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3Par Inc. (1408501) SEC Filing 10-Q Quarterly report for the period ending Wednesday, June 30, 2010

3Par Inc.

CIK: 1408501

Exhibit 99.1

 

LOGO    LOGO        
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 First Quarter of Fiscal 2011

Fremont, CA, July 29, 2010—3PAR® (NYSE: PAR), the leading global provider of utility storage, today reported results for the first quarter of fiscal year 2011, which ended June 30th, 2010. Revenue for the first quarter was $54.3 million, an increase of 22% as compared to revenue of $44.5 million for the same period in the prior year, and an increase of 1% as compared to $53.7 million in the prior quarter, which ended March 31

st, 2010.

For the first quarter of fiscal 2011, GAAP net loss was $1.8 million, or $0.03 loss per share, as compared to $1.8 million, or $0.03 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 $1.0 million, or $0.02 earnings per share for the first quarter of fiscal 2011, as compared to $41,000, or $0.00 earnings per share, for the same period in the prior year.

“We are pleased with our results and the momentum in demand for our technology that we experienced during the first quarter of fiscal 2011, said David Scott, President and CEO. “We believe that the delivery of enterprise IT as a utility service is best accomplished using best-of-breed technologies. We also believe that our technological and architectural leadership in the areas of multi-tenant clustering, thin technologies, and autonomic management demonstrate our commitment to this best-of-breed approach and position the company well to thrive as more and more organizations pursue the delivery of IT as a service.”

Additional First Quarter Fiscal 2011 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.

 

   

GAAP operating loss in the first quarter of fiscal 2011 was $1.6 million, as compared to $104,000 in the fourth quarter of fiscal 2010. GAAP operating loss was 3% of revenue in the first quarter of fiscal 2011, as compared to 0% in the fourth quarter of fiscal 2010. Non-GAAP operating income in the first quarter of fiscal 2011 was $1.3 million, as compared to $2.6 million in the fourth quarter of fiscal 2010. Non-GAAP operating income was 2% of revenue in the first quarter of fiscal 2011, as compared to 5% in the fourth quarter of 2010. GAAP net loss in the first quarter of fiscal 2011 was $1.8 million, as compared to $99,000 in the fourth quarter of fiscal 2010. Non-GAAP net income in the first quarter of fiscal 2011 was $1.0 million, as compared to $2.6 million in the fourth quarter of fiscal 2010.


The following information was filed by 3Par Inc. on Thursday, July 29, 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-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: 0001193125-10-183164
Submitted to the SEC: Mon Aug 09 2010 3:01:52 PM EST
Accepted by the SEC: Mon Aug 09 2010
Period: Wednesday, June 30, 2010
Industry: Computer Storage Devices

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