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3Par Inc. (1408501) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2009

3Par Inc.

CIK: 1408501

Exhibit 99.1

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FOR IMMEDIATE RELEASE   
   3PAR U.S. Contact
   Adriel Lares
   Vice President of Finance and
   Chief Financial Officer
   (510) 413-5999

3PAR Reports Financial Results for Second Quarter of Fiscal 2010

Fremont, CA, October 29, 2009—

3PAR® (NYSE: PAR), the leading global provider of utility storage, today reported results for the second quarter of fiscal year 2010, which ended September 30 th, 2009. Revenue for the second quarter was $46.1 million, an increase of 2% compared to revenue of $45.1 million for the same period a year ago and 4% compared to $44.5 million in the prior quarter, which ended June 30th, 2009.

For the second quarter of fiscal 2010, GAAP net loss was $758,000, or ($0.01) per share, compared to $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 second quarter of fiscal 2010 was $1.6 million, or $0.03 per share, compared to $520,000, or $0.01 per share, for the same period in the prior year.

“We were pleased to deliver strong results in the September quarter,” said David Scott, President and Chief Executive Officer, “and our recent announcements of significant, ongoing innovation in the areas of utilization efficiency and high availability position us well should economic demand continue to pick up over the next few quarters.”

Additional Second 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 second quarter of fiscal 2010 was $667,000, or 1% of revenue compared to $2.1 million in the first quarter of fiscal 2010, or 5% of revenue. Non-GAAP operating income in the second quarter of fiscal 2010 was $1.7 million, or 4% of revenue, compared to a Non-GAAP operating loss of $248,000, or 1% of revenue, in the first quarter of fiscal 2010. GAAP net loss for the second quarter of fiscal 2010 was $758,000 compared to $1.8 million in the first quarter of fiscal 2010. Non-GAAP net income in the second quarter of fiscal 2010 was $1.6 million, compared to $41,000 in the first quarter of fiscal 2010.

 

   

GAAP EPS for the second quarter of fiscal 2010 was ($0.01) on 61.7 million shares outstanding, compared to ($0.03) in the first quarter of fiscal 2010 on 61.3 million shares outstanding. Non-GAAP EPS in the second quarter of fiscal 2010 was $0.03 on 64.1 million diluted shares outstanding compared to $0.00 on 63.7 million diluted shares outstanding in the first quarter of fiscal 2010.


The following information was filed by 3Par Inc. on Thursday, October 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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SEC Filing Tools
CIK: 1408501
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-09-229252
Submitted to the SEC: Mon Nov 09 2009 3:24:48 PM EST
Accepted by the SEC: Mon Nov 09 2009
Period: Wednesday, September 30, 2009
Industry: Computer Storage Devices

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