This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

FalconStor Software Reports Fourth Quarter And Full Year Financial Results

FalconStor Software, Inc. (NASDAQ: FALC), the provider of disk-based data protection solutions, today announced financial results for its fourth quarter and full year ended December 31, 2011.

“We are very pleased that we exceeded $25.0 million in total revenue for Q4 2011, an increase of over $6.5 million, or 35% from Q3 2011,” said Jim McNiel, president and CEO of FalconStor Software. “This reflects continued growth and momentum in our business and the markets we serve.”

For the year ended December 31, 2011, revenues increased to $82.9 million, compared with $82.8 million for the same period a year ago. GAAP loss from operations for 2011 was $22.2 million compared with a loss from operations of $17.6 million in 2010. GAAP net loss was $23.4 million, or $0.50 per share for 2011 compared with a net loss of $35.4 million, or $0.78 per share in 2010. The 2011 and 2010 results include $10.3 million and $1.6 million, respectively, of costs associated with the ongoing government investigations. The $10.3 million of costs incurred in 2011 was comprised of $2.8 million in legal fees, and an accrual of $7.5 million for certain costs associated with the possible resolution of the government investigations. The $1.6 million of costs incurred in 2010 was comprised of legal fees. Additionally, the 2010 results included a $16.3 million valuation allowance within the tax provision.

Non-GAAP loss from operations in 2011 was $5.6 million compared with Non-GAAP loss from operations of $7.3 million in 2010. Non-GAAP net loss was $6.8 million, or $0.15 per share in 2011, compared with Non-GAAP net loss of $24.3 million or $0.54 per share in 2010. Non-GAAP results exclude the effects of costs associated with the ongoing government investigations, stock-based compensation net of the related income taxes and restructuring costs, when applicable.

Total revenues for the fourth quarter of 2011 were $25.4 million, a decrease of 4% compared with $26.5 million in the same period a year ago. GAAP loss from operations for the fourth quarter of 2011 was $5.5 million, compared with income from operations of $0.8 million for the same period a year ago. GAAP net loss for the quarter was $6.1 million, or $0.13 per share compared with a net loss of $0.1 million with breakeven earnings per share for the same period a year ago. Included in the operating results for the fourth quarter of 2011 and 2010 was $5.9 million and $1.6 million, respectively, of costs associated with the ongoing government investigations. The $5.9 million of costs incurred during the fourth quarter of 2011 was comprised of $0.6 million in legal fees, and an accrual of $5.3 million for certain costs associated with the possible resolution of the government investigations. The $1.6 million of costs incurred during the fourth quarter of 2010 was comprised of legal fees.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,093.32 -4.72 -0.22%
NASDAQ 5,105.5460 -9.8360 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs