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Overland Storage Reports Fiscal 2010 Second Quarter Results

Overland, Overland Storage, SnapServer, GuardianOS, Snap Enterprise Data Replicator, REO Series, REO, NEO Series, and NEO are trademarks of Overland Storage, Inc.

    
    
                             OVERLAND STORAGE, INC.                   
                     CONSOLIDATED STATEMENT OF OPERATIONS           
                     (In thousands, except per share data)           
                                                                         
                                                                         
                                                                         
                                        Three Months       Six Months    
                                           Ended             Ended       
                                       December 31,       December 31,   
                                       ------------       ------------   
                                       2009     2008     2009      2008  
                                       ----     ----     ----      ----  
                                        (Unaudited)       (Unaudited)    
                                                                         
     Net revenue                     $20,432  $28,949  $39,745   $61,253 
     Cost of revenue                  14,599   21,225   28,704    44,807 
                                      ------   ------   ------    ------ 
     Gross profit                      5,833    7,724   11,041    16,446 
                                       -----    -----   ------    ------ 
                                                                         
     Operating expenses:                                                 
       Sales and marketing             4,546    7,387    8,820    16,812 
       Research and development        1,464    2,798    2,921     5,975 
       General and administrative      2,581    2,428    5,260     5,455 
                                       -----      ---   ------    ------ 
            Total expenses             8,591   12,613   17,001    28,242 
                                       -----   ------   ------    ------ 
                                                                         
     Operating loss                   (2,758)  (4,889)  (5,960)  (11,796)
     Interest (expense) income, net     (338)      37     (722)      101 
     Other expense, net                  592     (276)     558      (463)
                                         ---     ----      ---      ---- 
     Loss before income taxes         (2,504)  (5,128)  (6,124)  (12,158)
     Income taxes                         76       24      148      (100)
                                         ---      ---      ---      ---- 
     Net loss                        $(2,580) $(5,152) $(6,272) $(12,058)
                                     =======  =======  =======  ======== 
                                                                         
     Net loss per share:                                                 
       Basic and Diluted              $(0.47)  $(1.21)  $(1.29)   $(2.83)
                                      ======   ======   ======    ====== 
                                                                         
     Shares used in computing                                            
      net loss per share:                                              
       Basic and Diluted               5,474    4,257    4,866     4,256 
    
    
    
                             OVERLAND STORAGE, INC.                         
                       SELECTED BALANCE SHEET INFORMATION                   
                                 (In thousands)                             
                                                                            
                                                                            
                                                                            
                                                   December 31,     June 30,
                                                      2009           2009   
                                                      ----           ----   
                                                           (unaudited)      
    ASSETS                                                                 
    ------                                                                
     Cash                                             $5,685        $5,456  
     Accounts receivable, net                         12,856        12,690  
     Inventories                                      11,349        12,492  
     Other current assets                              7,179         7,410  
                                                       -----         -----  
       Total current assets                           37,069        38,048  
     Property, plant and equipment, net                  839         1,107  
     Other assets                                      5,499         7,897  
                                                       -----         -----  
       Total assets                                  $43,407       $47,052  
                                                     =======       =======  
                                                                            
                                                                            
    LIABILITIES & EQUITY                                                   
    --------------------                                                  
     Current liabilities, excluding debt             $33,906       $33,647  
     Debt, current portion                             6,749         7,025  
     Long-term debt, net of current portion                -           693  
     Other long-term liabilities                       5,374         5,802  
     Shareholders' equity                             (2,622)         (115) 
                                                      ------          ----  
       Total liabilities and equity                  $43,407       $47,052  
                                                     =======       =======  
    
    
    

SOURCE Overland Storage

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