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FalconStor Software Announces Third Quarter 2017 Results
FalconStor Software Announces Third Quarter 2017 Results.
About this update from Falconstor Software, Inc.
[{"type":"text","content":"\n\n MELVILLE, N.Y., Nov. 20, 2017 (GLOBE NEWSWIRE) -- FalconStor Software, Inc. (OTCQB:FALC), a market leader in storage software, today announced financial results for its third quarter ended September 30, 2017.\n \"Q3 marks an important pivot point for FalconStor as the strategic restructuring launched earlier in 2017, and additional focus implemented during the quarter, have produced a return to profitability\" stated Todd Brooks, CEO of FalconStor. \"Our products and solutions play a key role in managing and protecting critical data within enterprises around the world. The financial stability we are creating will enable us to continue innovating and delivering outstanding value to our existing partners and customers, while positioning the company for future growth.\" Financial Overview:  Three Months Ended September 30,  Change Period to Period(in millions except per share data)2017 2016 Total revenue$6.1  100% $7.3  100% $(1.2) (17)%Total cost of revenue$1.2  20% $2.1  28% $(0.8) (40)%Total operating expenses$3.6  59% $7.1  96% $(3.5) (49)% Operating income (loss) (GAAP)$1.3  21% $(1.8) (25)% $3.1   * Net income (loss) (GAAP)$1.4  23% $(2.0) (27)% $3.4   * EPS GAAP$0.02    $(0.02)   $0.07                                        For the three months ended September 30, 2017 we delivered net GAAP operating income of $1.3 million on revenues of $6.1 million.  Included in operating results above for the three months ended September 30, 2017 and 2016 were $(0.3) million and $0.3 million of share-based compensation expense, respectively, and $0.2 million and $0.4 million of severance expense, respectively.   Nine Months Ended September 30,  Change Period to Period(in millions except per share data)2017 2016  Total revenue$18.9  100% $22.8  100% $(3.9) (17)% Total cost of revenue$4.5 &#...