SGI says reviewing FY2002 plans as bookings soften
Monday July 9, 5:10 pm Eastern Time
MOUNTAIN VIEW, Calif., July 9 (Reuters) - Silicon Graphics Inc. (NYSE:SGI - news), which makes servers and high-powered corporate workstations, said it would review its business plans for the coming fiscal year after a slowdown in bookings during its fiscal fourth quarter.
The company also announced its President and Chief Financial Officer Hal Covert had resigned after just a year for personal reasons. Jeffrey Zellmer, who has been corporate controller will replace Covert as CFO.
Bob Bishop, SGI's chairman and Chief Executive, and Warren Pratt, an Executive Vice-President, will assume Covert's other responsibilities, the company said.
SGI, which is no longer widely followed by financial analysts and whose shares have dropped 72 percent this year, said it expects to post revenue of between $430 million to $440 million in the quarter ended June 30 with an operating loss, before restructuring and other charges of $70 million to $80 million in the period.
The company said it had cash of about $120 million at the end of June, up from $118 million at the end of the previous quarter. |
