|By Marketwired .||
|November 14, 2012 04:05 PM EST||
SAN DIEGO, CA -- (Marketwire) -- 11/14/12 -- Overland Storage (NASDAQ: OVRL), a trusted global provider of effortless data management and data protection solutions across the data lifecycle, today reported financial results for its fiscal 2013 first quarter ended September 30, 2012.
Eric Kelly, President and CEO of Overland Storage, said, "With the successful launch of our new clustered NAS solution in October, we have three significant new branded products that are now positioned to gain traction in the marketplace as planned, and in less than a year, we have built a significant pipeline of new branded product opportunities that continues to grow. These new products have significantly expanded our total addressable market and have allowed us to participate in new opportunities not previously available to us.
"While our fiscal first quarter has historically been a seasonally down quarter, our lower than expected total revenue is largely due to the difficult macroeconomic environment in Europe and longer sales cycles, which we believe have similarly affected our competitors. While we continued to win new business in Europe, customers delayed taking product due to the market uncertainty, which negatively affected our revenue across all our product families and has tempered our outlook for our sales in the region. As a result, we are not reiterating our guidance regarding achieving non-GAAP profitability in the fourth quarter of calendar 2012, but we believe that with our strong branded product portfolio and growing pipeline of new business, we can achieve this profitability target by the end of our 2013 fiscal year."
- Launched new clustered NAS product SnapScale X2, significantly expanding the company's addressable market opportunity to include the $14 billion scale-out NAS market
- Gross margins for the first quarter of fiscal 2013 improved sequentially to 33.7% from 31.6%
- Announced availability of LTO6 technology in the company's line of NEO Series tape libraries, more than doubling user storage capacities from previous generation technology
- SnapSAN 5000 product awarded highest honor of Gold Winner in the best new IT hardware category for the Golden Bridge Awards
- ITC ruling in October beneficial to Overland's infringement claims against BDT in district court
- Filed a petition with the ITC Commission in November requesting a review of infringement of the '581 mail slot patent based on the commission's new definition of a linear array
First Quarter Fiscal 2013 Financial Results
Net revenue for the first quarter of fiscal 2013 was $11.7 million, compared to $14.1 million for the first quarter of fiscal 2012 and $15.3 million for the fourth quarter of fiscal 2012. Product revenue for the first quarter of fiscal 2013 was $6.6 million, compared to $7.9 million in the first quarter of fiscal 2012 and $9.4 million for the fourth quarter of fiscal 2012.
Gross margin for the first quarter of fiscal 2013 was 33.7%, up from 32.6% for the first quarter of fiscal 2012 and 31.6% for the fourth quarter of fiscal 2012.
Operating expenses for the first quarter of fiscal 2013 were $8.6 million, compared to $10.0 million for the first quarter of fiscal 2012, and $8.5 million in the fourth quarter of fiscal 2012. Stock compensation expense was approximately $1.3 million in the first quarter of fiscal 2013, compared to approximately $1.4 million for the first quarter of fiscal 2012 and approximately $1.1 million for the fourth quarter of fiscal 2012. Depreciation and amortization was approximately $0.3 million in the first quarter of fiscal 2013, compared to $0.4 million in the first quarter of 2012.
Net loss for the first quarter of fiscal 2013 was $4.9 million, or a loss of $0.17 per share, compared to a net loss of $5.4 million, or a loss of $0.23 per share, in the first quarter of fiscal 2012 and a loss of $2.7 million, or a loss of $0.10 per share, in the fourth quarter of fiscal 2012.
Total cash and cash equivalents at September 30, 2012 was $7.2 million, compared to $10.5 million at June 30, 2012. At September 30, 2012, the Company had $4.0 million outstanding under its credit facility.
Based on the Commission's evaluation of the '581 mail slot patent, Overland filed a petition on November 8, 2012 arguing that claims 10,12 and 16 meet the new definition of "linear array" put forward by the Commission, as the Commission agrees, and thus the ITC now should decide for the first time whether the BDT products include all the other elements of these claims. If the ITC remands the '581 infringement issue on this basis, the Administrative Law Judge could find BDT's products infringe claims 10, 12 and 16, which Overland believes will result in BDT no longer being allowed to ship products with mail slots into the United States.
