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3PAR Reports '08

FREMONT, Calif. -- 3PAR Inc. (NYSE Arca: PAR), a leading global provider of utility storage, today reported results for the fourth quarter and full year of fiscal year 2008 ended March 31, 2008. Revenue for the fourth fiscal quarter was $35.5 million, an increase of 204% compared to revenue of $11.7 million for the same period a year ago and an increase of 15% compared to $30.8 million in the prior quarter, which ended December 31, 2007.

For the fourth fiscal quarter, GAAP net loss was $1.2 million, or ($0.02) per share compared to GAAP net loss of $11.7 million, or ($0.65) per share for the same period in the prior year. Non-GAAP net income, which excludes the impact of stock-based compensation expense, for the fourth fiscal quarter of 2008 was $60,000, or $0.00 per share, compared to non-GAAP net loss of $11.3 million, or ($0.63) per share for the same period in the prior year.

Revenue for the fiscal year ended March 31, 2008 was $118.0 million, an increase of 78% from $66.2 million reported in the prior year. GAAP net loss for the full fiscal year 2008 was $10.1 million, or $(0.30) per share, compared to a net loss of $15.5 million, or ($0.87) per share in 2007. Non-GAAP net loss for the full fiscal year 2008 was $6.5 million, or ($0.19) per share, compared to a non-GAAP net loss of $13.7 million, or ($0.77) per share in fiscal 2007.

We are pleased to see 3PAR deliver another strong revenue growth quarter.” said David Scott, Chief Executive Officer. “We continue to further penetrate key accounts as customers better realize the capital and operational savings benefits of utility storage. We are also pleased that we reached break even net income on a non-GAAP EPS basis ahead of our expectations.”

3PAR Inc.