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Silicon Graphics (SGI:NYSE - news) is down 21% after posting a third-quarter loss of 74 cents a share, well below analysts' expectations of 25 cents and the year-ago loss of 10 cents.
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Silicon Graphics posts loss, cuts work force
MOUNTAIN VIEW, Calif., April 20 (Reuters) - Silicon Graphics Inc. (NYSE:SGI - news), a maker of computer servers and workstations, on Friday posted a fiscal third-quarter loss and said it would cut 15 percent of its work force and take a charge.
For the quarter ended March 31, the Mountain View, Calif.-based company reported a net loss of $141 million, or 74 cents per diluted share, compared with a loss of $18 million, or 10 cents, reported for the year-earlier period. The fiscal 2001 period's net loss included a noncash write-off of $83 million for a venture investment.
The company posted revenue of $510 million, compared with $564 million a year earlier.
In an effort to break even at the current revenue level by the next fiscal year, the company said it plans to eliminate about 1,000 regular, temporary and contractor positions, or about 15 percent of its global work force, in the fourth quarter, which ends in June.
The job cuts will result in a fourth-quarter restructuring charge of approximately $60 million to $80 million. |
