Here it is:
Maxtor(R) Corporation Reports Second Quarter 2000 Financial Results
MILPITAS, Calif., Jul 26, 2000 /PRNewswire via COMTEX/ -- Maxtor Corporation (Nasdaq: MXTR) today announced its financial results for the second quarter of fiscal 2000 ended July 1, 2000. Net income for the quarter was $13.2 million, or $0.11 per diluted share. This compares with a net loss of $53.0 million, or $0.51 per share, in the second quarter of fiscal 1999, which excludes a $22.1
million non-operating gain. Revenue in the second quarter of 2000 was $667.1 million, compared with $524.6 million in the second quarter of 1999.
"We are very pleased with Maxtor's performance in the second quarter," said Mike Cannon, Maxtor's president and CEO. "We shipped 6.5 million drives in the second quarter and reported a gross profit margin of 14.9%. In addition, Maxtor continued to strengthen its balance sheet by increasing cash and short-term investments by $15 million to a total of $393 million at the end of the second
quarter. We also managed inventory very well, reporting a decline to $99 million at the end of the second quarter from $107 million at the end of the first quarter."
"We are also pleased with our progress in leveraging our core competencies to expand into new and high growth markets for storage," Mr. Cannon continued. "In June, we announced our entry into the emerging consumer electronics market with an agreement with WebTV Networks to provide our DiamondMax(TM) 60 hard drive for WebTV's personal video recorders. We also announced a record breaking 240 GB
model of our rack mounted MaxAttach NAS 4000 system, which positions us very well to attract ISPs, ASPs, and corporate users who require high density storage solutions." |
