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3PAR Reports Financial Results for Fourth Quarter and
Full Year of Fiscal 2010
Fremont, CA, May 4, 20103PAR® (NYSE: PAR), the leading global provider of utility storage, today reported results for the fourth quarter of fiscal year 2010, which ended March 31st, 2010. Revenue for the fourth quarter was $53.7 million, an increase of 11% as compared to revenue of $48.5 million for the same period in the prior year, and an increase of 7% as compared to $50.1 million in the prior quarter, which ended December 31st, 2009.
For the fourth quarter of fiscal 2010, GAAP net loss was $99,000, or $0.00 loss per share, as compared to $907,000, or $0.01 loss per share for the same period in the prior year. Non-GAAP net income, which excludes the impact of stock-based compensation expense, was $2.6 million, or $0.04 earnings per share for the fourth quarter of fiscal 2010, as compared to $906,000, or $0.01 earnings per share, for the same period in the prior year.
Revenue for the fiscal year ended March 31st, 2010 was $194.3 million, an increase of 5% from $184.7 million reported in the prior fiscal year. GAAP net loss for the fiscal year 2010 was $3.2 million, or $0.05 loss per share, as compared to $959,000, or $0.02 loss per share, in the fiscal year 2009. Non-GAAP net income for the fiscal year 2010 was $6.2 million, or $0.10 earnings per share, as compared to $5.7 million, or $0.09 earnings per share in the fiscal year 2009.
We believe these results demonstrate our ability to exercise financial discipline as, over the course of the fiscal year, we were able to successfully manage expenses while we continued innovating new technologiesas evidenced by more than 20 new product introductionsand expanding internationally, with new operations in India, Australia, and Hong Kong, said David Scott, Chief Executive Officer. The support of our utility storage platform for comprehensive multi-tenancy with a compelling total cost of ownership allows our customers to deploy cloud computing service delivery models to achieve their business goals through delivering enterprise IT as a utility service.
Additional Fourth Quarter Fiscal 2010 Financial Information
3PAR reports operating income (loss), net income (loss), and earnings (loss) per share 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 4, 2010 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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