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HAMILTON, BERMUDA -- (Marketwired) -- 04/18/13 -- Stratus Technologies Bermuda Holdings Ltd. (together with its consolidated subsidiaries, "Stratus" or the "Company"), a global provider of uptime assurance, today announced financial results for the fourth quarter and full fiscal year 2013 ended February 24, 2013.

• Q4 Revenue: $51.1 million
• Q4 Net Loss: $7.6 million
• Q4 Adjusted EBITDA: $11.1 million
• FY2013 Revenue: $205.2 million
• FY2013 Net Loss: $13.7 million
• FY2013 Adjusted EBITDA: $48.8 million

"Fiscal Year 2013 was another year of steady performance for Stratus, marked by revenues that were essentially flat but delivered an improvement in EBITDA due to strength in the sales of our legacy products, new and extended contracts for our Solutions Services, and effective cost and margin control," said Dave Laurello, Stratus CEO and president.

"We closed the fourth quarter with some notable achievements, including a new relationship with a large systems integrator, a diversified set of partners in China, an expansion of our OEM deal with Mitsubishi, and a $41 million, five-year managed services contract extension. We are augmenting this momentum with investment in new products to help us capitalize on the opportunity presented by cloud computing and to ultimately position Stratus as the availability engine for the cloud."

Total revenue for the quarter-to-date period ended February 24, 2013 was $51.1 million, which is a decrease of $3.0 million, or 5.5%, as compared to the $54.1 million in the quarter-to-date period ended February 26, 2012. Profit from operations was $4.9 million compared to $8.9 million for the same period last year. Profit from operations for the quarter-to-date periods ended February 24, 2013 and February 26, 2012 included restructuring charges of $3.3 million and $2.2 million, respectively, to further align spending with current business initiatives. Net loss was $7.6 million, compared to a net loss of $1.7 million for the same period last year. Net loss for the quarter-to-date period ended February 26, 2012 includes a net loss on change in fair value of embedded derivatives of $6.5 million, and an $8.1 million benefit for income taxes primarily the result of a $9.0 million net deferred income tax benefit related to our Irish entity. The Company reported Adjusted EBITDA, a non-GAAP financial measure, of $11.1 million, compared to $13.3 million for the same period last year. Please refer to the reconciliation of Adjusted EBITDA to Generally Accepted Accounting Principles ("GAAP") financial measures in the attached, unaudited "Consolidated Statements of Operations."

For the fiscal year-to-date period ended February 24, 2013, total revenue was $205.2 million, which is a decrease of $0.5 million, or 0.3%, as compared to the $205.7 million in the fiscal year-to-date period ended February 26, 2012. Profit from operations was $35.2 million, compared to $32.4 million for the same period last year. Profit from operations for the fiscal year-to-date periods ended February 24, 2013 and February 26, 2012 includes a net loss on extinguishment of debt of $0.9 million and $1.2 million, respectively. Profit from operations for the fiscal year-to-date periods ended February 24, 2013 and February 26, 2012 also includes a net gain in change in fair value of embedded derivatives of $4.8 million and a net loss on change in fair value of embedded derivatives $8.9 million, respectively. The net loss was $13.7 million, compared to $19.0 million for the same period last year. Net loss for the fiscal year-to-date period ended February 26, 2012 includes a $6.9 million benefit for income taxes primarily the result of a $9.0 million net deferred income tax benefit related to our Irish entity. The Company reported Adjusted EBITDA, a non-GAAP financial measure, of $48.8 million, compared to $45.1 million for the same period last year. Please refer to the reconciliation of Adjusted EBITDA to GAAP financial measures in the attached, unaudited "Consolidated Statements of Operations."

Certain financial statement amounts included in the fiscal year-to-date periods ended February 24, 2013 and February 26, 2012 have been revised to correct certain immaterial prior period errors, primarily relating to the timing of the recognition of customer service revenue. These immaterial errors also affect fiscal year 2009 through fiscal year 2011 and will be corrected through a revision of our annual report filing on Form 20-F, which we anticipate will be filed in May 2013.

Fourth Quarter Results Conference Call
A conference call to review fourth quarter financial results will be held today, April 18, 2013, at 1:30 p.m. Eastern Time and may be accessed by calling 1-877-941-6009 (U.S. only) or 1-480-629-9818 with a conference ID of 4614560. A recording of this conference call will be available later today at 1-800-406-7325 (U.S. only) or 1-303-590-3030 with a conference ID of 4614560 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.

