3PAR: Fiscal 2Q09 Financial Results

3PAR Inc. reported results for the second quarter of fiscal year 2009, which ended September 30, 2008. Revenue for the second quarter was $45.1 million, an increase of 61% compared to revenue of $28.0 million for the same period a year ago, and an increase of 5% compared to $43.0 million in the prior quarter, which ended June 30, 2008.

For the second quarter of fiscal 2009, GAAP net loss was $1.2 million, or ($0.02) per share compared to GAAP net loss of $2.4 million, or ($0.13) per share for the same period in the prior year. Non-GAAP net income, which excludes the impact of stock-based compensation expense, for the second quarter of fiscal 2009 was $520,000, or $0.01 per share, compared to non-GAAP net loss of $1.7 million, or ($0.09) per share for the same period in the prior year.

"We are pleased with our continuing performance as we approach the anniversary of our first year as a public company," said David Scott, Chief Executive Officer. "We believe that our ability to help customers achieve more with less with 3PAR Utility Storage positions us well to continue to take significant market share."

Additional Second Quarter Fiscal 2009
Financial Information

GAAP operating loss for the second quarter of fiscal 2009 was $1.4 million, or 3% of revenue. This compares to GAAP operating income of $95,000 in the first quarter of fiscal 2009, or 0% of revenue. Non-GAAP operating income in the second quarter of fiscal 2009 was $291,000, or 1% of revenue. This compares to non-GAAP operating income of $1.4 million, or 3% of revenue, in the first quarter of fiscal 2009. GAAP net loss for the second quarter of fiscal 2009 was $1.2 million as compared to a GAAP net income of $678,000 in the first quarter of fiscal 2009. Non-GAAP net income in the second quarter of fiscal 2009 was $520,000, compared to $2.0 million in the first quarter of fiscal 2008.
    
GAAP EPS for the second quarter of fiscal 2009 was ($0.02) on 60.6 million weighted average shares outstanding, compared to $0.01 in the first quarter of fiscal 2009 on 63.1 million diluted shares outstanding. Non-GAAP EPS in the second quarter of fiscal 2009 was $0.01 on 63.6 million diluted shares outstanding, compared to $0.03 in the first quarter of fiscal 2009.
    
Non-GAAP operating income, non-GAAP net income, and non-GAAP EPS are computed net of stock-based compensation. In the second and first quarters of fiscal 2009, the charges related to stock-based compensation were $1.7 million and $1.3 million, respectively.