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Press Release

Overland Storage Reports Second Quarter Fiscal 2014 Results

Overland today reported financial results for its fiscal 2014 second quarter ended December 31, 2013

San Diego, CA, 14 February, 2014 — Overland Storage (NASDAQ: OVRL), a trusted global provider of unified data management and data protection solutions across the data lifecycle, today reported financial results for its fiscal 2014 second quarter ended December 31, 2013.

Eric Kelly, President and CEO of Overland Storage, said, “We feel very good about our recent acquisition of Tandberg Data and are moving forward with the integration of the two companies. We are focused on leveraging key areas where we believe we can drive growth in the business, and believe the combination of the two companies provides the scale and resources required for Overland to become a profitable and growing company. In addition, as we continue to work to expand our set of innovative products, our overall vision is to securely store data and provide access to the applications and information from any device. We believe the integration of our storage technology, virtualization engines and the mobility platform will address the needs of our customers and one of the fastest growing segments of the storage market in a way that no other company has been able to do in the past.”

Recent Highlights:

  • Completed acquisition of Tandberg Data Holdings S.à r.l., a privately held global leader of data storage and data protection solutions in January 2014.
  • Expanded relationship with Sphere 3D Corporation through Sphere’s announced agreement to acquire the product portfolio of V3 Systems, creating a new purpose built VDI appliance and software defined storage solution which would include Overland’s NAS platform and be delivered through Overland’s channel partners.

Second Quarter Fiscal 2014 Financial Results

  • Net revenue for the second quarter of fiscal 2014 was $10.6 million, compared to $12.6 million for the second quarter of fiscal 2013 and $10.6 million in the first quarter of fiscal 2014. Product revenue for the second quarter of fiscal 2014 was $6.6 million, compared to $7.8 million for the second quarter of fiscal 2013 and $6.1 million in the first quarter of fiscal 2014.
  • Gross margin for the second quarter of fiscal 2014 was 34.5%, compared to 36.5% for the second quarter of fiscal 2013 and 33.7% in the first quarter of fiscal 2014.
  • Operating expenses for the second quarter of fiscal 2014 were $8.2 million, compared to $8.7 million in the second quarter of fiscal 2013 and $7.7 million for the first quarter of fiscal 2014. Stock compensation expense was $0.8 million in the second quarter of fiscal 2014, compared to $1.3 million in the second quarter of fiscal 2013 and $0.9 million in the first quarter of fiscal 2014. Depreciation and amortization was $0.3 million in both the second quarters of fiscal 2014 and 2013, and in the first quarter of fiscal 2014.
  • Net loss for the second quarter of fiscal 2014 was $4.3 million, or a loss of $0.12 per share, compared to a net loss of $4.3 million, or a loss of $0.15 per share, in the second quarter of fiscal 2013 and a net loss of $4.6 million, or a loss of $0.15 per share, in the first quarter of fiscal 2014.

Cash and short-term investments at December 31, 2013 were $9.6 million, compared to cash of $8.8 million at June 30, 2013. At December 31, 2013, the Company had $3.5 million outstanding under its credit facility and $7.5 million outstanding under its convertible notes. In January 2014, additional convertible notes having a principal amount of $2.0 million were issued.

Investor Conference Call:
Overland will host an investor conference call today, Thursday, February 13, at 5:00 pm ET (2:00 pm PT) to discuss the Company’s second quarter fiscal 2014 financial results. To access the call dial 877-941-8418 (+1 480-629-9811 outside the United States) and when prompted provide the pass code “Overland Storage” to the operator. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. In addition, a live and archived webcast of the conference call will be available over the Internet at www.overlandstorage.com in the Investor Relations section. A replay of the conference call will also be available via telephone by dialing (800) 406-7325 (+1 (303) 590-3030 outside the United States) and entering access code, 4668666#, beginning 8:00 p.m. ET on February 13, 2014 through 11:59 p.m. ET on February 20, 2014.

About Overland Storage
Overland Storage is a trusted global provider of unified data management and data protection solutions across the data lifecycle. By providing an integrated range of technologies and services for primary, near line, offline, and archival data storage, Overland makes it easy and cost effective to manage different tiers of information over time, whether distributed data is across the hall or across the globe. Overland SnapServer, RDX removable disk-based technology, SnapScale, SnapServer, SnapSAN, NEO Series and REO Series solutions are available through a global channel of value-added resellers and system integrators. This channel model is supported by OEM agreements with major manufacturers. For more information, visit www.overlandstorage.com.

Safe Harbor Statement
Except for the factual statements made herein, the information contained in this news release consists of forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as “believes,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates” and variations thereof, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and our actual results could differ materially from those contained in such statements. Factors that could cause or contribute to such differences include, but are not limited to: risks related to the ability of Sphere3D to raise capital and to close its contemplated transaction with V3 Systems; our ability to maintain our relationship with Sphere3D; our ability to retain customers and retain and hire key personnel and maintain relationships with our suppliers, operating results and business generally; our ability to maintain and increase sales volumes of our products; our ability to continue to aggressively control costs and operating expenses; our ability to achieve the intended cost savings and maintain quality with our manufacturing partner; our ability to generate cash from operations; the ability of our suppliers to provide an adequate supply of components for our products at prices consistent with historical prices; our ability to raise outside capital and to repay our debt as it comes due; our ability to introduce new competitive products and the degree of market acceptance of such new products; the timing and market acceptance of new products introduced by our competitors; our ability to maintain strong relationships with branded channel partners; our ability to maintain the listing of our common stock on the NASDAQ Capital Market; customers’, suppliers’ and creditors’ perceptions of our continued viability; rescheduling or cancellation of customer orders; loss of a major customer; our ability to enforce our intellectual property rights and protect our intellectual property (including the outcome of our ongoing patent litigation); general competition and price measures in the market place; unexpected shortages of critical components; worldwide information technology spending levels; and general economic conditions. Reference is also made to other factors detailed from time to time in our periodic reports filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.

