Falconstor Software Inc. Appoints Michael P. Kelly to Board of Directors; Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
October 29, 2014 at 04:05 pm
Share
Falconstor Software Inc. announced that Michael P. Kelly was elected to the company's Board of Directors.
The company reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company's total revenues were $11,175,440 against $14,730,038 a year ago. Operating loss was $2,565,648 against $4,163,140 a year ago. Loss before income taxes was $3,069,772 against $4,166,352 a year ago. Net loss was $3,232,399 against $2,219,663 a year ago. Net loss attributable to common stockholders was $3,545,218 or $0.08 basic and diluted per share against $2,265,599 or $0.05 basic and diluted per share a year ago. Non-GAAP loss from operations was $1,958,014 against $1,609,581 a year ago. Non-GAAP net loss was $2,624,765 or $0.06 basic and diluted per share against $1,757,677 or $0.04 basic and diluted per share a year ago. Cash flow used in operations was $1.5 million compared with cash used in operations of $0.7 million during the same period in 2013.
For the nine months, the company's total revenues were $34,479,606 against $43,988,994 a year ago. Operating loss was $3,754,019 against $12,587,059 a year ago. Loss before income taxes was $4,239,017 against $13,408,237 a year ago. Net loss was $4,703,250 against $11,807,401 a year ago. Net loss attributable to common stockholders was $5,625,784 or $0.12 basic and diluted per share against $11,853,337 or $0.25 basic and diluted per share a year ago. Non-GAAP loss from operations was $6,689,393 against $8,725,512 a year ago. Non-GAAP net loss was $7,638,624 or $0.16 basic and diluted per share against $10,037,427 or $0.21 basic and diluted per share a year ago. Cash used in operations was less than $0.1 million compared with cash used in operations of $7.5 million for the nine months ended September 30, 2013.
FalconStor Software, Inc. is a provider of data protection software with a focus on recovery and backup operations for the hybrid cloud world. The Company enables enterprise customers and managed service providers to secure, migrate, and protect their data while reducing data storage. Its products are offered through and supported by a worldwide network of original equipment manufacturers (OEMs), managed service providers (MSPs), systems integrators, and resellers. Its products are StorSafe, Virtual Tape Library (VTL), Continuous Data Protector (CDP), Network Storage Server (NSS) and StorSight. The Companyâs supporting technologies include RecoverTrac (RecoverTrac) Disaster Recovery Technology and MicroScan (MicroScan) Technology. FalconStor and FalconStor Software are trademarks of the Company in the United States and other countries. Its geographical areas include the Americas, Asia Pacific, and Europe, the Middle East, Africa, and other.
Falconstor Software Inc. Appoints Michael P. Kelly to Board of Directors; Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014