UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
Commission File Number: 0-22071
OVERLAND DATA, INC.
(Exact name of registrant as specified in its charter)
California 95-3535285
(State or other jurisdiction of incorporation) (IRS Employer Identification No.)
8975 Balboa Avenue, San Diego, California 92123-1599
(Address of principal executive offices, including zip code)
(858) 571-5555
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes /X/ No / /
As of November 10, 2000, there were 10,384,000 shares of the registrant's common
stock, no par value, issued and outstanding.
OVERLAND DATA, INC.
FORM 10-Q
For the quarterly period ended September 30, 2000
TABLE OF CONTENTS
Page
Number
------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements:
Consolidated Condensed Statement of Operations --
Three Months Ended
September 30, 2000 and 1999....................................................................3
Consolidated Condensed Balance Sheet --
September 30, 2000 and June 30, 2000..........................................................4
Consolidated Condensed Statement of Cash Flows --
Three months ended September 30, 2000 and 1999................................................5
Notes to Consolidated Condensed Financial Statements................................................6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations...........................................................................9
Item 3. Quantitative and Qualitative Disclosures About Market Risk..........................................16
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.................................................17
Item 6. Exhibits and Reports on Form 8-K....................................................................17
Signatures..........................................................................................18
2
OVERLAND DATA, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED
SEPTEMBER 30,
2000 1999
-------- --------
Net revenues:
Product sales .................................................................... $ 37,197 $ 22,645
Royalties & services ............................................................. 530 200
-------- --------
Total net revenues ............................................................ 37,727 22,845
Cost of goods sold ..................................................................... 27,177 16,603
-------- --------
Gross profit ........................................................................... 10,550 6,242
-------- --------
Operating expenses:
Sales and marketing .............................................................. 4,144 3,132
Research and development ......................................................... 2,315 1,599
General and administrative ....................................................... 1,911 1,618
-------- --------
Total operating expenses ...................................................... 8,370 6,349
-------- --------
Income (loss) from operations .......................................................... 2,180 (107)
Other income (expense):
Interest income, net ............................................................. 102 175
Other expense, net ............................................................... (125) (4)
-------- --------
Income before income taxes ............................................................. 2,157 64
Provision for income taxes ............................................................. 852 25
-------- --------
Net income ............................................................................. $ 1,305 $ 39
======== ========
Earnings per share:
Basic ............................................................................ $ 0.13 $ 0.00
======== ========
Diluted........................................................................... $ 0.12 $ 0.00
======== ========
Number of shares used in computing earnings per share:
Basic............................................................................. 10,300 10,088
======== ========
Diluted........................................................................... 10,990 10,589
======== ========
See accompanying notes to consolidated condensed financial statements.
3
OVERLAND DATA, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(IN THOUSANDS, EXCEPT NUMBER OF SHARES)
SEPTEMBER 30, JUNE 30,
2000 2000
---------------- ---------------
ASSETS: (unaudited)
Current assets:
Cash and cash equivalents .......................................................... $ 6,911 $ 15,774
Accounts receivable, less allowance for doubtful accounts
and returns of $269 and $252, respectively ................................... 24,083 22,798
Inventories......................................................................... 24,119 22,108
Deferred income taxes .............................................................. 3,391 3,391
Other current assets ............................................................... 2,254 1,684
---------------- ---------------
Total current assets .................................................. 60,758 65,755
Property and equipment, net ................................................................ 4,804 5,033
Intangible and other assets ................................................................ 617 595
---------------- ---------------
$ 66,179 $ 71,383
================ ===============
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable ................................................................... $ 8,116 $ 13,965
Accrued liabilities ................................................................ 5,222 6,262
Accrued payroll and employee compensation .......................................... 2,352 2,271
---------------- ---------------
Total current liabilities ............................................. 15,690 22,498
Deferred income taxes ...................................................................... 466 466
Other liabilities .......................................................................... 854 922
---------------- ---------------
Total liabilities ..................................................... 17,010 23,886
---------------- ---------------
Shareholders' equity:
Common stock, no par value, 25,000,000 shares
authorized; 10,328,425 and 10,270,402 shares
issued and outstanding, respectively ......................................... 32,190 31,753
Accumulated other comprehensive loss ............................................... (229) (159)
Retained earnings .................................................................. 17,208 15,903
---------------- ---------------
Total shareholders' equity ............................................ 49,169 47,497
---------------- ---------------
$ 66,179 $ 71,383
================ ===============
See accompanying notes to consolidated condensed financial statements.
