Overland Plunges in Heavy Trading on Weak Results

Overland Data (OVRL) , a maker of tape-based back-up systems for computer networks, was down 31.3% in late trading after hitting a 52-week low of 5.30. About 1.2 million shares traded today, more than 16 times the average volume.

Overland late Thursday posted earnings for its third quarter of 8 cents per share including a one-time gain of 4 cents. Analysts expected 15 to 16 cents.

The company said it reduced its workforce by 8%, cut salaries by 10% and eliminated second-half bonuses for officers.

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