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Business Wire - June 27, 1997 08:00
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 SyQuest Technology, Inc., is a world leader in removable cartridge hard drives.
Founded in 1982, the company has an installed base of more than three million drives and 16
million cartridges worldwide. SyQuest is headquartered in Fremont and maintains manufacturing
facilities in Fremont and Penang (Malaysia) with additional facilities in Colorado, California,
Europe and Asia. The company offers removable cartridge hard drives for Windows, MS-DOS,
PC-DOS, UNIX, SGI, Sun OS and Apple Macintosh platforms. SyQuest (SYQT) is publicly
traded on NASDAQ's National Market System. See SyQuest on the World Wide Web at
syquest.com
This news release contains forward-looking statements that involve risks and uncertainties,
including competition in the marketplace for the company's products, and other risks detailed from
time to time in the SEC reports filed by SyQuest including its most recent reports on Forms 8K,
10K and 10Q.
Note to Editors: SyJet and EZFlyer are trademarks and SyQuest and the SyQuest logo are
registered trademarks of SyQuest Technology, Inc. All other brands or tradenames are the
property of their respective companies. |
