Overland Storage Inc. reported unaudited condensed consolidated earnings results for the first quarter ended September 30, 2009. Net revenue for the fiscal 2010 first quarter was $19.3 million, compared with $32.3 million for the same period a year ago, a decrease of 40.2%. The company reported a net loss of $3.7 million, or $0.29 per basic and diluted share, for the fiscal 2010 first quarter, compared with a net loss of $6.9 million, or $0.54 per basic and diluted share, for the same period a year earlier. Operating loss was $3.2 million against $6.9 million a year ago. Loss before income taxes was $3.6 million against $7.0 million a year ago.

Overland Storage Inc. announced the launch of a new family of automated tape libraries. The new Neo range includes the 200S, a compact 2u model with up to 38.4 TB of capacity and the 400S, providing up to 76.8 TB of capacity in a 4u form factor. The products also offer web-based remote management; removable cartridge magazines; an integrated barcode reader to facilitate fast media tracking and encryption to help companies meet their compliance requirements. The company has also ditched its previous ArcVault brand and brought its tape products under the Neo brand name.

On October 12, 2009, Overland Storage Inc. announced that PricewaterhouseCoopers LLP, or PwC, dismissal as company's independent registered public accounting firm. This dismissal of PwC was approved by the company audit committee and ratified by board of directors. The company engaged Moss Adams LLP to serve as the company independent registered public accounting firm for fiscal 2010. The engagement of Moss Adams LLP was approved the company audit committee and ratified by the company board of directors.