© 2013 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)

                                                 February 24,  February 26,
                                                     2013          2012
                                                 ------------  ------------
                                                   (Dollars in thousands,
                                                   except per share data)
ASSETS

Current assets:
Cash and cash equivalents                        $     22,163  $     27,510
Accounts receivable, net of allowance for
 doubtful accounts of $276 and $160,
 respectively                                          38,020        37,066
Inventory                                               6,687         7,884
Deferred income taxes                                   1,667         1,613
Prepaid expenses and other current assets               3,989         4,454
                                                 ------------  ------------
Total current assets                                   72,526        78,527

Property and equipment, net                            10,443        10,490
Intangible assets, net                                  7,258         3,024
Goodwill                                               13,024         9,591
Deferred income taxes                                   9,720        11,655
Deferred financing fees                                 6,381         9,216
Other assets                                            1,795         2,810
                                                 ------------  ------------
Total assets                                     $    121,147  $    125,313
                                                 ============  ============

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

Current liabilities:
Current portion of long-term debt                $      5,000  $      5,000
Accounts payable                                        7,763         7,927
Accrued expenses                                       15,622        13,617
Accrued interest payable                                9,238         9,608
Income taxes payable                                      500           103
Deferred income taxes                                       -         1,075
Deferred revenue                                       37,740        36,713
                                                 ------------  ------------
Total current liabilities                              75,863        74,043

Long-term debt, net of discount                       273,393       260,405
Embedded derivatives                                   20,252        25,884
Long-term deferred income taxes                           424           232
Deferred revenue and other long-term liabilities       17,557        15,910
                                                 ------------  ------------
Total liabilities                                     387,489       376,474
                                                 ------------  ------------

Redeemable convertible preferred stock and
 redeemable ordinary stock:
Series A: 7,000 shares authorized; 6,561 shares
 issued and outstanding at February 24, 2013 and
 February 26, 2012                                    117,923       109,189
Series B: 20,524 shares authorized; 3,532 issued
 and outstanding at February 24, 2013 and
 February 26, 2012                                     63,479        58,776
Right to shares of Series B redeemable
 convertible preferred stock                            5,518         5,518
Ordinary shares subject to puts, 773 and 787
 shares issued and outstanding at February 24,
 2013 and February 26, 2012, respectively               1,160         1,181
                                                 ------------  ------------
Total redeemable convertible preferred stock and
 redeemable ordinary stock                            188,080       174,664
                                                 ------------  ------------

Stockholders' deficit:
Ordinary stock, $0.5801 par value, 181,003
 shares authorized; 28,039 and 28,025 shares
 issued and outstanding at February 24, 2013 and
 February 26, 2012, respectively                       16,265        16,257
Series A ordinary stock: $0.5801 par value,
 7,678 shares authorized; 0 shares issued and
 outstanding at February 24, 2013 and February
 26, 2012                                                   -             -
Series B ordinary stock: $0.5801 par value,
 90,115 shares authorized; 15,512 shares issued
 and outstanding at February 24, 2013 and
 February 26, 2012                                      8,998         8,998
Additional paid-in-capital                                  -             -
Accumulated deficit                                  (479,017)     (452,103)
Accumulated other comprehensive (loss) gain              (668)        1,023
                                                 ------------  ------------
Total stockholders' deficit                          (454,422)     (425,825)
                                                 ------------  ------------

Total liabilities, redeemable convertible
 preferred stock and redeemable ordinary stock,
 and stockholders' deficit                       $    121,147  $    125,313
                                                 ============  ============



                 STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD.
             CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
For the fiscal three-month periods ended February 24, 2013 and February 26,
                                    2012

                                                February 24,   February 26,
                                                    2013           2012
                                               -------------  -------------
                                                  (Dollars in thousands)
REVENUE
Product                                        $      18,623  $      20,052
Service                                               32,517         34,053
                                               -------------  -------------
Total revenue                                         51,140         54,105
                                               -------------  -------------

COST OF REVENUE
Product                                                7,995          9,071
Service                                               13,555         14,168
                                               -------------  -------------
Total cost of revenue                                 21,550         23,239
                                               -------------  -------------

Gross profit                                          29,590         30,866

OPERATING EXPENSES
Research and development                               6,679          6,412
Sales and marketing                                    9,328          7,998
General and administrative                             5,046          5,112
Restructuring charges                                  3,343          2,193
Management fees                                          300            300
                                               -------------  -------------
Total operating expenses                              24,696         22,015
                                               -------------  -------------

Profit from operations                                 4,894          8,851
Interest income                                           11            188
Interest expense                                     (12,584)       (12,133)
Gain (loss) in change in fair value for
 embedded derivatives                                     84         (6,489)
Other income (expense), net                              251           (239)
                                               -------------  -------------
Loss before income taxes                              (7,344)        (9,822)
Provision (benefit) for income taxes                     280         (8,104)
                                               -------------  -------------

Net loss                                       $      (7,624) $      (1,718)
                                               =============  =============


