3PAR stumbles in fourth quarter
Figures a blot on the scorecard
Enterprise storage supplier 3PAR announced increased revenues for its fourth quarter and full fiscal 2009 period, but swung into losses because the recession caused its customers to delay or cancel purchases.
For its fourth quarter period, ending March 31, 3PAR reported revenues of $48.5m, up 37 per cent from the same quarter a year ago, and just 1 per cent higher than the previous quarter. There was a net loss of $907,000 (-$0.01/share), which was less than the loss of $1.2m (-$0.02/share) last year. Unfortunately, this was a reverse, because the prior quarter showed a profit of $461,000 ($0.01/share).
Full year 2009 results saw revenues of $184.7m and a net loss of $959,000 (-$0.02/share). This improved substantially on last year's revenues of $118m - a 57 per cent rise - and $10.1m net loss (-$0.30/share).
The full year loss of $959,000 is quite close to the fourth quarter net loss of $907,000, indicating that most of the damage took place in the first calendar quarter of this year. CEO David Scott focussed his statement on the strong growth of revenues over the twelve month period for both Q4 and the full fiscal 2009 period, saying it "reflects not only the ongoing financial discipline of the company, but also the unique value that 3PAR Utility Storage platform brings to the market."
This value was, sadly, not quite enough to withstand the recessionary forces buffeting 3PAR's enterprise customers. ®