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TheStreet Open House

FalconStor Software Reports First Quarter Financial Results

Stocks in this article: FALC

FalconStor Software, Inc. (NASDAQ: FALC), the provider of disk-based data protection solutions, today announced financial results for its first quarter ended March 31, 2012.

Total revenues for the first quarter of 2012 increased by over 2% to $19.4 million, compared with $19.0 million in the same period a year ago. GAAP loss from operations for the first quarter of 2012 was $2.1 million, compared with loss from operations of $5.7 million for the same period a year ago. GAAP net loss for the quarter was $2.4 million, or $0.05 per share compared with a net loss of $6.0 million, or $0.13 per share for the same period a year ago. Included in the operating results for the first quarter of 2012 was a net reduction of the costs associated with the ongoing government investigations of $1.3 million. The $1.3 million was comprised of a $1.7 million reduction in the accrual for certain costs associated with the possible resolution of the investigations from $7.5 million to $5.8 million, less $0.4 million in legal fees associated with the investigations in the quarter. During the same period in 2011, the Company had $2.6 million of costs associated with the ongoing government investigations, comprised of $1.1 million of legal fees and an accrual of $1.5 million for certain costs associated with the possible resolution of the government investigations.

Non-GAAP loss from operations was $1.9 million in the first quarter of 2012, compared with Non-GAAP loss from operations of $1.7 million for the same period a year ago. Non-GAAP net loss was $2.3 million, or $0.05 per share, in the first quarter of 2012, compared with Non-GAAP net loss of $2.0 million, or $0.04 per share, in the first quarter of 2011. Non-GAAP results exclude the effects of costs associated with the ongoing government investigations and stock-based compensation net of the related income taxes, when applicable.

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