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FalconStor: Fiscal 1Q11 Financial Results

Revenues up 11% from prior year, down 28% sequentially, $6 million net loss

(in US$ millions) 1Q10  1Q11
 Revenues 17.1  19.0
 Growth   1%
 Net income (loss) (5.5) (6.0)

FalconStor Software, Inc. announced financial results for its first quarter ended March 31, 2011.

Total revenues for the first quarter of 2011 were $19.0 million, an increase of 11% compared with $17.1 million in the same period a year ago.

GAAP loss from operations for the first quarter of 2011 was $5.7 million, compared with a loss from operations of $8.5 million for the same period a year ago. GAAP net loss for the quarter was $6.0 million, or $0.13 per share, compared with a net loss of $5.5 million, or $0.12 per share, for the same period a year ago. Included in the operating results for the first quarter of 2011 was $2.6 million of costs associated with the ongoing government investigations. The $2.6 million was comprised of $1.1 million in legal fees, and an accrual of $1.5 million for certain costs associated with the possible resolution of the government investigations.

Non-GAAP loss from operations was $4.4 million in the first quarter of 2011, compared with a loss from operations of $5.8 million for the same period a year ago. Non-GAAP net loss was $4.7 million, or $0.10 per share, in the first quarter of 2011, compared with a net loss of $3.8 million, or $0.08 per share, in the first quarter of 2010. Non-GAAP results exclude the effects of stock-based compensation.

The Company closed the quarter with $42.4 million in cash, cash equivalents, and marketable securities, which is up from $40.5 million at the end of the first quarter of 2010. Cash flow from operations for the first quarter of 2011 was $5.6 million. Deferred revenue at March 31, 2011 was $25.5 million, an increase of 11% compared with the same period a year ago.

"We continue to improve our presence in the channel; the more than 30 percent increase in channel generated product revenue over last year is a positive indication of those efforts. With our newly established sales leadership and channel management team we fully expect to continue to build strong sales momentum," said Jim McNiel, president and chief executive officer of FalconStor. "We are also focused on fostering our culture of quality and innovation. We continue our development efforts to deliver the first service-oriented data protection solutions in the industry this year to respond to the growing demand by our customers for solutions that address new IT challenges including cloud computing and cloud storage."

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