Good News - quarterly outlook should improve
June 27, 1997
SyQuest announces quarterly earnings expectations
FREMONT, Calif.--(BUSINESS WIRE)--June 27, 1997--Buoyed by increased sales and new
customers, SyQuest Technology, Inc. (NASDAQ:SYQT), today announced it expects to post
sequentially higher quarter-to-quarter financial results when its third quarter earnings statement is
released.
The company also said it expects to report increased revenue and reduced losses over both the
previous quarter and last year's comparable quarter.
Last quarter (Q2, FY97), SyQuest reported a net loss of $33.7 million, or $1.31 per share, on net
revenues of $16.8 million. For the third fiscal quarter of 1996 (Q3, FY96), SyQuest reported a net
loss of $41.3 million, or $3.61 per share, on net revenues of $29.5 million. For fiscal year 1996,
SyQuest reported a net loss of $136.7 million, or $12.38 per share, on net revenues of $200.4
million.
The company also noted it has shipped the first of an estimated 50,000 EZFlyer and SyJet drives to
institutions of higher learning in China, after successfully completing extensive product evaluations.
Cartridge sales for each drive installed are anticipated to be higher than usual due to multiple student
usage of the drives. SyQuest and that country's State Education Commission continue joint
development of an expansion plan to install SyQuest systems as a national standard in China's more
than 900,000 schools and institutions.
Also, the company said it completed volume shipments of its award-winning EZFlyer 230 and
SyJet drives to significant new corporate accounts for use with laptop computers and corporate
servers. About SyQuest |
