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HAMILTON, BERMUDA -- (Marketwire) -- 07/16/12 -- Stratus Technologies Bermuda Holdings Ltd. (together with its consolidated subsidiaries, "Stratus" or the "Company"), a global provider of uptime assurance, today announced the results for its first quarter ended May 27, 2012.

For the quarter ended May 27, 2012, total revenue was $52.6 million, an increase of $3.0 million or 6.1% as compared to the $49.6 million in the first quarter ended May 29, 2011. Profit from operations was $10.3 million compared to $7.0 million for the same period last year. The net loss was $3.3 million compared to $5.9 million for the same period last year. Net loss for the quarter-to-date periods ended May 27, 2012 and May 29, 2011 includes a net loss on change in fair value of embedded derivatives in the Senior Notes of $0.3 million. The Company reported Adjusted EBITDA, a non-GAAP financial measure, of $13.4 million compared to $10.0 million for the same period last year. Please refer to the reconciliation of Adjusted EBITDA to GAAP financial measures in the attached "Consolidated Statements of Operations."

First Quarter Results Conference Call
A conference call to review first quarter financial results will be held today, July 16, 2012 at 1:30 p.m. Eastern Time and may be accessed by calling 1-877-941-0844 (U.S. only) or 1-480-629-9835 with a conference ID of 4551879. A recording of this conference call will be available at 1-800-406-7325 (U.S. only) or 1-303-590-3030 with a conference ID of 4551879 for 30 days.

About Stratus
Stratus delivers uptime assurance for the applications its customers depend on most for their success. With its resilient software and hardware technologies, together with proactive availability monitoring and management, Stratus products help to save lives and to protect the business and reputations of companies, institutions, and governments the world over. To learn more about worry-free computing, visit www.stratus.com.

Forward-Looking Statements: This press release may contain 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). You are cautioned that such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could cause actual results to differ materially from those described in such forward-looking statements. Such risks and uncertainties include, but are not limited to: the continued acceptance of the Company's products by the market; the Company's ability to enter into new service agreements and to retain customers under existing service contracts; the Company's ability to source quality components and key technologies without interruption and at acceptable prices; the Company's ability to comply with certain covenants in the governing documents for the Company's credit facilities and other debt instruments; the Company's ability to refinance indebtedness when required; the Company's reliance on sole source manufacturers and suppliers; the presence of existing competitors and the emergence of new competitors; the Company's financial condition and liquidity and the Company's leverage and debt service obligations; economic conditions globally and in the Company's most important markets; developments in the fault-tolerant and high-availability server markets; claims by third parties that the Company infringes upon their intellectual property rights; the Company's success in adequately protecting its intellectual property rights; the Company's success in maintaining efficient manufacturing and logistics operations; the Company's ability to recruit, retain and develop appropriately skilled employees; exposure for systems and service failures; fluctuations in foreign currency exchange rates; fluctuations in interest rates; current risks of terrorist activity and acts of war; the impact of changing tax laws; the impact of changes in policies, laws, regulations or practices of foreign governments on the Company's international operations; and the impact of natural or man-made disasters. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no duty to further update such forward-looking statements.

© 2012 Stratus Technologies Bermuda Ltd. All rights reserved.

Stratus® is a trademark or registered trademark of ours. All other trade names, service marks and trademarks appearing in this annual report are the property of their respective holders. Our use or display of other parties' trade names, service marks or trademarks is not intended to and does not imply a relationship with, or endorsement or sponsorship of us by, the trade name, service mark or trademark owners.

                 STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD.
                  CONSOLIDATED BALANCE SHEETS (Unaudited)


                                                    May 27,    February 26,
                                                     2012          2012
                                                 ------------  ------------
                                                   (Dollars in thousands,
                                                   except per share data)

                                   ASSETS

Current assets:
Cash and cash equivalents                        $     24,252  $     27,510
Accounts receivable, net of allowance for
 doubtful accounts of $222 and $160,
 respectively                                          38,253        37,066
Inventory                                               7,496         7,884
Deferred income taxes                                   1,613         1,613
Prepaid expenses and other current assets               4,687         4,454
                                                 ------------  ------------
Total current assets                                   76,301        78,527

Property and equipment, net                            10,581        10,490
Intangible assets, net                                  3,278         3,024
Goodwill                                               10,301         9,591
Deferred income taxes                                  11,266        11,484
Deferred financing fees                                 8,556         9,216
Other assets                                            2,743         2,810
                                                 ------------  ------------
Total assets                                     $    123,026  $    125,142

  LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, REDEEMABLE ORDINARY
                      STOCK, AND STOCKHOLDERS' DEFICIT

Current liabilities:
Current portion of long-term debt                $      5,000  $      5,000
Accounts payable                                        8,253         7,853
Accrued expenses                                       12,888        12,829
Accrued interest payable                                3,383         9,608
Income taxes payable                                      165           103
Deferred income taxes                                   1,075         1,075
Deferred revenue                                       38,278        35,428
                                                 ------------  ------------
Total current liabilities                              69,042        71,896

