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Overland Q4 loss widens

Alex Scroxton

Year-on-year net losses at Overland Storage widened in the final three months of its financial year to $4.2m after the vendor has hit by $1.2m of non-cash, stock compensation expenses.

The firm made total Q4 sales of $19.3m, up 3.7% sequentially, though down 12% year-on-year. Full year sales were significantly down to $77.7m from $105.6m this time last year, highlighting the dramatic impact of the recession on the storage specialist.

Full year losses were $13m, compared to $18m during Overland fiscal 2009.

Despite the gloomy state of Overland's 2010 finances, President and CEO Eric Kelly remained optimistic.

"We are [pleased to have stabilised revenues as the growth of our strategic branded products and stability of our service busienss has helped to compensate for continuing declines in the IEM business and challenging global economic conditions," he said.

The company is now targeting first half revenues of between $35m and $38m.

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