Exhibit 99.1

 

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Adriel Lares

Vice President of Finance and

Chief Financial Officer

(510) 413-5999

3PAR Reports Financial Results for Third Quarter of Fiscal 2009

Fremont, Calif. – January 29, 2009 – 3PAR Inc. (NYSE: PAR), a leading global provider of utility storage, today reported results for the third quarter of fiscal year 2009, which ended December 31, 2008. Revenue for the third quarter was $48.2 million, an increase of 57% compared to revenue of $30.8 million for the same period a year ago, and an increase of 7% compared to $45.1 million in the prior quarter, which ended September 30, 2008.

For the third quarter of fiscal 2009, GAAP net income was $461,000, or $0.01 per share compared to GAAP net loss of $1.9 million, or ($0.05) per share for the same period in the prior year. Non-GAAP net income, which excludes the impact of stock-based compensation expense, for the third quarter of fiscal 2009 was $2.3 million, or $0.04 per share, compared to non-GAAP net loss of $664,000, or ($0.02) per share for the same period in the prior year.

“The strong financial results we report for the third quarter of fiscal 2009 result from a continued focus on fiscal discipline and reflect the unique value that 3PAR Utility Storage brings to organizations that need to do more with less in challenging economic times,” said David Scott, Chief Executive Officer. “As datacenters have continued to look for new ways to economize, they have continued to turn to 3PAR to lower CAPEX and OPEX by reducing disk capacity purchases, energy costs, and storage administration effort by up to 80%.”

Additional Third Quarter Fiscal 2009 Financial Information

3PAR reports operating income (loss), net income (loss), and earnings (loss) per share (EPS) on a GAAP and on a non-GAAP basis, which excludes the impact of stock-based compensation expense. The non-GAAP measures are described in greater detail below and are reconciled to the corresponding GAAP measures in the accompanying financial tables.

 

   

GAAP operating income for the third quarter of fiscal 2009 was $507,000, or 1% of revenue. This compares to GAAP operating loss of $1.4 million in the second quarter of fiscal 2009, or 3% of revenue. Non-GAAP operating income in the third quarter of fiscal 2009 was $2.4 million, or 5% of revenue. This compares to non-GAAP operating income of $291,000, or 1% of revenue, in the second quarter of fiscal 2009. GAAP net income for the third quarter of fiscal 2009 was $461,000 as compared to a GAAP net loss of $1.2 million in the second quarter of fiscal 2009. Non-GAAP net income in the third quarter of fiscal 2009 was $2.3 million, compared to $520,000 in the second quarter of fiscal 2009.


The following information was filed by 3Par Inc. on Thursday, January 29, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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