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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 16, 1997
OVERLAND DATA, INC.
(Exact name of registrant as specified in its charter)
CALIFORNIA
(State or other jurisdiction of incorporation)
0-22071 95-3535285
(Commission File Number) (IRS Employer Identification No.)
8975 Balboa Avenue, San Diego, California 92123-1599
(Address of principal executive offices, including zip code)
(619) 571-5555
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
Overland Data, Inc. (the "Company") incorporates by reference herein the press
release, dated April 15, 1997, with respect to the Company's announcement of its
earnings for the third fsical quarter ended March 31, 1997 and the initiation of
a stock repurchase program.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
(i) Exhibit 99 -- Press Release dated April 15, 1997.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
OVERLAND DATA, INC.
Date: April 21, 1997 By: /s/ Vernon A. LoForti
---------------------
Vernon A. LoForti
Vice President and
Chief Financial Officer
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EXHIBIT 99
FOR IMMEDIATE RELEASE
Contacts: Scott McClendon Vernon A. LoForti
President & CEO Vice President & CFO
(619) 571-5555 (619) 571-5555
OVERLAND DATA ANNOUNCES THIRD QUARTER RESULTS
AND STOCK PURCHASE PROGRAM
SAN DIEGO, California, April 15, 1997 - Overland Data, Inc. (NMS:OVRL) today
reported results for its third fiscal quarter ended March 31, 1997. Revenues
for the quarter increased 41% to $15.4 million compared to $10.9 million in the
same period of the prior year. Net income more than doubled to $797,000, or
$.09 per share, compared to $284,000, or $.04 per share, in the prior year.
For the nine months ended March 31, 1997, revenues of $42.6 million were up 25%
from $34.2 million in the same period of the prior year. Net income for the
nine months amounted to $2.2 million, or $.25 per share, compared to $1.4
million, or $.18 per share, in the prior year.
Commenting on the Company's performance, Scott McClendon, Overland's President &
CEO, stated, "We are pleased with our first quarterly results as a public
company. We have a strong base of highly reliable products and continue to
introduce follow-on and new products to complement them. Our award winning
DLT-based LibraryXpress products, which have now been shipping for a full year,
have received wide acceptance in the marketplace and we are working on solid
opportunities for them over the next few quarters."
Overland also reported that its Board of Directors has authorized a program to
purchase up to 500,000 shares of its common stock in the open market. The
Company intends to use such shares to lessen the dilutive impact on earnings per
share of its employee stock benefit plans. The program will be implemented
after April 17, 1997 which marks the end of the Company's internally imposed
blackout period for its third fiscal quarter.
Overland Data is a technology leader in high-performance scaleable tape
solutions for high-capacity backup, interchange, HSM and archival storage. The
Company offers three complete technology choices: DLT, 18- and 36-track, and
9-track, designed for workstations, networks and midrange systems. Overland's
award-winning products meet the needs of end users, distributors and OEMs in
industries worldwide.
-- Table Follows --
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THE INFORMATION CONTAINED IN THIS PRESS RELEASE INCLUDES FORWARD LOOKING
STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES. THE COMPANY'S ACTUAL RESULTS
COULD DIFFER MATERIALLY FROM THOSE DISCUSSED HEREIN. FACTORS THAT COULD CAUSE
OR CONTRIBUTE TO SUCH DIFFERENCES ARE SET FORTH IN THE "RISK FACTORS",
"MANAGEMENT'S DISCUSSION AND ANALYSIS" AND OTHER SECTIONS OF THE PROSPECTUS
DATED FEBRUARY 21, 1997 INCLUDED IN THE COMPANY'S REGISTRATION STATEMENT NO.
333-18583 ON FILE WITH THE SECURITIES AND EXCHANGE COMMISSION.
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OVERLAND DATA, INC.
CONSOLIDATED STATEMENTS OF OPERATION
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31 MARCH 31
-------------------- --------------------
1997 1996 1997 1996
-------- -------- -------- --------
Net sales. . . . . . . . . . . . . $ 15,404 $ 10,889 $ 42,637 $ 34,208
Cost of goods sold . . . . . . . . 10,167 7,254 27,588 22,633
-------- -------- -------- --------
Gross profit . . . . . . . . . . . 5,237 3,635 15,049 11,575
-------- -------- -------- --------
Operating expenses:
Sales and marketing . . . . . . 1,738 1,542 5,296 4,410
Research and development. . . . 993 858 3,088 2,766
General and administrative. . . 1,189 742 2,938 2,143
-------- -------- -------- --------
Total expenses . . . . . . . 3,920 3,142 11,322 9,319
-------- -------- -------- --------
Operating income . . . . . . . . . 1,317 493 3,727 2,256
Other income (expense), net. . . . 12 (44) (117) (81)
-------- -------- -------- --------
Income before income taxes . . . . 1,329 449 3,610 2,175
Income taxes . . . . . . . . . . . 532 165 1,445 779
-------- -------- -------- --------
Net income . . . . . . . . . . . . $ 797 $ 284 $ 2,165 $ 1,396
-------- -------- -------- --------
-------- -------- -------- --------
Net income per share . . . . . . . $ 0.09 $ 0.04 $ 0.25 $ 0.18
-------- -------- -------- --------
-------- -------- -------- --------
Shares used in computing
net income per share. . . . . . 9,343 8,033 8,602 7,840
-------- -------- -------- --------
-------- -------- -------- --------
