Overland Storage, a provider of data protection appliances, has reported a net loss of $6.9 million, or $0.54 per share, for the first quarter of fiscal 2009, compared with a net loss of $4.5 million, or $0.35 per share, for the same period of fiscal 2008.
Net revenue for the fiscal 2009 first quarter was $32.3 million, compared with $32.9 million for the same period of fiscal 2008.
The company noted that net revenue for the fiscal 2009 first quarter grew 11.6% on a sequential basis, compared to net revenue of $28.9 million in the fiscal 2008 fourth quarter. Sales to OEM customers, representing 28.1% of net revenue in the fiscal 2009 first quarter, actually increased 2.2% compared to the preceding quarter. Non-OEM revenue grew by 16.5% sequentially.
Gross profit increased 34.8% from $6.5 million in the fiscal 2008 first quarter to $8.7 million in the fiscal 2009 first quarter; and the gross margin percentage improved from 19.7% in the fiscal 2008 first quarter to 27% in the fiscal 2009 first quarter. The company noted that these improvements reflect the continuing shift toward a higher concentration of branded revenue versus OEM revenue, an improved product mix, as well as reduced inventory charges and warranty costs.