EBITDA TABLE:
Net loss                                       $      (7,624) $      (1,718)
Add (deduct):
Interest expense, net                                 12,573         11,945
Provision (benefit) for income taxes                     280         (8,104)
Depreciation and amortization                          1,750          1,731
                                               -------------  -------------
EBITDA                                         $       6,979  $       3,854
                                               -------------  -------------

Add (deduct):
Restructuring (a)                                      3,343          2,193
Stock-based compensation expense (b)                      56             85
Management fees (c)                                      300            300
Reserves (d)                                             322            176
(Gain) loss on change in fair value for
 embedded derivatives (f)                                (84)         6,489
Other expense, net (g)                                   140            242
                                               -------------  -------------
Total adjustments                                      4,077          9,485
                                               -------------  -------------
Adjusted EBITDA (1)                            $      11,056  $      13,339
                                               =============  =============



                 STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD.
             CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
  For the fiscal twelve-month periods ended February 24, 2013 and February
                                  26, 2012

                                                February 24,   February 26,
                                                    2013           2012
                                               -------------  -------------
                                                  (Dollars in thousands)
REVENUE
Product                                        $      73,720  $      72,491
Service                                              131,435        133,188
                                               -------------  -------------
Total revenue                                        205,155        205,679
                                               -------------  -------------

COST OF REVENUE
Product                                               30,192         33,346
Service                                               54,801         56,511
                                               -------------  -------------
Total cost of revenue                                 84,993         89,857
                                               -------------  -------------

Gross profit                                         120,162        115,822

OPERATING EXPENSES
Research and development                              25,664         27,468
Sales and marketing                                   33,549         31,381
General and administrative                            21,045         20,994
Restructuring charges                                  3,531          2,368
Management fees                                        1,200          1,200
                                               -------------  -------------
Total operating expenses                              84,989         83,411
                                               -------------  -------------

Profit from operations                                35,173         32,411
Interest income                                           28            205
Interest expense                                     (49,996)       (48,334)
Loss on extinguishment of debt                          (939)        (1,222)
Gain (loss) on change in fair value for
 embedded derivatives                                  4,752         (8,873)
Other expense, net                                      (225)           (64)
                                               -------------  -------------
Loss before income taxes                             (11,207)       (25,877)
Provision (benefit) for income taxes                   2,499         (6,875)
                                               -------------  -------------

Net loss                                       $     (13,706) $     (19,002)
                                               =============  =============


EBITDA TABLE:
Net loss                                       $     (13,706) $     (19,002)
Add (deduct):
Interest expense, net                                 49,968         48,129
Provision (benefit) for income taxes                   2,499         (6,875)
Depreciation and amortization                          7,031          7,490
                                               -------------  -------------
EBITDA                                         $      45,792  $      29,742
                                               -------------  -------------

Add (deduct):
Restructuring (a)                                      3,531          2,368
Stock-based compensation expense (b)                     216            336
Management fees (c)                                    1,200          1,200
Reserves (d)                                             812            716
Loss on extinguishment of debt (e)                       939          1,222
(Gain) loss on change in fair value for
 embedded derivatives (f)                             (4,752)         8,873
Other expense, net (g)                                 1,045            673
                                               -------------  -------------
Total adjustments                                      2,991         15,388
                                               -------------  -------------
Adjusted EBITDA (1)                            $      48,783  $      45,130
                                               =============  =============

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.

a) In order to better align expenses with anticipated revenues, we have implemented restructuring programs in fiscal 2013 and fiscal 2012. These programs were designed to streamline our business model and centralize certain functions.

In the quarter-to-date fiscal period ended February 24, 2013, we recorded restructuring charges of $3.3 million. This consisted of $1.7 million for severance and fringe benefits and $1.6 million related to facility cease of use.

In the quarter-to-date fiscal period ended February 26, 2012, we recorded restructuring charges of $2.2 million. This consisted of $2.0 million for severance and fringe benefits and $0.2 million related to employee relocation.

In the year-to-date fiscal period ended February 24, 2013, we recorded restructuring charges of $3.5 million. This consisted of $1.9 million for severance and fringe benefits and $1.6 million related to facility cease of use.