4
OVERLAND DATA, INC.
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
THREE MONTHS ENDED
SEPTEMBER 30,
2000 1999
-------- --------
OPERATING ACTIVITIES:
Net income .................................................................................... $ 1,305 $ 39
Adjustments to reconcile net income to cash
provided by (used in) operating activities:
Depreciation and amortization ........................................................... 455 405
Changes in operating assets and liabilities:
Accounts receivable ................................................................ (1,285) 1,448
Inventories ........................................................................ (2,011) (564)
Accounts payable and accrued liabilities ........................................... (6,888) (737)
Accrued payroll and employee compensation .......................................... 81 (253)
Other .............................................................................. (661) (151)
-------- --------
Net cash (used in) provided by operating activities............................ (9,004) 187
-------- --------
INVESTING ACTIVITIES:
Capital expenditures .......................................................................... (226) (239)
-------- --------
Net cash used in investing activities ......................................... (226) (239)
-------- --------
FINANCING ACTIVITIES:
Net proceeds from issuance of common stock .................................................... 295 156
Proceeds from exercise of stock options ....................................................... 142 3
Stock repurchases ............................................................................. 0 (415)
-------- --------
Net cash provided by (used in) in financing activities ........................ 437 (256)
-------- --------
Effect of exchange rate changes on cash ............................................................... (70) 170
-------- --------
Net increase (decrease) in cash and cash equivalents .................................................. (8,863) (138)
Cash and cash equivalents at the beginning of the period .............................................. 15,774 16,199
-------- --------
Cash and cash equivalents at the end of the period .................................................... $ 6,911 $ 16,061
======== ========
See accompanying notes to consolidated condensed financial statements.
5
OVERLAND DATA, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 -- BASIS OF PRESENTATION
The accompanying condensed consolidated financial statements of Overland Data,
Inc. and its subsidiaries (the "Company") have been prepared by the Company
without audit pursuant to the rules and regulations of the Securities and
Exchange Commission for Form 10-Q. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to such
rules and regulations. In the opinion of management, these statements reflect
all normal recurring adjustments necessary for a fair presentation of the
financial position, results of operations and cash flows for all periods
presented. The results of operations for such periods are not necessarily
indicative of the results expected for the full fiscal year. The Company's first
fiscal quarter ends on the Sunday closest to September 30. For ease of
presentation, the Company's first fiscal quarter end is deemed to be September
30. For further information, refer to the consolidated financial statements and
footnotes thereto included in the Company's Annual Report on Form 10-K for the
fiscal year ended June 30, 2000 on file with the Securities and Exchange
Commission.
NOTE 2 -- NET INCOME PER SHARE
Basic earnings per share ("EPS") is computed based on the weighted-average
number of shares of common stock outstanding during the period. Diluted EPS
is computed based on the weighted-average number of shares of common stock
outstanding during the period increased by the weighted-average number of
common stock equivalents outstanding during the period, using the treasury
stock method. Anti-dilutive common stock equivalents excluded from the
computation of diluted earnings per share amounted to 106,500 and 438,000 at
September 30, 2000 and 1999, respectively.
