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FOR IMMEDIATE RELEASE
Vice President of Finance and Chief Financial Officer
3PAR Reports Financial Results for First Quarter of Fiscal 2010
Fremont, CA, August 3, 20093PAR® (NYSE: PAR), the leading global provider of utility storage, today reported results for the first quarter of fiscal year 2010, which ended June 30th, 2009. Revenue for the first quarter was $44.5 million, an increase of 4% compared to revenue of $43.0 million for the same period a year ago, and a decrease of 8% compared to $48.5 million in the prior quarter, which ended March 31st, 2009.
For the first quarter of fiscal 2010, GAAP net loss was $1.8 million, or ($0.03) per share, compared to GAAP net income of $678,000, or $0.01 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 first quarter of fiscal 2010 was $41,000, or $0.00 per share, compared to $2.0 million, or $0.03 per share, for the same period in the prior year.
Though disappointed by our revenue shortfall against expectations, we are pleased that we grew year-over-year in a difficult economic climate and that we continued to take market share, said David Scott, Chief Executive Officer. We also demonstrated our ability to control expenses prudently, which, combined with a strong gross margin performance, allowed us to maintain profitability on a non-GAAP basis.
Additional First Quarter Fiscal 2010 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 loss for the first quarter of fiscal 2010 was $2.1 million, or 5% of revenue compared to $1.2 million in the fourth quarter of fiscal 2009, or 2% of revenue. Non-GAAP operating loss in the first quarter of fiscal 2010 was $248,000, or 1% of revenue, compared to a Non-GAAP operating income of $609,000, or 1% of revenue, in the fourth quarter of fiscal 2009. GAAP net loss for the first quarter of fiscal 2010 was $1.8 million compared to $907,000 in the fourth quarter of fiscal 2009. Non-GAAP net income in the first quarter of fiscal 2010 was $41,000, compared to a Non-GAAP net income of $906,000 in the fourth quarter of fiscal 2009.
The following information was filed by 3Par Inc. on Monday, August 3, 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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