-availability network computing environments, from entry level to the enterprise. The company is a recognized leader in technology innovation and product reliability. Its award-winning products meet the critical needs of end users, distributors and OEMs in industries worldwide.
Except for the factual statements made herein, the information contained in this news release consists of forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism and satisfaction with current or future prospects, as well as words such as "believe," "intends," "expects," "plans," "anticipates" and variations thereof, identify forward-looking statements, but their absence does not mean that a statement is not forward looking. Such forward-looking statements are not guarantees of performance and the company's actual results could differ materially from those contained in such statements. Factors that could cause or contribute to such differences include economic conditions and technology spending levels, unexpected shortages of critical components, rescheduling or cancellation of customer orders, loss of a major customer, the timing and market acceptance of new product introductions by the company and its competitors, general competition and price pressures in the marketplace and the company's ability to control costs and expenses. 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. These forward-looking statements speak only as of the date of this release and the company undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.
About Overland
Overland Data Inc. is a global supplier of innovative data storage and storage automation solutions for computer networks. The company's reputation for delivering high availability products, as well as its award-winning SmartScale Storage(R) architecture which set the standard for intelligent automated storage and scalability, has established Overland as a leader in the mid-range tape automation market. Overland sells its products worldwide through leading OEMs, commercial distributors, storage integrators and value-added resellers.
CONTACT: Overland Data, San Diego
Christopher Calisi / Vernon LoForti, 858/571-5555
ccalisi@overlanddata.com / vloforti@overlanddata.com
http://www.overlanddata.com
or
Mentus Inc., San Diego
Chris Dale, 858/455-5500
cdale@mentusonline.com
www.mentusonline.com
