"It sounds to me like Overland is trying to diversify," says Evaluator Group
analyst Randy Kerns. "That's probably a good move. The tape market has a relatively small growth rate... The disk market is growing much faster."
Overland says its entrance into the SRM market contributed to the company's record third-quarter earnings of $56.2 million, or 20 cents a share. It says it hopes this new area of focus will, by 2005, boost revenues even more (see Overland Reports Record Sales for Q3).
Before then, however, Overland says its entrance into the disk-based appliance market will likely dilute its earnings next year by 11 cents a share, 7 cents of which will be in connection with the Okapi acquisition. According to First Call, financial analysts estimate the company will earn $1.02 per share in fiscal year 2004.
Eugénie Larson, Reporter, Byte and Switch
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