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MELVILLE, N.Y. -- FalconStor Software, Inc. (NASDAQ: FALC - News), the market leader in disk-based data protection solutions, today announced financial results for its fourth quarter and full year ended December 31, 2007.
Revenues for the fourth quarter of 2007 increased 23% to $24.8 million, compared with $20.2 million for the same period a year ago. GAAP income from operations for the quarter increased 114% to $5.4 million, compared with $2.5 million in Q4 2006. GAAP net income for the quarter was $5.7 million, or $0.10 per diluted share, compared with $2.8 million, or $0.06 per diluted share in Q4 2006. Stock-based compensation expense was $1.7 million in Q4 2007 and $2.3 million in Q4 2006.
Pro forma income from operations, which excludes stock-based compensation expense, increased to $7.1 million in the fourth quarter of 2007, compared with pro forma income from operations of $4.8 million in the fourth quarter of 2006. Pro forma operating margins increased to 29% in the fourth quarter of 2007, compared with pro forma operating margins of 24% in the same period a year ago. Pro forma net income increased to $7.4 million, or $.14 per diluted share, in Q4 2007 compared with $5.1 million, or $.10 per diluted share, in Q4 2006.
For the year ended December 31, 2007, revenues increased 41% to $77.4 million, compared with $55.1 million for the same period a year ago. GAAP income from operations for 2007 increased to $6.1 million, compared with a loss from operations of $4.7 million in 2006. GAAP net income for the year was $12.7 million, or $0.24 per diluted share, compared with a net loss of $3.4 million, or $0.07 per diluted share, in the same period a year ago. Stock-based compensation expense was $7.9 million in 2007 and $9.4 million in 2006.
Pro forma income from operations for the full year 2007 increased 200% to $14.0 million, compared with pro forma income from operations of $4.7 million in 2006. Pro forma operating margins increased to 18% in 2007, compared with pro forma operating margins of 9% in the same period a year ago. Pro forma net income increased to $16.2 million, or $.30 per diluted share, in 2007 compared with $6.0 million, or $.12 per diluted share, in 2006. Pro forma results for the full year exclude stock-based compensation for 2006 and 2007 and a $4.5 million income tax benefit recorded in Q3 2007.
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