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Fusion-io Announces Management Changes

Stocks in this article: FIO

"On behalf of the Board and entire Fusion-io team, I want to thank David and Rick for their significant contributions to the creation, development and growth of the company," said Mr. Sandell.  "David and Rick's vision as co-founders has redefined memory technology and had a profound impact on our industry.  Under their leadership, Fusion-io has developed into one of the world's leading technology companies, helping businesses increase datacenter efficiency.  They played an important role in taking the company public and developing a strong framework from which Fusion-io can grow to the next level."

Fusion-io noted that today's announcements are not related to any issues regarding the integrity of the company's financial statements or accounting policies and practices.

Business OutlookFusion-io reaffirmed the financial outlook it provided on April 24, 2013 for the fiscal fourth quarter of 2013, before giving effect to any costs associated with the departures of Messrs. Flynn and White.  

The following statements are based on current expectations.  These statements are forward-looking, and actual results may differ materially.

Fourth quarter of fiscal year 2013:

  • Revenue is expected to be approximately $110 million.
  • Non-GAAP gross margin is expected to be 56 to 58%.
  • Non-GAAP operating loss of approximately $5 million.
  • Diluted shares outstanding are expected to be approximately 98 million shares.

Fiscal Year 2013 guidance:

  • Revenue is expected to be approximately $435 million.
  • Non-GAAP gross margin is expected to be in the range of 58 to 60%.
  • Non-GAAP operating margin is expected to be approximately 9.5%.
  • Diluted shares outstanding are expected to be approximately 109 million shares.

About Shane Robison Shane Robison, 59, has served as a director of Fusion-io since December 2011.  Mr. Robison served as Chief Strategy & Technology Officer and Executive Vice President of Hewlett-Packard Company from May 2002 to November 2011.  From 2000 to May 2002, Mr. Robison served as Senior Vice President, Technology and Chief Technology Officer of Strategy and Technology of Compaq Computer Corporation.  Prior to joining Compaq, Mr. Robison served as the President of Internet Technology and Development at AT&T Labs.  Prior to AT&T Labs, Mr. Robison was Executive Vice President, Research and Development, and then served as President of the Design Productivity Group at Cadence Design Systems.  Mr. Robison also spent seven years at Apple Inc., where he held a series of executive-level positions, leaving the company as Vice President and General Manager of the Personal Interactive Electronics Division.  Mr. Robison's experience includes work at Schlumberger's research groups in Silicon Valley, at Evans & Sutherland Computer Corporation and consulting for the University of Utah in the area of database systems architecture.  Mr. Robison also serves as a director of Altera Corporation.  Mr. Robison holds a B.S. and a M.S. in Computer Science from the University of Utah.

About Fusion-io Fusion-io delivers the world's data faster. Our Fusion ioMemory platform and software defined storage solutions accelerate virtualization, databases, cloud computing, big data and performance applications. From e-commerce retailers to the world's social media leaders and Fortune Global 500 companies, our customers are improving the performance and efficiency of their data centers with Fusion-io technology to accelerate the critical applications of the information economy.

Non-GAAP Financial Measures With respect to our expectations under "Business Outlook" above, reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges which are excluded from these non-GAAP measures. The effects of stock-based compensation expense specific to non-employee common stock options are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant impact on our GAAP financial results.

Note on Forward-looking StatementsCertain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, but are not limited to, statements concerning financial guidance for our fourth fiscal quarter of 2013 and our full fiscal year 2013, our efforts to expand our product portfolio, our position to capture market share and our expectations regarding market trends, our pipeline for growth, our expectations concerning Mr. Robison's leadership as well as our technologies, products and solutions.  These statements are based on current expectations and assumptions regarding future events and business performance and involve certain risks and uncertainties that could cause actual results to differ materially from those contained, anticipated, or implied in any forward-looking statement, including, but not limited to, risks associated with changes in the demand for our products, our expectation that large and concentrated purchases by a limited number of customers will continue to represent a substantial majority of our revenue and our ability to sustain or increase our revenue from our large customers or offset the discontinuation of concentrated purchases by our larger customers with purchases by new or existing customers, the continued adoption by customers of our ioMemory platform products, growing our sales through OEMs, resellers and channel partners and maintaining our relationships with OEMs, resellers and channel partners, including the timely qualification of our products for promotion and sale by our OEMs, long and unpredictable sales cycles, changes in the competitive dynamics of our markets, including the potential for increased pressure on the pricing of our products, reduced gross margins, increased sales and marketing expenses, the potential that we or our customers may not realize the benefits we currently expect from our acquisitions of ID7 and NexGen Storage, our ability to develop or acquire new products to meet customer needs and expectations, including additional software solutions to be integrated with our storage memory products, our acquisition and strategic partner strategy and disruptions in our business, operations and financial results as a result of acquisitions and strategic partner relationships, as well as the risks inherent in the integration and combination of complex products and technologies from acquisitions, undetected errors, defects or security vulnerabilities in our products, worldwide economic conditions and the impact these conditions have on levels of spending on datacenter technology like ours, and such other risks set forth in the registration statements and reports that Fusion-io files with the U.S. Securities and Exchange Commission, which are available on the Investor Relations section of our website at www.fusionio.com. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or will occur. Fusion-io undertakes no obligation to update publicly any forward-looking statement for any reason after the date of this press release.

Contacts:Investor Relations: Nancy Fazioli, ir@fusionio.com, 408-416-5779 Media Relations: Shannon McPhee, smcphee@fusionio.com, 310-920-9642

SOURCE Fusion-io, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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