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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): March 17, 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 March 17, 1997, with respect to Quantum Corporation's
allocation of the supply of its DLT7000 drives which the Company uses in one
of the products of its LibraryXpress line of automated tape libraries.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
(i) Exhibit 99 -- Press Release dated March 17, 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: March 17, 1997 By: /s/ Scott McClendon
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Scott McClendon
President and Chief Executive Officer
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Exhibit 99
FOR IMMEDIATE RELEASE
Contact: Scott McClendon
President & CEO
(619) 571-5555
OVERLAND DATA ADVISED BY QUANTUM CORPORATION
THAT DLT7000 DRIVES PLACED ON ALLOCATION
SAN DIEGO, California, March 17, 1997 - Overland Data, Inc. (NMS:OVRL)
announced today that it has been notified by Quantum Corporation (NMS:QNTM),
that Quantum's new DLT7000 drives have been placed on allocation, and that
shipments to Overland are anticipated to be significantly less than the
quantities ordered by the Company to meet its currently projected
requirements. Quantum is the sole supplier of the DLT7000 drive which is used
in one of the products within Overland's LibraryXpress family of automated
tape libraries. The Company has been informed by Quantum that the supply
problems are primarily attributable to the high level of market demand which
exceeds Quantum's current production capacity. Quantum anticipates significant
improvements over the next two calendar quarters in its production capability.
Overland anticipates that this allocation could adversely affect up to $1
million and $4 million of sales for its third quarter ending March 31, 1997
and fourth quarter ending June 30, 1997, respectively. Notwithstanding the
shortfall in sales, the Company anticipates that third quarter earnings will
be only slightly below its internal forecast because of unrelated expense
savings during the quarter. The ultimate impact on the Company's revenues and
profits in the fourth and subsequent quarters will depend upon the level of
allocation versus the demand for the DLT7000 versions of the LibraryXpress
family of products and the success of alternative courses of action developed
by the Company. Overland President, Scott McClendon stated: "Overland Data
remains committed to the DLT technology which targets the growing high-end
network backup market."
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.
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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.