Overland reported on October 26, 2012 that the United States International Trade Commission (ITC) released a Notice of Commission Decision in the infringement action filed by Overland Storage against IBM, Dell and BDT. Overland has previously reported that its ITC and District Court actions against IBM and Dell have been resolved by settlement. The Notice of Commission Decision makes several key findings regarding Overland Storage's U.S. Patent No. 6,328,766, which relates to partitioning media elements in automated media devices, and its U.S. Patent No. 6,353,581, which relates to the "mail slot" feature in automated media devices. Overland views this decision by the full Commission as beneficial to pursuing patent suits in civil court and another step in the process of proving that BDT and others in the data storage industry have been using Overland's intellectual property without permission. The company's infringement case against BDT and its affiliates continues and Overland plans to pursue monetary damages against BDT in District Court.
Investor Conference Call:
Overland will host an investor conference call today, Wednesday, November 14, at 5:00 pm ET (2:00 pm PT) to discuss the Company's first quarter fiscal 2013 financial results. To access the call dial (877) 941-4774 (+1 (480) 629-9760 outside the United States) and when prompted provide the pass code "Overland Storage" to the operator. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. In addition, a live and archived webcast of the conference call will be available over the Internet at www.overlandstorage.com in the Investor Relations section. A replay of the conference call will also be available via telephone by dialing (800) 406-7325 (+1 (303) 590-3030 outside the United States) and entering access code, 4573025#, beginning 8:00 p.m. ET on November 14, 2012 through 11:59 p.m. ET on November 21, 2012.
About Overland Storage
Overland Storage is a trusted global provider of effortless data management and data protection solutions across the data lifecycle. By providing an integrated range of technologies and services for primary, nearline, offline, archival and cloud data storage, Overland makes it easy and cost effective to manage different tiers of information over time. Overland SnapServer®, SnapSAN, NEO® and REO® solutions are available through a select network of value added resellers and system integrators. For more information, visit http://www.overlandstorage.com/.
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 NASDAQ Capital Market; customers', suppliers' and creditors' perceptions of our continued viability; rescheduling or cancellation of customer orders; loss of a major customer; our ability to enforce our intellectual property rights and protect our intellectual property; general competition and price measures in the market place; unexpected shortages of critical components; worldwide information technology spending levels; and general economic conditions. Reference is also made to other factors detailed from time to time in our periodic reports filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.
Connect with Overland Storage:
Read the Overland blog: http://overlandstorage.com/blog
Follow Overland on Twitter: http://www.twitter.com/OverlandStorage
Visit Overland on Facebook: http://www.facebook.com/OverlandStorage
Overland Storage, SnapSAN, SnapServer, NEO Series, REO Series and the Overland logo are trademarks of Overland Storage, Inc., that may be registered in some jurisdictions. All other trademarks used are owned by their respective owners.
OVERLAND STORAGE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Ended September 30, ---------------------------- 2012 2011 ------------- ------------- (Unaudited) (Unaudited) Net revenue $ 11,711 $ 14,075 Cost of revenue 7,768 9,488 ------------- ------------- Gross profit 3,943 4,587 ------------- ------------- Operating expenses: Sales and marketing 4,125 4,465 Research and development 1,597 2,483 General and administrative 2,884 3,081 ------------- ------------- Total expenses 8,606 10,029 ------------- ------------- Operating loss (4,663) (5,442) Interest income 3 - Interest expense (42) (9) Other income (expense), net (112) 215 ------------- ------------- Loss before income taxes (4,814) (5,236) Provision for income taxes 49 119 ------------- ------------- Net loss $ (4,863) $ (5,355) ============= ============= Net loss per share: Basic and diluted $ (0.17) $ (0.23) ============= ============= Shares used in computing net loss per share: Basic and diluted 27,876 23,067
OVERLAND STORAGE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Three Months Ended Ended September 30, June 30, ------------- ------------- 2012 2012 ------------- ------------- (Unaudited) (Unaudited) Net revenue $ 11,711 $ 15,300 Cost of revenue 7,768 10,459 ------------- ------------- Gross profit 3,943 4,841 ------------- ------------- Operating expenses: Sales and marketing 4,125 3,880 Research and development 1,597 1,791 General and administrative 2,884 2,802 ------------- ------------- Total expenses 8,606 8,473 ------------- ------------- Operating loss (4,663) (3,632) Interest income 3 377 Interest expense (42) (22) Other income (expense), net (112) 589 ------------- ------------- Loss before income taxes (4,814) (2,688) Provision for income taxes 49 6 ------------- ------------- Net loss $ (4,863) $ (2,694) ============= ============= Net loss per share: Basic and diluted $ (0.17) $ (0.10) ============= ============= Shares used in computing net loss per share: Basic and diluted 27,876 27,644 OVERLAND STORAGE, INC. SELECTED BALANCE SHEETS INFORMATION (In thousands) September 30, June 30, 2012 2012 ------------- ------------- (Unaudited) (Unaudited) ASSETS Cash and cash equivalents $ 7,226 $ 10,522 Accounts receivable, net 6,184 9,193 Inventories 11,044 10,658 Other current assets 3,576 3,779 ------------- ------------- Total current assets 28,030 34,152 Property and equipment, net 1,635 1,446 Other assets 2,422 2,662 ------------- ------------- Total assets $ 32,087 $ 38,260 ============= ============= LIABILITIES & EQUITY (DEFICIT) Current liabilities $ 28,514 $ 26,759 Long-term debt - 3,500 Other long-term liabilities 4,110 4,960 Shareholders' equity (deficit) (537) 3,041 ------------- ------------- Total liabilities and equity (deficit) $ 32,087 $ 38,260 ============= =============
Investor Relations Contact:
Charles Messman or Todd Kehrli
MKR Group Inc.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 150 developers, designers, quality assurance engineers, project manage...
