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Overland Storage, Inc. - results for its fiscal 2009 second quarter

Net revenue for the fiscal 2009 second quarter was $28.9 million, compared with $34.1 million for the same quarter a year ago.  The company reported a net loss of $5.2 million, or $0.40 per share, for the fiscal 2009 second quarter compared with a net loss of $6.5 million, or $0.51 per share, for the same quarter in the prior fiscal year.

For the first six months of fiscal 2009, the company reported net revenue of $61.3 million compared with $67.0 million for the same period in the prior fiscal year.  The net loss for the first half of fiscal 2009 was $12.1 million, or $0.94 per share, compared with a net loss of $11.0 million, or $0.86 per share, in the first half of fiscal 2008.

The company noted that net revenue for the fiscal 2009 second quarter decreased 15.2 percent from the fiscal 2008 second quarter primarily due to lower sales to the company's largest OEM customer.  Total OEM revenue was down 37.1 percent compared to the fiscal 2008 second quarter.  This trend continues to reflect the previously announced transition by the customer to a new product from an alternate supplier.  Total branded revenue declined only 1.7 percent compared to branded revenue in the second quarter of fiscal 2008.  Sales in the Americas region was relatively flat compared to the prior year quarter, while a 15.1 percent decline in EMEA and a 40.2 percent decline in APAC were offset by a 24.4 percent increase in revenue of service and spares. 

Gross profit in the fiscal 2009 second quarter of $7.7 million nearly equaled the $7.8 million in gross profit reported in the prior year quarter, despite the 15.2 percent net revenue decline noted above.  The gross profit margin of 26.7 percent for the fiscal 2009 second quarter improved over the fiscal 2008 second quarter margin of 22.8 percent.

“Though conscious of the challenging worldwide economy, we believe that our new business plan substantially modifies the prospects for Overland's longevity and prosperity,” concluded Kelly.  "e;We now turn to the job of execution.  Knowing the experience and dedication of the Overland team, we believe that we are up to the task, and are highly confident of our success.”

 

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