"We made progress in fiscal 2013 with the growth of our new branded products, including our SnapServer DX series, which grew more than 60% year-over-year," said
"Our recently announced partnership with
"We are excited about the new market opportunities created by this new product line, and opportunities to drive additional sales of our branded storage products through our partnership with
Highlights:
- SnapServer DX series product revenue in fiscal 2013 grew 63% year-over-year to
$6.2 million .
- Tape revenue increased 15% in the fourth quarter compared to the preceding quarter.
- Total product revenue, including both tape and disk revenue increased 10% in the fourth quarter compared to the preceding quarter.
- Gross margin for fiscal 2013 increased nearly 300 basis points year-over-year to 35.0%.
- Announced new partnership and the development of an integrated solution delivering scalable storage and the full functionality of any software program or application onto any mobile device anywhere, anyplace, anytime.
- SnapScale clustered NAS solution won the Editor's Choice Award for Hardware Product of the Year at The Storage Awards 2013.
- SnapScale X2 won Favorite Storage Hardware Product at the 2013 People's Choice Stevie® Awards.
Fiscal Fourth Quarter Financial Results
- Net revenue for the fourth quarter of fiscal 2013 was
$12.1 million , compared to$15.3 million for the fourth quarter of fiscal 2012 and$11.6 million in the third quarter of fiscal 2013.
- Product revenue for the fourth quarter of fiscal 2013 was
$7.6 million , compared to$9.4 million for the fourth quarter of fiscal 2012 and$6.9 million in the third quarter of fiscal 2013.
- Gross margin for the fourth quarter of fiscal 2013 improved to 36.5%, compared to 31.6% in the fourth quarter of fiscal 2012 and 33.1% in the third quarter of fiscal 2013.
- Operating expenses for the fourth quarter of fiscal 2013 were
$9.4 million , compared to$8.5 million in the fourth quarter of fiscal 2012 and$9.0 million for the third quarter of fiscal 2013.
- Stock compensation expense was
$1.1 million in the fourth quarter of fiscal 2013, compared to$1.2 million for both the fourth quarter of fiscal 2012 and the third quarter of fiscal 2013.
- Depreciation and amortization was
$0.3 million in the fourth quarter of fiscal 2013 compared to$0.5 million in the fourth fiscal quarter of 2012 and$0.3 million in the third quarter of fiscal 2013.
- Net loss for the fourth quarter of fiscal 2013 was
$5.4 million , or a loss of$0.18 per share, compared to a net loss of$2.7 million , or a loss of$0.10 per share, in the fourth quarter of fiscal 2012 and a net loss of$5.1 million , or a loss of$0.17 per share, in the third quarter of fiscal 2013.
Fiscal 2013 Financial Results
- Net revenue for fiscal 2013 was
$48.0 million , compared to$59.6 million for fiscal 2012.
- Product revenue for fiscal 2013 was
$28.8 million , compared to$35.4 million for fiscal 2012.
- Gross margin for fiscal 2013 increased to 35.0%, compared to 32.1% for fiscal 2012.
- Operating expenses for fiscal 2013 were
$35.7 million , compared to$36.2 million for fiscal 2012. Stock compensation expense, included in operating expense, for fiscal 2013 was approximately$4.6 million , compared to$4.9 million for fiscal 2012. Depreciation and amortization for fiscal 2013 was approximately$1.2 million , compared to$1.6 million for fiscal 2012.
- Net loss for fiscal 2013 was
$19.6 million , or a loss of$0.68 per share, compared to a net loss of$16.2 million , or a loss of$0.66 per share, for fiscal 2012.
- Cash and cash equivalents at
June 30, 2013 was$8.8 million , compared to$10.5 million atJune 30, 2012 . AtJune 30, 2013 , the Company had$3.5 million outstanding under its credit facility and$13.25 million outstanding under its convertible notes.