Long-term debt, net of discount                       264,635       260,405
Embedded derivatives                                   26,168        25,884
Long-term deferred income taxes                           232           232
Deferred revenue and other long-term liabilities       15,875        15,847
                                                 ------------  ------------
Total liabilities                                     375,952       374,264
                                                 ------------  ------------

Redeemable convertible preferred stock and
 redeemable ordinary stock:
Series A: 7,000 shares authorized; and 6,561
 shares issued and outstanding at May 27, 2012
 and February 26, 2012                                111,373       109,189
Series B: 20,524 shares authorized; 3,532 issued
 and outstanding at May 27, 2012 and February
 26, 2012                                              59,952        58,776
Right to shares of Series B redeemable
 convertible preferred stock                            5,518         5,518
Ordinary shares subject to puts, 787 shares
 issued and outstanding at May 27, 2012 and
 February 26, 2012                                      1,181         1,181
                                                 ------------  ------------
Total redeemable convertible preferred stock and
 redeemable ordinary stock                            178,024       174,664
                                                 ------------  ------------

Stockholders' deficit:
Ordinary stock, $0.5801 par value, 181,003
 shares authorized; 28,025 shares issued and
 outstanding at May 27, 2012 and February 26,
 2012, respectively                                    16,257        16,257
Series A ordinary stock: $0.5801 par value,
 7,678 shares authorized; 0 shares issued and
 outstanding at May 27, 2012 and February 26,
 2012, respectively                                         -             -
Series B ordinary stock: $0.5801 par value,
 90,115 shares authorized; 15,512 shares issued
 and outstanding at May 27, 2012 and February
 26, 2012, respectively                                 8,998         8,998
Additional paid-in-capital                                  -             -
Accumulated deficit                                  (456,907)     (450,306)
Accumulated other comprehensive gain                      702         1,265
                                                 ------------  ------------
Total stockholders' deficit                          (430,950)     (423,786)
                                                 ------------  ------------

Total liabilities, redeemable convertible
 preferred stock and redeemable ordinary stock,
 and stockholders' deficit                       $    123,026  $    125,142
                                                 ============  ============




                 STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD.
              CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
  For the fiscal thirteen-week periods ended May 27, 2012 and May 29, 2011

                                                       May 27,     May 29,
                                                        2012        2011
                                                     ----------  ----------
                                                     (Dollars in thousands)
REVENUE
Product                                              $   19,564  $   16,889
Service                                                  33,001      32,677
                                                     ----------  ----------
Total revenue                                            52,565      49,566
                                                     ----------  ----------

COST OF REVENUE
Product                                                   7,300       7,488
Service                                                  14,658      13,909
                                                     ----------  ----------
Total cost of revenue                                    21,958      21,397
                                                     ----------  ----------

Gross profit                                             30,607      28,169

OPERATING EXPENSES
Research and development                                  6,606       7,346
Sales and marketing                                       8,109       7,786
General and administrative                                5,233       5,754
Restructuring charges                                        34           -
Management fees                                             300         300
                                                     ----------  ----------
Total operating expenses                                 20,282      21,186
                                                     ----------  ----------

Profit from operations                                   10,325       6,983
Interest income                                               6           6
Interest expense                                        (12,527)    (12,185)
Loss on change in fair value for embedded
 derivatives                                               (291)       (337)
Other income (expense), net                                   9         (46)
                                                     ----------  ----------
Loss before income taxes                                 (2,478)     (5,579)
Income taxes                                                804         316
                                                     ----------  ----------

Net loss                                             $   (3,282) $   (5,895)
                                                     ==========  ==========


EBITDA TABLE:
Net loss                                             $   (3,282) $   (5,895)
Add:
Interest expense, net                                    12,521      12,179
Income taxes                                                804         316
Depreciation and amortization                             1,723       1,978
                                                     ----------  ----------
EBITDA (1)                                               11,766       8,578
                                                     ----------  ----------

Add:
Restructuring (a)                                            34           -
Stock-based compensation expense (b)                         41          93
Management fees (c)                                         300         300
Reserves (d)                                                 69         279
Loss on change in fair value for embedded
 derivatives (e)                                            291         337
Other expense, net (f)                                      849         374
                                                     ----------  ----------
Total adjustments                                         1,584       1,383
                                                     ----------  ----------
Adjusted EBITDA (1)                                  $   13,350  $    9,961
                                                     ==========  ==========

1) EBITDA represents income (loss) before interest, taxes, depreciation and amortization. We present EBITDA because we consider it an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. In addition to other applications, EBITDA is used by us and others in our industry to evaluate and price potential acquisition candidates.

Adjusted EBITDA represents EBITDA with certain additional adjustments, as calculated pursuant to the requirements of the interest maintenance covenant under our Revolving Credit Facility. We present Adjusted EBITDA because we believe that it allows investors to assess our ability to meet the interest maintenance covenant under our Revolving Credit Facility.

