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FalconStor Software Announces First Quarter 2013 Results

Stocks in this article: FALC

MELVILLE, N.Y., April 25, 2013 (GLOBE NEWSWIRE) -- FalconStor Software, Inc. (Nasdaq:FALC), a market leader in disk-based data protection, today announced financial results for its first quarter ended March 31, 2013.

Total revenues for the first quarter of 2013 were $15.3 million, a decrease of 21 percent compared with $19.4 million in the same period a year ago. GAAP loss from operations for the first quarter of 2013 was $3.9 million, compared with an operating loss of $2.1 million for the first quarter of 2012. GAAP net loss for the quarter was $4.4 million, or $0.09 per share, compared with a net loss of $2.4 million, or $0.05 per share, for the same period a year ago. Included in the operating results for the first quarter of 2013 and 2012 were an expense of $0.1 million and a net reduction of $1.3 million, respectively, of investigation, litigation and settlement related costs.

Non-GAAP loss from operations was $2.9 million for the first quarter of 2013, compared with non-GAAP loss from operations of $1.9 million for the same period a year ago. Non-GAAP net loss was $3.4 million, or $0.07 per share, in the first quarter of 2013, compared with a non-GAAP net loss of $2.3 million, or $0.05 per share, in the first quarter of 2012. Non-GAAP results exclude the effects of stock-based compensation and costs associated with the Company's investigations, litigation and settlement related costs.

The Company closed the quarter with $28.2 million in cash, cash equivalents and marketable securities. Deferred revenue at March 31, 2013, was $23.7 million, compared with $24.1 million at December 31, 2012.

"While governmental changes in three key Asia regions and continued economic malaise in Europe impacted our overall number, I am happy to report that we signed up more than 50 new logos in the quarter and we are rolling out a new demand generation program globally," said Jim McNeil, president and CEO of FalconStor. "Additionally, the increased interest in cloud computing has resulted in more activity surrounding our data migration capabilities. We fully expect our work in migration to have a positive impact on this year's performance."

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