-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PR4SkPR754zYtu0jYQ4wcqQvg2p9vvXNXpuYYRUsRbR60yCtK/tF7+lKVgtc6+cf KFummCpqUho5E7CWfHEsRw== 0001104659-04-024802.txt : 20040817 0001104659-04-024802.hdr.sgml : 20040817 20040817134540 ACCESSION NUMBER: 0001104659-04-024802 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040813 ITEM INFORMATION: Other events FILED AS OF DATE: 20040817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OVERLAND STORAGE INC CENTRAL INDEX KEY: 0000889930 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER STORAGE DEVICES [3572] IRS NUMBER: 953535285 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22071 FILM NUMBER: 04981382 BUSINESS ADDRESS: STREET 1: 4820 OVERLAND AVENUE CITY: SAN DIEGO STATE: CA ZIP: 92123 BUSINESS PHONE: 8585715555 MAIL ADDRESS: STREET 1: 4820 OVERLAND AVENUE CITY: SAN DIEGO STATE: CA ZIP: 92123 FORMER COMPANY: FORMER CONFORMED NAME: OVERLAND DATA INC DATE OF NAME CHANGE: 19961212 8-K 1 a04-9681_18k.htm 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (date of earliest event reported): August 13, 2004

 

OVERLAND STORAGE, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

California

 

000-22071

 

95-3535285

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(I.R.S. Employer
Identification No.)

 

 

 

 

 

4820 Overland Avenue, San Diego, California 92123

(Address of principal executive offices, including zip code)

 

 

 

 

 

(858) 571-5555

(Registrant’s telephone number, including area code)

 

 


 

Item 5.    Other Events and Regulation FD Disclosure

 

On August 13, 2004, Overland Storage, Inc. issued a press release announcing that its Board of Directors had authorized a share repurchase program of up to $10 million of the company’s outstanding common stock.  The information contained in the press release is incorporated herein by reference and furnished as Exhibit 99.1.

 

This Form 8-K and the attached exhibit are provided under Item 5 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

OVERLAND STORAGE, INC.

 

 

 

 

Date: August 17, 2004

      /s/ Vernon A. LoForti

 

 

By:Vernon A. LoForti

 

      Vice President & CFO

 

2

 EX-99.1 2 a04-9681_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Press Release

For Immediate Release

 

Overland Storage Announces Share Repurchase Authorization

 

SAN DIEGO – Aug. 13, 2004 – Overland Storage Inc. (NasdaqNM: OVRL) today announced that its board of directors has authorized a share repurchase program of up to $10 million of the company’s outstanding common stock. The company intends to use this repurchase to reduce dilution from employee stock plans and balance the interest of shareholders with cash needed for reinvestment in the business for future growth. The company has approximately 14.4 million shares outstanding on a fully-diluted basis.

 

“Solid cash flow from operations over the past few years has put us in a very strong cash position, and this repurchase program underscores our confidence in Overland’s strategy and its future,” said Vern LoForti, Overland’s chief financial officer. “It is important for us to maximize the intrinsic value of Overland shares for our shareholders while preserving flexibility for strategic alternatives and supporting the growth of our new disk-based appliance business.”

 

Under the Overland share repurchase program, purchases may be made from time to time in the open market, through block trades or otherwise, and in privately negotiated transactions. Depending on market conditions and other factors, these purchases may be commenced or suspended at any time or from time to time without prior notice. There is no fixed termination date for the repurchase program.

 

About Overland Storage

For more than 20 years, Overland Storage has delivered world-class data protection solutions designed to ensure business continuity. Focused on backup and recovery, Overland’s data protection solutions are designed for entry-level and midrange computing environments. These include the REO family of disk-based backup and recovery appliances and the award-winning NEO Series of tape libraries. Overland sells its products worldwide through leading OEMs, commercial distributors, storage integrators and value-added resellers.  For more information, visit Overland’s website at www.overlandstorage.com.

 

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 and satisfaction with current prospects, as well as words such as “believe,” “intends,” “expects,” “plans,” “anticipates” and variations thereof, 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 the company’s actual results could differ

 

 

materially from those contained in such statements. Factors that could cause or contribute to such differences include difficulty of predicting sales to the company’s major OEM customer, technology spending levels, unexpected shortages of critical components, rescheduling or cancellation of customer orders, loss of a major customer, the timing and market acceptance of new product introductions by the company, including the launch of the company’s new REO products, its competitors or its licensees, the timing and amount of licensing royalties, general competition and price pressures in the marketplace, the company’s ability to control costs and expenses and economic conditions. Reference is also made to other factors set forth in the company’s filings with the Securities and Exchange Commission, including the “Risk Factors,” “Management’s Discussion and Analysis” and other sections of the company’s Form 10-K for the most recently completed fiscal year. These forward-looking statements speak only as of the date of this release and the company undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.

 

All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

 

CONTACT INFORMATION:

Vernon A. LoForti, CFO

vloforti@overlandstorage.com

858-571-5555

 

Cynthia A. Bond, Director of Corporate Communications

cbond@overlandstorage.com

858-571-5555

 

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