Oct. 5, 2015 05:00 AM EDT Reads: 679
The broad selection of hardware, the rapid evolution of operating systems and the time-to-market for mobile apps has been so rapid that new challenges for developers and engineers arise every day. Security, testing, hosting, and other metrics have to be considered through the process. In his session at Big Data Expo, Walter Maguire, Chief Field Technologist, HP Big Data Group, at Hewlett-Packard, will discuss the challenges faced by developers and a composite Big Data applications builder, focusing on how to help solve the problems that developers are continuously battling.
Oct. 5, 2015 04:00 AM EDT Reads: 344
As enterprises capture more and more data of all types – structured, semi-structured, and unstructured – data discovery requirements for business intelligence (BI), Big Data, and predictive analytics initiatives grow more complex. A company’s ability to become data-driven and compete on analytics depends on the speed with which it can provision their analytics applications with all relevant information. The task of finding data has traditionally resided with IT, but now organizations increasingly turn towards data source discovery tools to find the right data, in context, for business users, d...
Oct. 4, 2015 10:00 PM EDT Reads: 368
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect and correlate data from control systems, sensors, mobile devices and IT systems for a variety of Ind...
Oct. 4, 2015 09:45 PM EDT Reads: 561
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user experience, both offline and online. The focus of this talk will be on IBM Cloudant, Apa...
Oct. 4, 2015 08:00 PM EDT Reads: 356
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud without worrying about any lock-in fears. In fact by having standard APIs for IaaS would help PaaS expl...
Oct. 4, 2015 02:30 PM EDT Reads: 388
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated and cloud solutions through hybrid hosting – a sustainable solution for the data required to manage I...
Oct. 4, 2015 02:00 PM EDT Reads: 404
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
Oct. 4, 2015 01:00 PM EDT Reads: 707
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
Oct. 4, 2015 01:00 PM EDT Reads: 548
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless Thingies, will discuss and demonstrate how devices and humans can be integrated from a simple clust...
Oct. 4, 2015 12:00 PM EDT Reads: 613
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
Oct. 4, 2015 11:00 AM EDT Reads: 716
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Oct. 4, 2015 10:45 AM EDT Reads: 434
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Oct. 4, 2015 09:00 AM EDT Reads: 549
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text message to Betty – mobile messaging now offers tremendous value to businesses for customer and empl...
Oct. 4, 2015 08:30 AM EDT Reads: 151
SYS-CON Events announced today that Cloud Raxak has been named “Media & Session Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Raxak Protect automates security compliance across private and public clouds. Using the SaaS tool or managed service, developers can deploy cloud apps quickly, cost-effectively, and without error.
Oct. 3, 2015 01:15 PM EDT Reads: 575
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, will discuss the impact of technology on identity. Should we federate, or not? How should identity be secured? Who owns the identity? How is identity ...
Oct. 3, 2015 11:00 AM EDT Reads: 402
SYS-CON Events announced today that Solgeniakhela will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgeniakhela is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dramatically improve productivity, reduce collaboration costs, and increase the overall enterprise value by bringing ...
Oct. 2, 2015 10:00 PM EDT Reads: 545
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, will show how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He will use a Raspberry Pi to connect sensors to web services, and cloud integration to connect accounting and data, providing a Bluetooth...
Oct. 2, 2015 03:30 PM EDT Reads: 387
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Oct. 2, 2015 07:00 AM EDT Reads: 558
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.
Oct. 1, 2015 02:30 PM EDT Reads: 399