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FalconStor Announces Q1

FalconStor Software announced financial results for its first quarter ended March 31st, 2007

MELVILLE, N.Y. -- Revenues for the first quarter of 2007 increased 77% to $16.3 million, compared with $9.2 million for the same period a year ago. Net loss for the quarter was $0.6 million or $0.01 per share, which includes $2.2 million in expenses related to stock-based compensation, compared with a net loss of $3.6 million or $0.08 per share in Q1 2006, which included $2.3 million in expenses related to stock-based compensation. Pro forma net income, which excludes stock-based compensation expense, was $1.6 million or $0.03 per share in the first quarter 2007, compared with a pro forma net loss of $1.4 million or $0.03 per share for the first quarter of 2006.

The Company closed the quarter with $52.3 million in cash, cash equivalents and marketable securities, which is an increase of $11.3 million compared with the previous quarter. Deferred revenue at March 31, 2007, increased to $17.8 million, or by 17%, compared with the previous quarter, and by 76% compared with the same period a year ago.

"We are pleased with the impressive year-over-year growth rate of our sales by product, channel and geography. The consistent top-line and bottom-line expansion is a direct result of our operating efficiency and discipline," said Reijane Huai, Chairman and CEO of FalconStor. "We are confident that our continuing investment in R&D, sales, marketing and technical services will enable us to sustain our technological leadership and our business momentum, and should yield the best ROI for our shareholders and our business partners."

FalconStor Software Inc.

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