6
A reconciliation of the calculation of basic and diluted EPS is as follows (in
thousands, except per share data):
THREE MONTHS ENDED
SEPTEMBER 30,
2000 1999
------- -------
(unaudited)
Net income ........................... $ 1,305 $ 39
======= =======
BASIC EPS:
Weighted average number of common
shares outstanding ............. 10,300 10,088
======= =======
Basic earnings per share ............. $ 0.13 $ 0.00
======= =======
DILUTED EPS:
Weighted average number of common
shares outstanding ............. 10,300 10,088
Common stock equivalents from the
issuance of options using the
treasury stock method .......... 690 501
------- -------
10,990 10,589
======= =======
Diluted earnings per share ........... $ 0.12 $ 0.00
======= =======
NOTE 3 - COMPREHENSIVE INCOME
Comprehensive income includes, in addition to net income, foreign currency
translation effects which are charged or credited to the accumulated other
comprehensive income account within shareholders' equity.
7
Comprehensive income for the three months ended September 30, 2000 and 1999 was
as follows (in thousands):
THREE MONTHS
ENDED
SEPTEMBER 30,
2000 1999
------- -------
(unaudited)
Net income ........................ $ 1,305 $ 39
Foreign currency translation effect (70) 170
------- -------
Comprehensive income .............. $ 1,235 $ 209
======= =======
NOTE 4 -- INVENTORIES
Inventories consist of the following (in thousands):
SEPTEMBER 30, JUNE 30,
2000 2000
-------- --------
(unaudited)
Raw materials...................... $ 16,995 $ 15,857
Work-in-process.................... 2,599 2,767
Finished goods..................... 4,525 3,484
-------- --------
$ 24,119 $ 22,108
======== ========
8
ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
This Quarterly Report on Form 10-Q contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking
statements usually contain the words "estimate," "anticipate," "expect" or
similar expressions. All forward-looking statements are inherently uncertain as
they are based on various expectations and assumptions concerning future events
and they are subject to numerous known and unknown risks and uncertainties. The
forward-looking statements included herein are based on current expectations and
entail such risks and uncertainties as those set forth below, which could cause
the Company's actual results to differ materially from those projected in the
forward-looking statements. The Company disclaims any obligation to update or
publicly announce revisions to any such statements to reflect future events or
developments. For a more detailed discussion of these and other risks, see our
Annual Report on Form 10-K filed with the Securities and Exchange Commission on
September 28, 2000.
OVERVIEW
Overland Data designs, develops, manufactures, markets and supports magnetic
tape data storage drives and automation solutions. Businesses use these
solutions for backup, archival and data interchange functions in
high-availability network computing environments.
The Company's primary products are automated tape libraries, minilibraries,
loaders and tape drives, which combine electro-mechanical robotics, electronic
hardware and firmware developed by the Company with an emphasis on efficiency of
design, functionality and reliability. Its products are based on a number of
different tape technologies including DLTtape, AIT, DLT1, SLR, IBM compatible
3480/3490/3490E, Travan and DAT. The Travan and DAT products were acquired as
part of the acquisition of assets from Tecmar Technologies International, Inc.
and certain of its affiliates (collectively, "Tecmar") in February 2000. The
Company is currently introducing a next-generation Travan-based product, using
its proprietary tape encoding technology that it developed and patented under
the name Variable Rate Randomizer or "VR(2)"-TM-. This new product will be aimed
at capturing a share of the entry-level server tape backup market. Overland also
acquired the Ditto product line through the Tecmar asset purchase. However,
deteriorating sales led to the discontinuance and one-time $1.7 million pre-tax
writeoff of the Ditto line in June 2000, and the consolidation into Overland's
San Diego facility in September 2000 of certain Colorado-based operations
involving former Tecmar personnel and product lines. Overland also distributes
products manufactured by other original equipment manufacturers ("OEMs") and
markets various other products including storage management software supplied by
third parties, spare parts and tape media. The
9
Company also derives revenue from licensing its proprietary VR(2) tape
encoding technology.
