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FalconStor reports year-end loss

Antony Savvas

FalconStor has posted its year end figures, and stock option charges have plunged the company into the red.

For the year ending 31 December 2006, the storage company said sales increased 34% to £29m, compared with £21m in 2005.

The net loss for 2006 was £1.7m, which includes £4.8m in expenses related to stock options.

Pro forma net income for 2006, excluding stock option expenses, was £3.1m, compared with net income of £1.2m in 2005.

“We are pleased with the commitment and performance of our OEMs as well as our VAR partners,” said ReiJane Huai, FalconStor CEO.

"In addition to validating the marketing acceptance of our product strategy, the fourth quarter results also underscore the effectiveness of our business model, which is built upon the success of strategic and channel partners. We are looking forward to teaming with our channel partners to accelerate sales momentum and market penetration in 2007."

The fourth quarter results saw the firm make a profit, despite stock option expenses during the period.

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