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3PAR Reports Financial Results for Third Quarter of Fiscal 2008

Fremont, Calif. – January 31, 2008 – 3PAR Inc. (NYSE Arca: PAR), a leading global provider of utility storage, today reported results for the third quarter of fiscal year 2008 which ended December 31, 2007. Revenue for the third fiscal quarter was $30.8 million, an increase of 51% compared to revenue of $20.4 million for the same period a year ago and an increase of 10% compared to $28.0 million in the prior quarter, which ended September 30, 2007.

For the third fiscal quarter, GAAP net loss was $1.9 million, or ($0.05) per share compared to GAAP net loss of $45,000, or ($0.00) per share for the same period in the prior year. Non-GAAP net loss, which excludes the impact of stock-based compensation expense, for the third fiscal quarter of 2008 was $664,000, or ($0.02) per share, compared to non-GAAP net income of $381,000, or $0.01 per share for the same period a year ago.

“We are delighted with 3PAR’s strong revenue growth and excellent performance,” said David Scott, Chief Executive Officer. “We are making significant progress in top tier accounts as we ride the adoption waves of virtualization and utility computing.”

Additional Third Quarter Fiscal 2008 Financial Information

3PAR reports operating loss, net loss, and earnings (loss) per share (EPS) on a GAAP and on a non-GAAP basis, which excludes the impact of stock-based compensation expense. The non-GAAP measures are described in greater detail below and are reconciled to the corresponding GAAP measures in the accompanying financial tables.

  • GAAP operating loss for the third quarter of fiscal 2008 was $2.3 million, or 8% of revenue. This compares to GAAP operating loss of $2.4 million, or 9% of revenue, in the second quarter of fiscal 2008. Non-GAAP operating loss in the third quarter of fiscal 2008 was $1.1 million, or 4% of revenue. This compares to non-GAAP operating loss of $1.8 million, or 6% of revenue, in the second quarter of fiscal 2008. GAAP net loss for the third quarter of fiscal 2008 was $1.9 million as compared to $2.4 million in the second quarter of fiscal 2008. Non-GAAP net loss in the third quarter of fiscal 2008 was $664,000, compared to $1.7 million in the second quarter of fiscal 2008.
  • GAAP basic and diluted EPS for the third quarter of fiscal 2008 was ($0.05) on 39.8 million weighted average shares outstanding, compared to ($0.13) for the second quarter of fiscal 2008 on 18.5 million weighted average shares outstanding. Non-GAAP basic and diluted EPS in the third quarter of fiscal 2008 was ($0.02), compared to ($0.09) in the second quarter of fiscal 2008.
  • Non-GAAP operating loss, non-GAAP net loss, and non-GAAP EPS are computed net of stock-based compensation (SBC). In the third quarter of fiscal 2008, the charge related to SBC was $1.2 million as compared to $639,000 in the second quarter of fiscal 2008.

Reconciliations of Non-GAAP measures to GAAP operating income, net income, and EPS are included at the end of this release.

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