RISK FACTORS
Advanced technology companies like Overland Data are subject to numerous risks
and uncertainties, generally characterized by rapid technological change and
other highly competitive factors. In such an environment, the Company's future
success will depend on its ability to anticipate changes in technology, to
develop new and enhanced products on a timely and cost-effective basis and to
introduce, manufacture and achieve market acceptance of these new and enhanced
products. In particular, the Company's future success will likely depend on the
development of a next generation product to succeed its LibraryXpress product
line. LibraryXpress is facing increasing competition from automated tape library
products, and likely will face competition from other storage devices that may
be developed in the future. Development schedules for high technology products
are inherently subject to uncertainty and there can be no assurance that the
Company will be able to meet its product development schedules, including those
for products based on its new VR(2) tape coding technique (both by the Company
and its licensees), or that development costs will be within budgeted amounts.
If the products or product enhancements that the Company develops are not
deliverable due to developmental problems, quality issues or component shortage
problems, or if such products or product enhancements do not achieve market
acceptance or are unreliable, the Company's business, financial condition and
results of operations may be materially and adversely affected. The introduction
(whether by the Company or its competitors) of new products embodying new
technologies such as new sequential or random access mass storage devices and
the emergence of new industry standards could render existing products obsolete
or not marketable.
The Company's current revenue stream is highly dependent upon the level of
sales to Compaq Computer Corporation ("Compaq"), which comprised 60% of the
Company's revenues in the quarter ended September 30, 2000. Although Compaq
is the primary customer for this product line, Compaq is not required to
purchase minimum quantities and its orders can fluctuate from quarter to
quarter. The Company expects that Compaq will continue to represent a
significant portion of the Company's revenues in future periods.
Consequently, the Company's future operating results would be materially
adversely impacted by the loss of the Compaq account, or the reduction, delay
or cancellation of Compaq orders. This risk is tempered by the fact that in
September 2000, the Company was notified by Compaq that Compaq had selected
Overland to be its supplier of next-generation tape automation products,
which will be jointly developed by Compaq and the Company for the mid-range
marketplace.
A large portion of the Company's products incorporate DLTtape drives
manufactured by Quantum, which is also a competitor of the Company because
Quantum markets its own tape drives and tape automation products. Although
Quantum has licensed Tandberg Data to be a second source manufacturer of DLTtape
drives, Overland has
10
not qualified Tandberg as its alternative supplier. The Company does not have a
long-term contract with Quantum, which could cease supplying DLTtape drives
directly to the Company. From time to time in the past, the Company has not been
able to obtain as many drives as it has needed from Quantum due to drive
shortages or quality issues. Any prolonged inability to obtain adequate
deliveries could require the Company to pay more for components, parts and other
supplies, seek alternative sources of supply, delay shipment of products and
damage relationships with current and prospective customers. Any such delay or
damage could have a material adverse effect on the Company's business, financial
condition and results of operations. In the past, the Company experienced
problems with the supply of a newly introduced DLTtape drive and such problems
adversely affected the Company's sales and earnings. No assurance can be given
that such problems will not re-occur, or that the Company will not experience
similar or more serious disruptions in supply in the future with current
versions of DLT drives, the new SDLT drive or any future DLT drive version.
Although the Company believes that its proprietary Variable Rate Randomizer
(VR(2)) encoding technology, which it has now licensed to Tandberg Data ASA,
Imation Corp., Seagate Technology, Inc. and Storage Technology, Inc., will
ultimately prove to be of significant value, the success of VR(2) depends on the
success of the licensee's tape drives, which ultimately incorporate the VR(2)
technology. Success of VR(2) cannot be assured because of the potential
difficulty of incorporating it into the electronics of new tape technology
platforms, the possible introduction of competing techniques to enhance tape
drive performance, and the uncertain market acceptance of VR(2) enhanced tape
drives.
The risks and uncertainties noted above, along with others that could materially
and adversely affect the Company's business, are set forth more fully in the
"Risk Factors," "Management's Discussion and Analysis of Financial Condition and
Results of Operations," and other sections of the Company's Annual Report on
Form 10-K for the fiscal year ended June 30, 2000 on file with the Securities
and Exchange Commission.
