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Technology Stocks : Maxtor (MXTR)
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To: James Calladine who wrote (345)12/9/1999 4:48:00 PM
From: Big Dog  Read Replies (1) of 467
 
Looking good for 2000:

From 3rd Quarter results press release (October 28th):

''The industry environment remained tough in the third quarter, with pricing again very aggressive,' said Mike Cannon, Maxtor's president and CEO. ''Despite this, we were able to maintain a positive gross margin and report results from our hard drive business comparable to the prior quarter. We also continued to manage our balance sheet well, exiting the quarter with $285 million in cash and marketable securities.

''We shipped nearly 5.9 million units in the third quarter, up 18.5% from the second quarter. This increase in units was driven by our continued consistent execution on new product development and production ramps. In addition to the strong demand for our 6.8 GB per disk products, we announced and began shipping two new products during the quarter - our 9.1 GB per disk DiamondMax© 36 and DiamondMax VL 17.'

Cannon said that the formation of its Network Systems Group during the quarter positions the company to be a strong participant in the emerging NAS market. ''We believe that the MaxAttach network appliance and the associated Reflect-It software we announced last week position Maxtor well in the emerging entry-level NAS market,' Cannon said. According to IDC, the entry-level and workgroup-level NAS appliance markets represent one of the fastest growing segments in the computing marketplace. Combined, these market opportunities are expected to grow from $963 million in 1998 to $3.9 billion in 2002."
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