"We continue to execute on our overall strategy and expand our addressable markets with the successful introduction of new solutions in the data management and data protection marketplace," said
Product Highlights:
- SnapServer revenue increased 7.3% in the third quarter compared to the preceding quarter, led by a 54% increase in SnapServer DX Series 2U platform sales.
- SnapSAN revenue grew 24% sequentially in the third quarter, driven by strong S3000 and S5000 revenue.
- SnapScale pipeline has grown to an excess of
$10 million sinceJanuary 2013 .
Third Quarter Fiscal 2013 Financial Results:
- Net revenue for the third quarter of fiscal 2013 was
$11.6 million , compared to$12.6 million for the second quarter of fiscal 2013 and$15.2 million in the third quarter of fiscal 2012.
- Product revenue for the third quarter of fiscal 2013 was
$6.9 million , compared to$7.8 million for the second quarter of fiscal 2013 and$9.0 million in the third quarter of fiscal 2012.
- Gross margins for the third quarter of fiscal 2013 were 33.1%, compared to 36.5% in the second quarter of fiscal 2013 and 31.1% in the third fiscal quarter of 2012.
- Operating expenses for the third quarter of fiscal 2013 were
$9.0 million , compared to$8.7 million in the second quarter of fiscal 2013 and$8.4 million for the third quarter of fiscal 2012.
- Stock compensation expense was
$1.2 million in the third quarter of fiscal 2013, compared to$1.3 million for the second quarter of fiscal 2013 and$1.1 million for the third quarter of fiscal 2012.
- Depreciation and amortization was
$0.3 million in the third quarter of fiscal 2013 compared to$0.3 million in the second fiscal quarter of 2013 and$0.4 million in the third quarter of fiscal 2012.
- Net loss for the third fiscal quarter of 2013 was
$5.1 million , or a loss of$0.17 per share, compared to a net loss of$4.3 million , or a loss of$0.15 per share, in the second quarter of fiscal 2013 and a net loss of$3.8 million , or a loss of$0.16 per share, in the third quarter of fiscal 2012.
- Cash and cash equivalents at
March 31, 2013 was$14.1 million , compared to$10.5 million atJune 30, 2012 . AtMarch 31, 2013 , the Company had$3.5 million outstanding under its credit facility and$13.25 million outstanding under its convertible notes.
- Completed private placements of convertible notes and common stock resulting in aggregate gross proceeds to the Company of
$14.25 million .
Recent Awards and Nominations:
- SnapServer DX Series NAS storage arrays won Hardware Product of the Year in the 2013 Network Computing Awards.
- SnapScale X2 clustered NAS has been named a finalist as Data Center Hardware Product of the Year and nominated as Network Computing's New Product of the Year Award, Network Product Guide's Best Storage Solution and the American Business Awards New Product of the Year Award.
- Overland has been awarded the 5-Star Partner rating in CRN's 2013 Partner Program Guide, the definitive listing of manufacturers and software publishers that service the IT Channel.
