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3PAR reverts to a loss

OPEX increase offsets sales rise

Internet Security Threat Report 2014

Beating Wall Street earnings estimates, 3PAR grew revenues 61 per cent in its second fiscal quarter of 2009, although it reported a net loss compared to a profit in the previous quarter.

Q2 fiscal year 2009 revenues were $45.1m, a satisfying increase from the year-ago quarter's $28m, but the company had a GAAP net loss of $1.2m (-$0.02/share). This was a 50 per cent improvement on Q2 fiscal year 2008 with its net loss of $2.4m (-$0.13/share), but a $1.8m turn for the worse from the previous quarter's $678,000 net profit, 3PAR's first profit.

There was a sequential 11 per cent increase in operating expenses in the quarter, due to R&D, and sales and marketing spending rises, and this offset the revenue increase. Quarterly revenue rose only 5 per cent sequentially and we may be seeing an order slow-down. Cash and short term equivalents rose to $128.4m, up from the previous quarter's $115.6m, so the company has no cash shortage. 3PAR may make a profit for the full fiscal 2009 but this very much depends upon the severity of the recession.

The company has announced the hiring of a new VP for direct EMEA sales, Tim Pitcher, who joins from Acopia which he left around the time of the F5 takeover. He was previously at NetApp. ®

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