Tape systems vendor Overland Storage Inc. (Nasdaq: OVRL) posted strong fourth-quarter and full-year profits for 2003 today, citing a leap in sales of Overland-branded products (see Overland Posts 2003 Profits).
"We delivered across-the-board record results for the year and quarter," Overland president and CEO Christopher Calisi said on a conference call this morning. "Were very well positioned to move forward."
For its fourth fiscal quarter, ended June 30, 2003, the San Diego company posted a profit of $3.3 million, or 25 cents per share, compared to a year-ago loss of $600,000, or 6 cents per share. Overland also saw its revenues soar 62 percent to $56.5 million during the quarter, up from $35 million for the same quarter last year.
Both fourth-quarter earnings and revenues were near the middle of Overlands stated expectations. The company had foreseen earnings of between 23 cents and 28 cents on revenues of between $54 million and $59 million.
Calisi said that a 32 percent ramp in sales of the companys branded products -- as opposed to rebranded products, sold through its OEMs -- during the fourth quarter helped improve its results, and boosted the companys gross margins to 27.6 percent from 26.0 percent a year earlier. "The margins were significantly above expectations," says Merriman Curhan Ford & Co. analyst Brion Tanous, noting that they were 50 to 100 basis points higher than most analysts were expecting.
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