Read-Rite sees Q1 revs up 20 pct from Q4's $146 mln
FREMONT, Calif., Nov. 1 (Reuters) - Disk drive head manufacturer Read-Rite Corp. (NASDAQ: RDRT) on Wednesday
reported a smaller-than-expected fiscal fourth quarter loss and said it was aiming for a 20 percent sequential increase in revenue this quarter due primarily to increased efficiencies, lower costs, higher volume and improved average selling prices.
The company reported a pro forma net loss of $16.1 million, excluding one-time items, or 25 cents a share, on revenues of $146.0 million, compared with a loss of $80 million, or $1.61 a share, in the year-ago quarter. Analysts on average were expe cting a loss of 39 cents a share, according to First Call/Thomson Financial.
Under generally accepted accounting principles (GAAP), for the fiscal quarter ended Oct 1, Read-Rite reported a net loss of $42.5 million, or 66 cents a share.
The company said it was targeting revenue for the first fiscal quarter of 2001 to increase about 20 percent percent from fourth quarter's $146.0 million.
Read-Rite also said it was targeting gross margin percentage for the first quarter in the low teens and aimed to return to profitability in the first fiscal quarter of 2001.
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