(PAR, Financial) filed Quarterly Report for the period ended 2009-06-30.
3PAR is the leading provider of Utility Storage a simple efficient and scalable tiered-storage array for utility computing that lets customers serve more with less. Whether you choose a Fibre Channel or IP-based storage network 3PAR Utility Storage can cut an organization\'s Total Cost of Data by fifty percent. has a market cap of $572.8 million; its shares were traded at around $9.33 with and P/S ratio of 3.1.
In the three months ended June 30, 2009, International total revenue represented $9.0 million or 20% from to $3.6 million or 8% compared to the same period in the prior year. The increase in International revenue as a percent of total revenue is driven by the higher number of sales and services personnel which grew at a faster rate than in the US.
Cost of product revenue decreased by $307,000, or 2%, to $13.7 million in the three months ended June 30, 2009 from $14.0 million in the three months ended June 30, 2008 compared to 3% decrease in our product revenue during the same period. The increase in our product margin in the three months ended June 30, 2009 is due primarily to product cost and expense reductions partially offset by inventory write-downs for excess and obsolescence related to certain components of our E-Class platform inventory in anticipation of increased customer demand for our new F-Class InServ storage server.
Cost of support revenue increased by $724,000, or 72%, to $1.7 million in the three months ended June 30, 2009 from $1.0 million in the three months ended June 30, 2008 primarily due to increased personnel cost and infrastructure costs required to support the growth in our installed base partially offset by our efforts to contain overall costs, which enabled us to improve our support revenue margin in the three months ended June 30, 2009 compared to the same period in the prior year.
Of the $1.5 million increase in research and development expense in the three months ended June 30, 2009, employee compensation and related benefits and depreciation accounted for $730,000 and $565,000 respectively. The remainder of the increase in the three months ended June 30, 2009 related to higher stock-based compensation and allocated facilities/IT expense.
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3PAR is the leading provider of Utility Storage a simple efficient and scalable tiered-storage array for utility computing that lets customers serve more with less. Whether you choose a Fibre Channel or IP-based storage network 3PAR Utility Storage can cut an organization\'s Total Cost of Data by fifty percent. has a market cap of $572.8 million; its shares were traded at around $9.33 with and P/S ratio of 3.1.
Highlight of Business Operations:
Support revenue increased by $2.6 million, or 87%, to $5.7 million in the three months ended June 30, 2009 from $3.0 million in the three months ended June 30, 2008. The increase in support revenue in the three months ended June 30, 2009 compared to the same period in the prior year is primarily attributable to the growth in the installed base of our storage solutions, which resulted in a higher number of initial PCS, extended and premium warranty contracts and support renewals from existing customers.In the three months ended June 30, 2009, International total revenue represented $9.0 million or 20% from to $3.6 million or 8% compared to the same period in the prior year. The increase in International revenue as a percent of total revenue is driven by the higher number of sales and services personnel which grew at a faster rate than in the US.
Cost of product revenue decreased by $307,000, or 2%, to $13.7 million in the three months ended June 30, 2009 from $14.0 million in the three months ended June 30, 2008 compared to 3% decrease in our product revenue during the same period. The increase in our product margin in the three months ended June 30, 2009 is due primarily to product cost and expense reductions partially offset by inventory write-downs for excess and obsolescence related to certain components of our E-Class platform inventory in anticipation of increased customer demand for our new F-Class InServ storage server.
Cost of support revenue increased by $724,000, or 72%, to $1.7 million in the three months ended June 30, 2009 from $1.0 million in the three months ended June 30, 2008 primarily due to increased personnel cost and infrastructure costs required to support the growth in our installed base partially offset by our efforts to contain overall costs, which enabled us to improve our support revenue margin in the three months ended June 30, 2009 compared to the same period in the prior year.
Of the $1.5 million increase in research and development expense in the three months ended June 30, 2009, employee compensation and related benefits and depreciation accounted for $730,000 and $565,000 respectively. The remainder of the increase in the three months ended June 30, 2009 related to higher stock-based compensation and allocated facilities/IT expense.
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