Overland Storage reports Q2 net loss

Fri. February 06, 2009; Posted: 07:14 AM

Feb 06, 2009 (Datamonitor via COMTEX) -- OVRL | Quote | Chart | News | PowerRating -- Overland Storage, a provider of data protection solutions, has reported a net loss of $5.15 million, or $0.4 per share, for the fiscal 2009 second quarter, compared to a loss of $6.5 million, or $0.51 per share, for the same quarter of fiscal 2008.

For the second quarter of fiscal 2009, net revenue was $28.95 million, compared to $34.06 million for the same quarter of fiscal 2008.

For the first six months of fiscal 2009, net revenue was $61.25 million, compared to $66.96 million for the same period of fiscal 2008.

Net loss for the first six months of fiscal 2009 was $12.06 million, or $0.94 per share, compared to a loss of $11.02 million, or $0.86 per share for the same period of fiscal 2008.

Eric Kelly, CEO of Overland Storage, said: "We developed our new financial model to reduce the breakeven point, and that has become our near-term goal. We aimed to hit breakeven at a net revenue level below $30 million per quarter. In order to achieve this goal, we attacked product costs and operating expenses, a process that entailed highly focused discussions with our suppliers and employees."

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