FalconStor Software Q1 2014 revenues down from prior year period

FalconStor Software, Inc. (NASDAQ: FALC) reported its first quarter 2014 revenues were USD12.0m compared with USD15.3m in the same period a year ago.

GAAP loss from operations for the first quarter of 2014 was narrowed to USD2.6m, compared with an operating loss of USD3.9m for the first quarter of 2013.

GAAP net loss for the quarter improved to USD2.8m compared with a net loss of USD4.4m for the same period a year ago. Net loss attributable to common stockholders for the quarter, which includes the effects of the accretion to redemption value of the series A preferred stock and the accrual of preferred stock dividends, was USD3.1m, or USD0.06 per share, compared with USD4.4m, or USD0.09 per share, for the same period a year ago. Included in the operating results for the first quarter of 2014 and 2013 were expenses of USD0.1m of investigation, litigation and settlement related costs. In addition, included in net loss for the first quarter of 2014 was USD0.2m related to restructuring charges.

Non-GAAP loss from operations narrowed to USD1.9m for the first quarter of 2014, compared with non-GAAP loss from operations of USD2.9m for the same period a year ago. Non-GAAP net loss improved to USD2.1m, or USD0.04 per share, in the first quarter of 2014, compared with a non-GAAP net loss of USD3.4m, or USD0.07 per share, in the first quarter of 2013. Non-GAAP results exclude the effects of stock-based compensation, costs associated with the company´s investigations, litigation and settlement related costs, restructuring costs and the effects of preferred stock.

in 2000, FalconStor offers an award-winning platform for data migration, business continuity, disaster recovery, optimized backup and deduplication. For more information, visit www.falconstor.com

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