FalconStor Software Inc., the struggling Melville data-storage company, said Wednesday that its losses deepened in the third quarter on floundering domestic sales.
The company, which has reported just one quarterly profit since 2009, said revenue dropped to $11.2 million for the three months ended in September, down 24 percent from the same period last year. FalconStor's net loss widened to $3.2 million, or 8 cents per share.
Nonetheless, FalconStor chief executive Gary Quinn was upbeat, saying that foreign revenue was up and he was implementing a new strategy to boost U.S. sales.
"We remain optimistic for the long-term prospects for FalconStor," Quinn said in a statement announcing the results.
Quinn, who spent 20 years at CA Technologies, initially came to FalconStor in 2012 to run its North American sales team, arriving after a stint as Suffolk County's commissioner of information technology. He became chief executive 15 months ago after his predecessor resigned following 12 straight quarters of losses.
Quinn began an aggressive restructuring, consolidating offices in Asia and Europe and cutting the global workforce by 30 percent. Consequently, third-quarter expenses were down 26 percent. But that wasn't enough to cover falling sales.
FalconStor released its earnings after the stock market closed Wednesday. Share of the company closed down 5 percent, at $1.04, and were unchanged in after-hours trading.