For more information, visit www.overlandstorage.com.

To view Q214 financial tables, go here.

Connect with Overland Storage

Read the Overland blog: http://overlandstorage.com/blog
Follow Overland on Twitter: http://www.twitter.com/OverlandStorage
Visit Overland on Facebook: http://www.facebook.com/OverlandStorage

Overland Storage, SnapScale, SnapSAN, SnapServer, NEO Series, REO Series and the Overland logo are trademarks of Overland Storage, Inc., that may be registered in some jurisdictions. All other trademarks used are owned by their respective owners.

Investor Relations Contact:

Todd Kehrli or Jim Byers
MKR Group Inc.
323-468-2300
ovrl@mkr-group.com

21 January 2014
Overland Storage Shareholders Approve Acquisition of Tandberg Data

Overland Storage (NASDAQ: OVRL), a trusted global provider of unified data management and data protection solutions across the data lifecycle, today announced that it has received the shareholder votes necessary to complete its acquisition of Tandberg Data Holdings S.à r.l., a privately held global leader of data storage and data protection solutions.

22 January 2014
Overland Storage Completes Acquisition of Tandberg Data

Overland Storage (NASDAQ: OVRL), a trusted global provider of unified data management and data protection solutions across the data lifecycle, today announced that it has completed its acquisition of Tandberg Data Holdings S.à r.l., a privately held global leader of data storage and data protection solutions.

12 February 2014
Overland Expands Strategic Relationship with Sphere 3D

Overland partner Sphere 3D acquires V3 Systems, creating new purpose built VDI appliance and software defined storage solution

14 February 2014
Overland Storage Reports Second Quarter Fiscal 2014 Results

Overland today reported financial results for its fiscal 2014 second quarter ended December 31, 2013

12 May 2014
Recognition for Leadership Excellence at 2014 HR Symposium

Overland’s Global VP of HR Carol Dixon Honored at Northern California HR Symposium

15 May 2014
Overland Storage Reports Third Quarter Fiscal 2014 Results

Overland Storage (NASDAQ: OVRL), a trusted global provider of unified data management and data protection solutions across the data lifecycle, today reported financial results for its fiscal 2014 third quarter ended March 31, 2014.

15 May 2014
Sphere 3D and Overland Storage Enter Into Definitive Merger Agreement

Combination creates leading virtualization and data management software solutions company

20 May 2014
Virtualization Wins: Novarad Success With NovaGlass Imaging Software

Hundreds of Attendees Test Drive V3 Appliances and Glassware 2.0 Virtualization Software on SnapServer DX2 Appliances at Launch

16 June 2014
Overland Storage Wins Tape-Based Product of the Year at 2014 Storage Awards

NEO 8000e Tape Library Wins Top Honors in Tape Products Category; Tandberg Data StorageLibrary T40+ Named Runner-Up

08 July 2014
Overland Storage SnapServer Delivers Integrated, Secure Private Cloud Mobility Solution

SnapServer DX with embedded BitTorrent Sync provides encrypted file sharing and distributed anywhere access—faster than traditional cloud services

24 July 2014
Overland Enhances SnapServer GuardianOS for Simple Storage Management

New GuardianOS software improves compatibility, security and performance

24 July 2014
Overland Appoints Nilesh Patel as VP of Product Management and Product Marketing

Overland Storage today announced that Nilesh Patel has joined the company.

30 July 2014
Overland Storage Enters Into Strategic Partnership With BDT and Settles Patent Lawsuit

Overland Storage has entered into a patent cross-license agreement with BDT Media Automation GmbH and a strategic investment in Overland Storage by BDT.

04 August 2014
Business Update; Overland Expects to Exceed $24 Million Revenue for Q4FY14

Overland Storage, Inc. today announced an update on its business operations to address recent successes.

19 August 2014
Next Generation Hyper-Converged Appliance for VDI

Launch of V3 hyper-converged virtual desktop appliance to address the rapidly-growing virtualization and cloud markets.

26 August 2014
Enterprise-class Storage Software in New Desktop Design for SMBs

New GuardianOS® 7.6 Software Brings High-Performance, Space-Efficient SnapShots for Continuous Data Protection; Integrates RDX® Removable Disk Storage Backup Capability; Enterprise-Class Replication and Remote Access Features.

28 August 2014
RDX Removable Storage Delivers Industry-leading Features for Enterprises and SMBs

RDX Delivers Deduplication With AccuGuard Enterprise Software; Adds SnapServer NAS Integration, MAC Media Compatibility, Windows Backup, and QuadPAK Rack Kit.

14 October 2014
Overland Storage Expects to Exceed Synergy Estimates and is On Track for Completion of Company Transformation

Overland Storage, Inc. reported progress on the third phase of the company's transformation and its achievements for operational efficiencies

15 October 2014
Overland Storage Reshapes Tape Automation Landscape With New NEO XL-Series Tape Libraries

High-density, scalable NEO XL-Series joins completely refreshed portfolio of tape automation solutions that reduce cost of ownership and offer superior investment protection

04 November 2014
New Enterprise Scale-Out Solution with RAINcloud OS 4.1 for Virtualization

VMware-Certified SnapScale® Clustered Data Storage, Featuring RAINcloud® OS 4.1 Software, Protects and Manages Data in Cloud and Distributed Enterprise Environments

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