Overland Storage, a San Diego provider of data management and backup systems, reported fiscal 2013 third quarter revenue of $11.6 million, compared with revenue of $15.2 million for the like quarter of 2012.
The company said its net loss was $5.1 million, compared with a net loss of 3.8 million for the like quarter of 2012.
Overland completed a private placement of convertible notes and common stock that resulted in gross proceeds of $14.25 million. At the end of March it held $14.1 million in cash and equivalents, compared with $10.5 million at June 30, 2012.
The company said its Snapserver revenue increased 7.3 percent in the third quarter from the preceding quarter.
CEO Eric Kelly said Overland continued to execute on its overall strategy and expand markets with the introduction of new solutions in the data management and data protection marketplace.
— SDBJ Staff Report