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|Vice President of Finance and|
|Chief Financial Officer|
3PAR Reports Financial Results for Fourth Quarter and Full Year of Fiscal 2009
Fremont, CA May 5, 2009 3PAR® Inc. (NYSE: PAR), the leading global provider of utility storage, today reported results for the fourth quarter of fiscal year 2009, which ended March 31, 2009. Revenue for the fourth quarter was $48.5 million, an increase of 37% compared to revenue of $35.5 million for the same period a year ago, and an increase of 1% compared to $48.2 million in the prior quarter, which ended December 31, 2008.
For the fourth quarter of fiscal 2009, GAAP net loss was $907,000, or ($0.01) per share compared to GAAP net loss of $1.2 million, or ($0.02) 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 fourth quarter of fiscal 2009 was $906,000, or $0.01 per share, compared to $60,000, or $0.00 per share, for the same period in the prior year.
Revenue for the fiscal year ended March 31, 2009 was $184.7 million, an increase of 57% from $118.0 million reported in the prior year. GAAP net loss for the full fiscal year 2009 was $959,000, or $(0.02) per share, compared to a net loss of $10.1 million, or ($0.30) per share in 2008. Non-GAAP net income for the full fiscal year 2009 was $5.7 million, or $0.09 per share, compared to a non-GAAP net loss of $6.5 million, or ($0.19) per share in fiscal 2008.
We believe the strong revenue growth we reported for fiscal 2009 reflects not only the ongoing financial discipline of the company, but also the unique value that 3PAR Utility Storage platform brings to the market as a capacity- and energy-efficient means of addressing the need for both CAPEX and OPEX reduction in todays datacenters, said David Scott, Chief Executive Officer. Our highly virtualized storage arrays enable organizations to build virtual datacenters, making it possible to deliver enterprise IT as a utility service and to deploy cloud computing service delivery models. Both of these approaches align with the need of organizations to reduce costs due to financial pressures resulting from the global economic downturn. 3PAR customers have used our highly efficient, high-performance platform to reduce their total cost of data by up to 50%.
Additional Fourth 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.
The following information was filed by 3Par Inc. on Tuesday, May 5, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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