In the year-to-date fiscal period ended February 26, 2012, we recorded restructuring charges of $2.4 million. This consisted of $2.2 million for severance and fringe benefits and $0.2 million related to employee relocation.

b) In the quarter-to-date and year-to-date fiscal periods ended February 24, 2013 and February 26, 2012, 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 $3.8 million and $3.1 million at February 24, 2013 and February 26, 2012, respectively.

d) In the quarter-to-date and year-to-date fiscal periods ended February 24, 2013 and February 26, 2012, we recorded non-cash inventory write-downs.

e) In the year-to-date fiscal periods ended February 24, 2013 and February 26, 2012 we recorded a loss on extinguishment of debt related to the Excess Cash Flow ("ECF") payment in the fiscal second quarter 2013 and 2012, related to the Senior Secured Notes. The loss in each period is due to a premium, the write-off of a pro rata portion of deferred financing fees along with debt discount and related fees offset by the reduction in the value ascribed to the ECF embedded derivative liability.

f) In the quarter-to-date and year-to-date fiscal periods ended February 24, 2013, we recorded a gain due to the change in fair value of the embedded derivatives related to the Senior Secured Notes. In the quarter-to-date and year-to-date fiscal periods ended February 26, 2012, we recorded a loss due to the change in fair value of the embedded derivatives related to the Senior Secured Notes.

g) In the quarter-to-date fiscal period ended February 24, 2013, we recorded other expense, net of $0.1 million, primarily consisting of $0.1 million of bank fees and $0.3 million of miscellaneous and non-recurring charges. These were partially offset by foreign currency gains of $0.3 million.

In the year-to-date fiscal period ended February 24, 2013, we recorded other expense, net of $1.0 million, primarily consisting of $0.7 million of miscellaneous and non-recurring charges and $0.6 of million bank fees. These were partially offset by foreign currency gains of $0.3 million.

In the quarter-to-date period ended February 26, 2012, we recorded other expense, net of $0.2 million, primarily consisting of $0.1 million bank fees and $0.1 million of net foreign currency losses.

In the year-to-date period ended February 26, 2012, we recorded other expense, net of $0.7 million, primarily consisting of $0.5 million bank fees, $0.3 million of one-time public filing registration costs and $0.3 million of net miscellaneous and non-recurring charges offset by $0.4 million net foreign currency gains.

                 STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD.
             CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
  For the fiscal twelve-month periods ended February 24, 2013 and February
                                  26, 2012

                                                 February 24,  February 26,
                                                     2013          2012
                                                 ------------  ------------
                                                   (Dollars in thousands)
OPERATING ACTIVITIES
Cash flows provided by operating activities:
Net loss                                         $    (13,706) $    (19,002)
Adjustments to reconcile net loss to net cash
 provided by operating activities:
  Depreciation and amortization                         7,031         7,490
  Amortization of deferred financing costs and
   debt discount                                       11,733        10,501
  Stock-based compensation                                216           336
  Non-cash portion of restructuring charges               393             -
  Deferred tax expense (income)                           581        (8,585)
  Provision for doubtful accounts                         (93)          121
  Inventory provision                                     812           716
  Loss on extinguishment of debt                          939         1,222
  Premium on excess cash flow payment                    (999)         (999)
    (Gain) loss on change in fair value of
     embedded derivatives                              (4,752)        8,873
  Loss on sale of asset                                     -            13
  Loss on retirement of property and equipment             72           144
  Loss on abandoned patents                                 -            45
  Interest payable-in-kind                              8,611         7,871
Changes in assets and liabilities
  Accounts receivable                                    (848)          982
  Inventory                                              (451)       (2,012)
  Prepaid expenses and other current assets               430           (84)
  Accounts payable                                         31           604
  Accrued expenses                                      2,360           309
  Accrued interest                                       (370)       (1,017)
  Income taxes payable                                    (44)         (142)
  Deferred revenue                                       (333)          (37)
  Other long-term assets and liabilities                2,377         1,068
                                                 ------------  ------------
Net cash provided by operating activities              13,990         8,417
                                                 ------------  ------------

INVESTING ACTIVITIES
Cash flows used in investing activities:
  Acquisition of property and equipment                (6,249)       (3,665)
  Acquisition of businesses, net of cash
   acquired of $34                                     (6,821)            -
  Proceeds from the disposition of property and
   equipment                                                -            19
  Acquisition of other long-term assets                  (142)         (100)
                                                 ------------  ------------
Net cash used in investing activities                 (13,212)       (3,746)
                                                 ------------  ------------

FINANCING ACTIVITIES
Cash flows used in financing activities:
  Payments on long-term debt                           (4,995)       (4,997)
  Payment of debt and equity issuance fees                  -          (308)
  Proceeds from the exercise of stock options               -             2
                                                 ------------  ------------
Net cash used in financing activities                  (4,995)       (5,303)
                                                 ------------  ------------
Effect of exchange rate changes on cash                (1,130)           42
                                                 ------------  ------------
Net decrease in cash and cash equivalents              (5,347)         (590)
Cash and cash equivalents at beginning of period       27,510        28,100
                                                 ------------  ------------
Cash and cash equivalents at end of period       $     22,163  $     27,510
                                                 ============  ============