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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (61882)	3/11/2002 11:51:59 PM
From: StanX Long	Read Replies (1) of 70976

Read-Rite Says 2nd-Qtr Loss Will Be Double Previous Estimates By Gene Laverty quote.bloomberg.com Fremont, California, March 11 (Bloomberg) -- Read-Rite Corp. said it expects lower revenue in its fiscal second-quarter, and its unit that makes magnetic recording devices for computers will have a loss of 50 cents a share, double previous estimates. Revenue for the quarter ending March 31 will be between $50 million and $55 million, down from the company's previous forecasts of as much as $85 million, Read-Rite said in a statement issued by PR Newswire. Read-Rite, which makes magnetic recording heads and assemblies that read and record data on the spinning disks inside disk drives, had a fiscal first-quarter loss after sales of recording heads declined as demand for personal computers fell. Read-Rite also raised its estimates of the costs for firing staff and disposing of inventory. It now expects those costs to lower earnings by $15 million to $18 million, compared to previous estimates of $6 million.

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