11
RESULTS OF OPERATIONS
The following table sets forth items in the Company's statement of operations as
a percentage of net revenues for the periods presented. The data has been
derived from the Company's unaudited condensed consolidated financial
statements.
THREE MONTHS ENDED
SEPTEMBER 30,
2000 1999
-------- -------
Net revenues .......................................... 100.0% 100.0%
Cost of goods sold .................................... 72.0 72.7
-------- -------
Gross profit .......................................... 28.0 27.3
-------- -------
Operating expenses:
Sales and marketing .............................. 11.0 13.7
Research and development ......................... 6.1 7.0
General and administrative ....................... 5.1 7.1
-------- -------
Total operating expenses ...................... 22.2 27.8
-------- -------
Income from operations ................................ 5.8 (0.5)
Other income:
Interest, net .................................... 0.3 0.8
Other income, net ................................ (0.3) --
-------- -------
Income before income taxes ............................ 5.8 0.3
Provision for income taxes ............................ 2.3 0.1
-------- -------
Net income ............................................ 3.5% 0.2%
======== =======
12
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
NET REVENUES. Net revenues of $37.7 million in the first quarter of fiscal
year 2001 were $14.9 million or 65.2% above net revenues of $22.8 million in
the comparable quarter of the prior fiscal year. This revenue growth is
attributable primarily to improved sales of the Company's automated library
products, including increasing sales of the new AIT-based LibraryPro, which
was introduced in the third quarter of the prior fiscal year. Sales of
libraries increased by 92.5% from $14.4 million in the first quarter of
fiscal year 2000 to $27.8 million in the first quarter of fiscal year 2001,
primarily due to strong shipments to Compaq, the Company's largest customer.
Sales of library products to Compaq of $22.4 million grew 186% from $7.8
million during the same quarter of the prior fiscal year. Sales of the
Company's lower-end loader products decreased 5.9% from $2.6 million in the
first quarter of fiscal year 2000 to $2.4 million in the first quarter of
fiscal year 2001. Sales of mature 36-track products declined by 11.0% from
$2.5 million in the first quarter of fiscal year 2000 to $2.2 million in the
first quarter of fiscal year 2001. Sales of stand-alone drives of $1.3
million decreased 6.6% from $1.4 million in the same quarter of the prior
fiscal year. Sales of Travan, Ditto and DAT products, which the Company began
selling after the February 2000 acquisition of Tecmar assets, amounted to
$1.2 million during the first quarter of fiscal year 2001.
A summary of the sales mix by product for the periods presented in the statement
of operations follows:
THREE MONTHS ENDED
SEPTEMBER 30,
2000 1999
--------- ---------
Company products:
LibraryXpress............................... 73.6% 63.1%
LoaderXpress................................ 6.5 11.4
36-track.................................... 6.0 11.0
9-track..................................... - 0.4
Travan/Ditto/DAT............................ 3.2 -
Royalties & services........................ 1.4 0.9
Other products:
Spare parts, controllers, other............ 5.7 6.9
Stand-alone drives......................... 3.6 6.3
--------- ---------
100.0% 100.0%
========= =========
GROSS PROFIT. The Company's gross profit for the first quarter of fiscal year
2001 was $10.6 million, up 69.0% from $6.2 million in the first quarter of
fiscal year 2000. As a percentage of net revenues, the gross margin of 28.0% in
the first quarter of fiscal
13
year 2001 was slightly higher than the gross margin of 27.3% in the comparable
quarter of the prior fiscal year, due to greater royalty/services revenues.
SALES AND MARKETING EXPENSE. Sales and marketing expense amounted to $4.1
million or 11.0% of net revenues in the first quarter of fiscal year 2001,
compared to $3.1 million or 13.7% of net revenues in the first quarter of fiscal
year 2000. The increased expenses in the current quarter are due primarily to
higher sales personnel costs and promotional spending.
