More evidence that the Disk Drive Sector is turning around:
Thursday March 16, 5:36 pm Eastern Time
Komag expects Q1 shipments to exceed estimates
SAN JOSE, Calif., March 16 (Reuters) - Komag Inc. (NasdaqNM:KMAG - news), which makes disks used to store data on computer drives, said on Thursday that its shipments in the first quarter of 2000 will exceed previous estimates.
The San Jose, Calif.-based company also announced an upward revision of its financial results for the fourth quarter and fiscal year ended January 2, 2000 due to the favorable resolution of certain income tax audits.
Komag had said previously that it expected first quarter 2000 unit shipments to be sequentially flat compared to the 8.9 million units shipped in the fourth quarter of 1999, but the company said on Thursday that shipments will actually increase 12-8 percent for the quarter.
``Further our current expectation is that the strong demand we are now experiencing will continue into the second quarter,' T.H. Tan, Komag's chief executive officer, said in a statement.
``While we do not expect to become profitable at current volume levels, our first quarter financial results should show a significantly lower operating loss than in any quarter last year,' he added.
Komag also revised its net income for the fourth quarter of 1999 to $5.9 million, or 9 cents per share, from the previously reported net loss of $21.1 million, or 32 cents per share, to reflect a reduction in tax liability.
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