Compellent Technologies (CML, Financial) filed Quarterly Report for the period ended 2009-09-30.
Compellent is a leading provider of enterprise-class network storage solutions that are highly scalable feature-rich and designed to be easy to use and cost effective. Compellent Technologies' principal offices are located in Eden Prairie Minn. Compellent Technologies has a market cap of $570.1 million; its shares were traded at around $18.46 with a P/E ratio of 205.1 and P/S ratio of 6.2.
Sales and Marketing Expense. Sales and marketing expense increased primarily due to an increase in sales and marketing headcount to 200 people from 152 people, resulting in a $1.8 million increase in salaries, employee benefits, commissions and stock-based compensation expense, an increase in marketing equipment expense of $256,000 related to systems used for demonstration and partner certification purposes, a $182,000 increase in channel partner referral fees due to increased third-party selling activities, and a $70,000 increase in facilities related costs.
Research and Development Expense. Research and development expense increased primarily due to an increase in research and development headcount to 68 people from 55 people, resulting in a $518,000 increase in salaries, employee benefits and stock-based compensation expense, an increase of $220,000 in prototype material costs and depreciation expense, and an increase of $44,000 in facilities related costs.
General and Administrative Expense. General and administrative expense decreased primarily due to $779,000 of legal and settlement expenses in defense of a patent infringement claim that we accrued in the three months ending September 30, 2008, offset by an increase in finance, information technology, and human resource staff headcount to 21 people from 16 people resulting in a $363,000 increase in salaries, employee benefits and stock-based compensation expense, an increase in professional fees of $155,000 for legal and tax services and a $49,000 increase in facilities related costs.
Income Tax Expense. Income tax expense of $294,000 for the three months ended September 30, 2009 consisted of $84,000 for U.S. federal alternative minimum income tax expense, $169,000 for state income tax expense, and $41,000 for foreign income taxes compared to no tax expense recognized during the three months ended September 30, 2008.
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Compellent is a leading provider of enterprise-class network storage solutions that are highly scalable feature-rich and designed to be easy to use and cost effective. Compellent Technologies' principal offices are located in Eden Prairie Minn. Compellent Technologies has a market cap of $570.1 million; its shares were traded at around $18.46 with a P/E ratio of 205.1 and P/S ratio of 6.2.
Highlight of Business Operations:
Cost of Support and Services Revenues. Cost of support and services revenues increased primarily due to increased salaries, employee benefits and stock-based compensation expense of $478,000 related to growth in our customer service and technical support headcount to 57 people from 36 people, increased hardware services fees of $366,000 charged by our third-party hardware maintenance providers associated with the continuing growth of our installed base, and increased facilities related costs of $57,000, offset by decreased equipment expenses of $209,000.Sales and Marketing Expense. Sales and marketing expense increased primarily due to an increase in sales and marketing headcount to 200 people from 152 people, resulting in a $1.8 million increase in salaries, employee benefits, commissions and stock-based compensation expense, an increase in marketing equipment expense of $256,000 related to systems used for demonstration and partner certification purposes, a $182,000 increase in channel partner referral fees due to increased third-party selling activities, and a $70,000 increase in facilities related costs.
Research and Development Expense. Research and development expense increased primarily due to an increase in research and development headcount to 68 people from 55 people, resulting in a $518,000 increase in salaries, employee benefits and stock-based compensation expense, an increase of $220,000 in prototype material costs and depreciation expense, and an increase of $44,000 in facilities related costs.
General and Administrative Expense. General and administrative expense decreased primarily due to $779,000 of legal and settlement expenses in defense of a patent infringement claim that we accrued in the three months ending September 30, 2008, offset by an increase in finance, information technology, and human resource staff headcount to 21 people from 16 people resulting in a $363,000 increase in salaries, employee benefits and stock-based compensation expense, an increase in professional fees of $155,000 for legal and tax services and a $49,000 increase in facilities related costs.
Income Tax Expense. Income tax expense of $294,000 for the three months ended September 30, 2009 consisted of $84,000 for U.S. federal alternative minimum income tax expense, $169,000 for state income tax expense, and $41,000 for foreign income taxes compared to no tax expense recognized during the three months ended September 30, 2008.
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