SAN DIEGO -- Overland Storage, Inc. (Nasdaq: OVRL - News) today reported results for its fiscal 2008 second quarter and six-month period ended December 30, 2007.
Net revenue for the fiscal 2008 second quarter was $34.1 million, compared with $46.8 million for the same period a year ago. The company reported a net loss of $6.5 million, or $0.51 per share, for the fiscal 2008 second quarter compared with a net loss of $8.9 million, or $0.70 per share, for the same period a year earlier.
For the first six months of fiscal 2008, the company reported net revenue of $67.0 million compared with $88.6 million for the same period in the prior fiscal year. Net loss for the first half of fiscal 2008 was $11.0 million, or $0.86 per share, compared with a net loss of $28.9 million, or $2.25 per share, in the first half of fiscal 2007. The 2007 six-month period net loss included an $8.4 million, or $0.65 per share, charge related to the impairment of acquired technology.
The company noted that revenue for the fiscal 2008 second quarter decreased 27.2 percent from the fiscal 2007 second quarter primarily due to lower sales to OEM customers. Specifically, sales to the company's largest OEM customer were down 41.2 percent compared with the fiscal 2007 second quarter, reflecting the previously announced transition by the customer to a new product from an alternate supplier. Despite several quarters of declining sales to this OEM, the company noted that sales in the fiscal 2008 second quarter increased 8.1 percent sequentially from the first fiscal quarter of fiscal 2008. Improved sales to this OEM customer contributed to the 3.5 percent sequential increase in the company's total revenue for the fiscal 2008 second quarter compared to the first quarter of fiscal 2008.
The company's branded revenue, excluding service revenue, declined 18.0 percent in the second quarter of fiscal 2008 compared to the prior year quarter, primarily due to lower sales in the EMEA and APAC channels. Despite the year-to-year decline, on a sequential basis, total branded revenue, excluding service revenue, increased 5.0 percent over the fiscal 2008 first quarter with gains in each of the geographic channels.
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