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Compellent: Fiscal 3Q09 Financial Results

16th consecutive quarterly revenue increase: +31%

in US$ millions) 3Q08 3Q09  9 mo. 08   9 mo. 09
 Revenues 24.6 32.2 63.9  89.0
 Growth   31%   39%
 Net income (loss)  0.5 2.3 (1.8) 3.5

 
Compellent Technologies, Inc. announced strong growth in revenue, profitability and cash generation for the third quarter ended September 30, 2009. Compellent’s dynamic storage technology allows organizations to manage data at the block level with built-in automation which improves efficiency and reduces capital and administration costs.

Highlights for Q3 include:

  • Revenue increased 31 percent from the same quarter last year and 12 percent from the second quarter of 2009 to $32.2 million. This was the company’s 16th consecutive quarterly increase in revenue.
  • Total installed base grew to 1,627 end-user customers, an increase of 136 new users from the previous quarter.
  • GAAP net income totaled $2.3 million, or $0.07 per share. Non-GAAP net income was $3.2 million, or $0.10 per share, adjusting for non-cash stock compensation expense.
  • Cash and investments were $109.0 million compared with $104.6 million at June 30, 2009. The company has generated $10.5 million in cash from operations during the first nine months of 2009.


"We believe our third quarter results demonstrate strong momentum as customers see the value proposition of our efficient, scalable storage solutions," said Phil Soran, president and CEO of Compellent. "This quarter we experienced strength across all geographies and a growing awareness of the Compellent solution. As the demand for efficient storage technologies continue, regardless of whether companies are virtualizing IT, building private clouds or buying cloud services, we continue to gain traction in the marketplace."

Additional Q3 financial highlights include:

  • GAAP operating income was $2.1 million, or 6.5 percent of revenue, compared to GAAP operating loss of $168,000 in the same quarter last year. Non-GAAP operating income was $3.0 million, or 9.5 percent of revenue, compared to $380,000, or 1.5 percent of revenue in the same quarter last year.
  • Revenue totaled $89.0 million for the first nine months of 2009, which is a 39 percent increase compared to $63.9 million in the same period last year.
  • Net income was $3.5 million, $0.11 per share, for the first nine months of 2009 versus a net loss of $1.8 million, or $0.06 per share, in the same period last year.

"We believe Compellent’s storage platform is appealing for enterprises of all sizes because, at its heart, it is an architecture that has the future built in. It is designed to be open and flexible, which we believe makes it the ideal engine for the cutting-edge IT infrastructures of today – such as cloud computing offerings from Savvis," said Mr. Soran.

Compellent’s innovative technology automatically manages block level data and is designed to significantly lower storage and infrastructure capital expenditures. We believe Compellent’s flexible Dynamic Block Architecture makes it the ideal data storage engine for a cloud computing environment, and it is also efficient in a more typical virtualized enterprise data center. Compellent features – like automated tiered storage, thin provisioning and thin replication – can optimize performance, lower energy costs, and provide a cost-effective storage solution.
 

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Abstracts of the earnings call transcript:

Phil Soran, chairman, president and CEO:

"Well, let’s look at the current macroeconomic environment. We are seeing positive signs of improvement. It is significantly better than two quarters ago. At the same time, end users continue to watch the spin closely and deals are competitive."

Jack Judd, CFO:

"We continue to grow our employee headcount. At September 30th we employed 360 employees compared to 268 one year earlier and 340 at the end of the prior quarter. Since the 1st of the year almost 70% of our new hires have been in sales and engineering.
"Our current forecast is for revenue to be between $34 and $36 million. This would mark our 17th consecutive quarter of revenue growth."

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