Patent Litigation:
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 new 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 maintain the listing of our common stock on the
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| OVERLAND STORAGE, INC. | ||||||||||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| March 31, | March 31, | |||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||
| Net revenue | $ | 11,642 | $ | 15,152 | $ | 35,952 | $ | 44,332 | ||||||||||
| Cost of revenue | 7,790 | 10,442 | 23,560 | 30,013 | ||||||||||||||
| Gross profit | 3,852 | 4,710 | 12,392 | 14,319 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Sales and marketing | 4,662 | 3,760 | 13,140 | 12,298 | ||||||||||||||
| Research and development | 1,669 | 1,723 | 4,857 | 6,357 | ||||||||||||||
| General and administrative | 2,659 | 2,917 | 8,308 | 9,046 | ||||||||||||||
| Total expenses | 8,990 | 8,400 | 26,305 | 27,701 | ||||||||||||||
| Operating loss | (5,138 | ) | (3,690 | ) | (13,913 | ) | (13,382 | ) | ||||||||||
| Interest income | - | - | 3 | - | ||||||||||||||
| Interest expense | (179 | ) | (43 | ) | (267 | ) | (78 | ) | ||||||||||
| Other income (expense), net | 235 | (141 | ) | 76 | 66 | |||||||||||||
| Loss before income taxes | (5,082 | ) | (3,874 | ) | (14,101 | ) | (13,394 | ) | ||||||||||
| Provision for income taxes | 4 | (54 | ) | 121 | 73 | |||||||||||||
| Net loss | $ | (5,086 | ) | $ | (3,820 | ) | $ | (14,222 | ) | $ | (13,467 | ) | ||||||
| Net loss per share: | ||||||||||||||||||
| Basic and diluted | $ | (0.17 | ) | $ | (0.16 | ) | $ | (0.50 | ) | $ | (0.57 | ) | ||||||
| Shares used in computing net loss per share: | ||||||||||||||||||
| Basic and diluted | 29,390 | 23,881 | 28,534 | 23,435 | ||||||||||||||
| OVERLAND STORAGE, INC. | ||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
| (In thousands, except per share data) | ||||||||||
| Three Months Ended | Three Months Ended | |||||||||
| March 31, | December 31 | |||||||||
| 2013 | 2012 | |||||||||
| (Unaudited) | (Unaudited) | |||||||||
| Net revenue | $ | 11,642 | $ | 12,599 | ||||||
| Cost of revenue | 7,790 | 8,002 | ||||||||
| Gross profit | 3,852 | 4,597 | ||||||||
| Operating expenses: | ||||||||||
| Sales and marketing | 4,662 | 4,353 | ||||||||
| Research and development | 1,669 | 1,591 | ||||||||
| General and administrative | 2,659 | 2,765 | ||||||||
| Total expenses | 8,990 | 8,709 | ||||||||
| Operating loss | (5,138 | ) | (4,112 | ) | ||||||
| Interest income | - | - | ||||||||
| Interest expense | (179 | ) | (46 | ) | ||||||
| Other income (expense), net | 235 | (47 | ) | |||||||
| Loss before income taxes | (5,082 | ) | (4,205 | ) | ||||||
| Provision for income taxes | 4 | 68 | ||||||||
| Net loss | $ | (5,086 | ) | $ | (4,273 | ) | ||||
| Net loss per share: | ||||||||||
| Basic and diluted | $ | (0.17 | ) | $ | (0.15 | ) | ||||
| Shares used in computing net loss per share: | ||||||||||
| Basic and diluted | 29,390 | 28,339 | ||||||||
| OVERLAND STORAGE, INC. | ||||||||
| SELECTED BALANCE SHEETS INFORMATION | ||||||||
| (In thousands) | ||||||||
| March 31, | June 30, | |||||||
| 2013 | 2012 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 14,148 | $ | 10,522 | ||||
| Accounts receivable, net | 6,331 | 9,193 | ||||||
| Inventories | 10,832 | 10,658 | ||||||
| Other current assets | 3,017 | 3,779 | ||||||
| Total current assets | 34,328 | 34,152 | ||||||
| Property and equipment, net | 1,894 | 1,446 | ||||||
| Other assets | 2,184 | 2,662 | ||||||
| Total assets | $ | 38,406 | $ | 38,260 | ||||
| LIABILITIES & EQUITY (DEFICIT) | ||||||||
| Current liabilities | $ | 27,470 | $ | 26,759 | ||||
| Long-term debt | 13,250 | 3,500 | ||||||
| Other long-term liabilities | 4,075 | 4,960 | ||||||
| Shareholders' equity (deficit) | (6,389 | ) | 3,041 | |||||
| Total liabilities and equity (deficit) | $ | 38,406 | $ | 38,260 | ||||
Investor Relations Contact:
MKR Group Inc.
323-468-2300
ovrl@mkr-group.com
Source:
