News

posted on 25 April 2008 16:15

De-dupe, continuous protection and VTL software vendor FalconStor announced solid Q1 fy08 results with net revenue rising 33 percent to $21.8 million from Q1 fy07 when it reported $16.3 million.

GAAP net income rose about 300 percent to $1.3 million ($0.03/share) from the year-ago quarter's loss of $0.6 million ($0.01/share).

The pro-forma net income figures were $2.9 million ($0.06/share) and $1.6 million ($0.03/share) for Q1s fy08 and fy07 respectively.

ReiJane Huai, FalconStor's chairman and CEO, said: "The decision by a Fortune 15 global financial services firm to standardize on our clustered Virtual Tape Library (VTL) with deduplication in Q1 2008 underscores our solution´s technological lead and compelling ROI. We will continue to leverage our market recognition and channel partnerships to drive revenue growth with optimal efficiency by cross-selling complementary solutions, including FalconStor´s deduplication technology, Continuous Data Protector (CDP), and others, through the enterprise channel, and by empowering our mid-range partners to deliver competitively packaged/priced storage appliances with quality margins and with a support infrastructure around the world."

The outlook for the full year remains net revenue of $100 - 104 million and pro-forma net income of $0.30 - 0.36/share.

FalconStor is not anticipating a slowdown due to economic conditions. Compared to Data Domain (net income of $2.7 million on net revenues of $52.6 million) it is making proportionately more profit from its revenues.

^{[Chris Mellor.]}