Overland Storage (NASDAQ:OVRL)
Historical Stock Chart
From Aug 2019 to Aug 2024
![Click Here for more Overland Storage Charts. Click Here for more Overland Storage Charts.](/p.php?pid=staticchart&s=N%5EOVRL&p=8&t=15)
Overland Storage Raises Guidance for Fiscal 2004 Second Quarter
SAN DIEGO, Jan. 6 /PRNewswire-FirstCall/ -- Overland Storage, Inc. today
announced that it expects to exceed previous revenue and earnings guidance for
its second fiscal quarter ended December 31, 2003. Specifically, the Company now
anticipates revenue will be approximately $67 million and earnings per diluted
share to be $0.23 on a GAAP basis and $0.25 on a pro forma basis. The pro forma
results exclude the non-cash amortization resulting from the June 2003
acquisition of Okapi Software, Inc. that is charged to cost of goods sold. The
Company's previous guidance for its second fiscal quarter was approximately $60
million in revenue and earnings per diluted share of $0.20 on a GAAP basis and
$0.22 on a pro forma basis.
"Though results are yet to be finalized, we are pleased that both our OEM and
branded sales remained strong throughout the quarter and surpassed our targets.
The area of greatest strength was sales to our OEM customers. We expect the
strong revenue to translate into improved bottom-line earnings and look forward
to discussing the quarter in greater detail on our conference call the morning
of January 22, 2004," said Christopher Calisi, president and CEO of Overland
Storage.
About Overland Storage
Overland Storage(TM) provides world-class data storage management solutions
designed to ensure business continuity. Focused on backup and recovery,
Overland(TM) delivers hardware and software solutions for midrange- computer
environments. These include NEO SERIES(R), the award winning automated storage
libraries that set the standard for intelligent, automated and scalable storage
and REO SERIES(TM), the disk-based backup acceleration solutions. Overland
sells its products worldwide through leading OEMs, commercial distributors,
storage integrators and value-added resellers. For more information, visit
Overland's website at http://www.overlandstorage.com/.
Except for the factual statements made herein, the information contained in this
news release consists of forward-looking statements that involve risks,
uncertainties and assumptions that are difficult to predict. Words and
expressions reflecting optimism and satisfaction with current prospects, as well
as words such as "believe," "intends," "expects," "plans," "anticipates" and
variations thereof, identify forward-looking statements, but their absence does
not mean that a statement is not forward looking. Such forward-looking
statements are not guarantees of performance and the company's actual results
could differ materially from those contained in such statements. Factors that
could cause or contribute to such differences include continuing transitional
issues at the Company's major OEM customer, technology spending levels,
unexpected shortages of critical components, rescheduling or cancellation of
customer orders, loss of a major customer, the timing and market acceptance of
new product introductions by the company, including the launch of the company's
new software products, its competitors or its licensees, the timing and amount
of licensing royalties, general competition and price pressures in the
marketplace, the company's ability to control costs and expenses and economic
conditions. Reference is also made to other factors set forth in the company's
filings with the Securities and Exchange Commission, including the "Risk
Factors," "Management's Discussion and Analysis" and other sections of the
company's Form 10-K for the most recently completed fiscal year. These
forward-looking statements speak only as of the date of this release and the
company undertakes no obligation to publicly update any forward-looking
statements to reflect new information, events or circumstances after the date of
this release.
Webcast: A live audio Webcast of Overland's management conference call
discussing second quarter 2004 results and the outlook for the remainder of the
fiscal year will be held beginning at 10:30 a.m. EST, January 22, 2004, and will
be posted at http://www.overlandstorage.com/. Please provide adequate time to
log on. Following the broadcast, the conference call will be archived for
future access on Overland's website.
DATASOURCE: Overland Storage, Inc.
CONTACT: Vernon A. LoForti, CFO, , or
Cynthia A. Bond, Director of Corporate Communications, +1-858-571-5555,
, both of Overland Storage, Inc.
Web site: http://www.overlandstorage.com/