Our management also uses Adjusted EBITDA internally as a basis upon which to assess our operating performance, and Adjusted EBITDA is also a factor in the evaluation of the performance of our management in determining compensation. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses similar to the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our results as reported under Generally Accepted Accounting Principles ("GAAP"). Some of these limitations are:

• EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures, or contractual commitments;
  
  
• EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;
  
  
• EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
  
  
• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;
  
  
• EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
  
  
• Other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA only supplementally, as described above. See the Statements of Cash Flows.

a) In order to better align expenses with anticipated revenues, we implemented restructuring programs in prior years. These programs were designed to streamline our business model and centralize certain functions. The expense for the quarter-to-date fiscal period ended May 27, 2012 reflects changes to prior estimates of these liabilities.

b) In the quarter-to-date fiscal periods ended May 27, 2012 and May 29, 2011 we recorded non-cash stock-based compensation expense charges related to share-based awards to employees.

c) On April 30, 2010 we entered into a four year advisory and strategic planning agreement with an investment banking firm. The yearly fee is $0.5 million.

On October 1, 2005, we entered into an Agreement for Management, Advisory, Strategic Planning and Consulting Services with Investcorp International, Inc., an affiliate of the Investcorp Group, and MidOcean US Advisor, LP, an affiliate of MidOcean, for an aggregate yearly fee of $0.7 million which renews on an annual basis. The payment of the yearly fee is restricted in the Senior Secured Notes and in the Second Lien Credit Facility until these credit facilities are paid in full.

The long-term accrued liability related to this yearly fee totaled $3.3 million and $3.1 million at May 27, 2012 and February 26, 2012, respectively.

d) In the quarter-to-date fiscal periods ended May 27, 2012 and May 29, 2011, we incurred $0.1 million and $0.3 million of non-cash inventory write downs, respectively.

e) In the quarter-to-date fiscal periods ended May 27, 2012 and May 29, 2011, we recorded a $0.3 million loss due to the change in fair value of the embedded derivatives related to the Senior Secured Notes.

f) In the quarter-to-date fiscal period ended May 27, 2012, we recorded other expense, net of $0.8 million, primarily consisting of $0.8 million of miscellaneous and non-recurring charges and $0.1 million of bank fees offset by $0.1 million of net foreign currency gains.

In the quarter-to-date fiscal period ended May 29, 2011, we recorded other expense, net of $0.4 million, primarily consisting of $0.2 million of bank fees and $0.3 million of one-time public filing registration costs partially offset by $0.1 million of net foreign currency gains.

                 STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD.
             CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
                     Thirteen weeks ended May 27, 2012

                                                          May 27,   May 29,
                                                           2012      2011
                                                         --------  --------
                                                             (Dollars in
                                                             thousands)

OPERATING ACTIVITIES
Cash flows used in operating activities:
Net loss                                                 $ (3,282) $ (5,895)
Adjustments to reconcile net loss to net cash used in
 operating activities
  Depreciation and amortization                             1,723     1,978
  Amortization of deferred financing costs and debt
   discount                                                 2,855     2,554
  Stock-based compensation                                     41        93
  Provision for doubtful accounts                              24         -
  Inventory provision                                          69       279
  Loss on change in fair value of embedded derivatives        291       337
  Loss on retirement of property and equipment                 40        12
  Interest payable-in-kind                                  2,081     1,902
Changes in assets and liabilities
  Accounts receivable                                      (1,318)    3,425
  Inventory                                                    84       (41)
  Prepaid expenses and other current assets                  (262)     (431)
  Accounts payable                                            424      (490)
  Accrued expenses                                            190       (38)
  Accrued interest payable                                 (6,225)   (6,275)
  Income taxes payable                                        263      (362)
  Deferred revenue                                          2,551     3,323
  Other long-term assets and liabilities                      (27)     (581)
                                                         --------  --------
Net cash used in operating activities                        (478)     (210)
                                                         --------  --------

INVESTING ACTIVITIES
Cash flows used in investing activities:
  Acquisition of property and equipment                    (1,494)     (806)
  Acquisition of business                                    (975)        -
  Acquisition of other long-term assets                       (30)      (19)
                                                         --------  --------
Net cash used in investing activities                      (2,499)     (825)
                                                         --------  --------

FINANCING ACTIVITIES
Cash flows used in financing activities:
  Payment of debt and equity issuance fees                      -      (142)
                                                         --------  --------
Net cash used in financing activities                           -      (142)
                                                         --------  --------
Effect of exchange rate changes on cash                      (281)      166
                                                         --------  --------
Net decrease in cash and cash equivalents                  (3,258)   (1,011)
Cash and cash equivalents at beginning of period           27,510    28,100
                                                         --------  --------
Cash and cash equivalents at end of period               $ 24,252  $ 27,089
                                                         ========  ========