RESEARCH AND DEVELOPMENT EXPENSE. Research and development expense amounted to
$2.3 million or 6.1% of net revenues in the first quarter of fiscal year 2001,
compared to $1.6 million or 7.0% of net revenues in the first quarter of fiscal
year 2000. The higher expenses in the current quarter primarily reflect an
increased level of new product development efforts and the addition of the
former Tecmar Colorado-based engineering team.
GENERAL AND ADMINISTRATIVE EXPENSE. General and administrative expense
amounted to $1.9 million or 5.1% of net revenues in the first quarter of
fiscal year 2001, compared to $1.6 million or 7.1% of net revenues in the
first quarter of fiscal year 2000. The increased expenses in the first
quarter of fiscal year 2001 primarily reflect personnel additions, as well as
severance and other expenses relating to Tecmar and the consolidation of
certain of its Colorado operations into Overland's San Diego facility.
OTHER INCOME & EXPENSE, NET. In the first quarter of fiscal year 2001, net other
expense amounted to $23,000, comprised primarily of interest income of $102,000
less foreign currency losses of $120,000 related to the Company's UK operations.
Net other income in the first quarter of fiscal year 2000 was $171,000,
consisting primarily of interest income of $175,000.
INCOME TAXES. The Company's effective tax rate in the first quarter of fiscal
year 2001 was 39.5%, compared to 39.8% in the first quarter of fiscal year 2000.
The effective tax rate for all of fiscal year 2000 was 39.5% and is expected to
remain unchanged for fiscal year 2001.
NET INCOME. Net income amounted to $1.3 million in the first quarter of fiscal
year 2001, compared to $39,000 in the first quarter of fiscal year 2000. Diluted
and basic net income per share for the first quarter of fiscal year 2001 was
$0.12 and $0.13, respectively, compared to breakeven per share for the same
measurements in the comparable quarter of the prior fiscal year.
14
LIQUIDITY AND CAPITAL RESOURCES. The Company's cash reserves fell to $6.9
million at September 30, 2000, compared to $15.8 million at June 30, 2000.
During the first quarter of fiscal year 2001, the Company used $8.9 million in
cash. Primary uses of cash included a decrease of $6.9 million in accounts
payable and other accrued liabilities, an increase in inventories of $2.0
million and an increase in accounts receivable of $1.3 million. Cash was
provided primarily by $1.3 million in earnings before depreciation and
amortization. The Company's working capital amounted to $45.1 million at
September 30, 2000, and it had no outstanding funded debt at such date. In
addition, the Company has not used its $5.0 million line of credit. The Company
believes that these resources will be sufficient to fund its operations and to
provide for its growth into the foreseeable future.
15
ITEM 3. -- QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a multinational corporation, the Company is exposed to changes in foreign
exchange rates. These exposures may change over time and could have a material
adverse effect on the Company's operating results. The Company currently does
not utilize any derivative instruments to manage the risk of exchange rate
fluctuations.
The Company is exposed to changes in market interest rates, which affect
interest income earned on the Company's cash equivalents and short-term
investments. The Company does not enter into derivative transactions relating to
its cash, cash equivalents or short-term investments. At September 30, 2000, the
Company had an investment portfolio of money market funds and certificates of
deposit of $4.0 million. If market interest rates were to decrease immediately
and uniformly by 10% from the levels as of September 30, 2000, the decline in
the Company's interest income would not be material.
16
PART II -- OTHER INFORMATION
ITEM 4. -- SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders during the first quarter
of fiscal year 2001.
ITEM 6. -- EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.0 Financial Data Schedule
(b) Reports on Form 8-K
Current report on Form 8-K dated as July 19, 2000 regarding
the Company's signing of a VR(2) Technology License Agreement,
under which Overland Data will license its proprietary VR(2)
technology to Storage Technology Corporation.
17
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
OVERLAND DATA, INC.
Date: November 14, 2000 By: /s/ Vernon A. LoForti
----------------------
Vernon A. LoForti
Vice President and
Chief Financial Officer
18