Overland also announced today that
"Lisa has a proven track record within both mobility enterprise and data storage of building long-term customer and strategic partner relationships," said Mr. Kelly. "With her experience at
Prior to joining Overland, Ms. Loe was Vice President of Americas Channel and Partner Sales for mobility solutions provider
Investor Conference Call:
Overland will host an investor conference call today,
About
Safe Harbor Statement
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, satisfaction or disappointment with current prospects, as well as words such as "believes," "hopes," "intends," "estimates," "expects," "projects," "plans," "anticipates" and variations thereof, or the use of future tense, 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 our actual results could differ materially from those contained in such statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain and increase sales volumes of our products; our ability to continue to aggressively control costs and operating expenses; our ability to achieve the intended cost savings and maintain quality with our manufacturing partner; our ability to generate cash from operations; the ability of our suppliers to provide an adequate supply of components for our products at prices consistent with historical prices; our ability to raise outside capital and to repay our debt as it comes due; our ability to introduce new competitive products and the degree of market acceptance of such new products; the timing and market acceptance of new products introduced by our competitors; our ability to maintain strong relationships with branded channel partners; our ability to regain compliance with the continued listing requirements of, and thereby maintain the listing of our common stock on the
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Visit Overland on
| OVERLAND STORAGE, INC. | ||||||||||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| June 30, | June 30, | |||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||
| Net revenue | $ | 12,068 | $ | 15,300 | $ | 48,020 | $ | 59,632 | ||||||||||
| Cost of revenue | 7,660 | 10,459 | 31,220 | 40,472 | ||||||||||||||
| Gross profit | 4,408 | 4,841 | 16,800 | 19,160 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Sales and marketing | 4,434 | 3,880 | 17,574 | 16,178 | ||||||||||||||
| Research and development | 1,665 | 1,791 | 6,522 | 8,148 | ||||||||||||||
| General and administrative | 3,271 | 2,802 | 11,579 | 11,848 | ||||||||||||||
| Total expenses | 9,370 | 8,473 | 35,675 | 36,174 | ||||||||||||||
| Loss from operations | (4,962 | ) | (3,632 | ) | (18,875 | ) | (17,014 | ) | ||||||||||
| Interest income | - | 377 | 3 | 377 | ||||||||||||||
| Interest expense | (327 | ) | (22 | ) | (594 | ) | (100 | ) | ||||||||||
| Other income (expense), net | (92 | ) | 589 | (16 | ) | 655 | ||||||||||||
| Loss before income taxes | (5,381 | ) | (2,688 | ) | (19,482 | ) | (16,082 | ) | ||||||||||
| Provision for income taxes | 44 | 6 | 165 | 79 | ||||||||||||||
| Net loss | $ | (5,425 | ) | $ | (2,694 | ) | $ | (19,647 | ) | $ | (16,161 | ) | ||||||
| Net loss per share: | ||||||||||||||||||
| Basic and diluted | $ | (0.18 | ) | $ | (0.10 | ) | $ | (0.68 | ) | $ | (0.66 | ) | ||||||
| Shares used in computing net loss per share: | ||||||||||||||||||
| Basic and diluted | 29,996 | 27,644 | 28,841 | 24,487 | ||||||||||||||
| OVERLAND STORAGE, INC. | ||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
| (In thousands, except per share data) | ||||||||||
| Three Months Ended | Three Months Ended | |||||||||
| June 30, | March 31, | |||||||||
| 2013 | 2013 | |||||||||
| (Unaudited) | (Unaudited) | |||||||||
| Net revenue | $ | 12,068 | $ | 11,642 | ||||||
| Cost of revenue | 7,660 | 7,790 | ||||||||
| Gross profit | 4,408 | 3,852 | ||||||||
| Operating expenses: | ||||||||||
| Sales and marketing | 4,434 | 4,662 | ||||||||
| Research and development | 1,665 | 1,669 | ||||||||
| General and administrative | 3,271 | 2,659 | ||||||||
| Total expenses | 9,370 | 8,990 | ||||||||
| Loss from operations | (4,962 | ) | (5,138 | ) | ||||||
| Interest income | - | - | ||||||||
| Interest expense | (327 | ) | (179 | ) | ||||||
| Other income (expense), net | (92 | ) | 235 | |||||||
| Loss before income taxes | (5,381 | ) | (5,082 | ) | ||||||
| Provision for income taxes | 44 | 4 | ||||||||
| Net loss | $ | (5,425 | ) | $ | (5,086 | ) | ||||
| Net loss per share: | ||||||||||
| Basic and diluted | $ | (0.18 | ) | $ | (0.17 | ) | ||||
| Shares used in computing net loss per share: | ||||||||||
| Basic and diluted | 29,996 | 29,390 | ||||||||
| OVERLAND STORAGE, INC. | ||||||||
| SELECTED BALANCE SHEET INFORMATION | ||||||||
| (In thousands) | ||||||||
| June 30, | June 30, | |||||||
| 2013 | 2012 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 8,831 | $ | 10,522 | ||||
| Accounts receivable, net | 6,640 | 9,193 | ||||||
| Inventories | 10,354 | 10,658 | ||||||
| Other current assets | 1,923 | 3,779 | ||||||
| Total current assets | 27,748 | 34,152 | ||||||
| Property and equipment, net | 2,014 | 1,446 | ||||||
| Other assets | 1,641 | 2,662 | ||||||
| Total assets | $ | 31,403 | $ | 38,260 | ||||
| LIABILITIES & EQUITY (DEFICIT) | ||||||||
| Current liabilities | $ | 21,064 | $ | 26,759 | ||||
| Long-term debt | 16,750 | 3,500 | ||||||
| Other long-term liabilities | 3,885 | 4,960 | ||||||
| Shareholders' equity (deficit) | (10,296 | ) | 3,041 | |||||
| Total liabilities and equity (deficit) | $ | 31,403 | $ | 38,260 | ||||
Investor Relations Contact:
MKR Group Inc.
323-468-2300
ovrl@mkr-group.com
Source:
