MTI Reports Third Quarter Fiscal 1998 Results; MTI's Revenues Grow 39% Over Prior Year's Third Quarter
PR Newswire, Tuesday, January 27, 1998 at 09:16
ANAHEIM, Calif., Jan. 27 /PRNewswire/ -- MTI(TM) Technology Corporation (NASDAQ:MTIC) today reported net income for the third quarter of fiscal 1998 ended January 3, 1998, of $5.1 million, or 17 cents per share, compared to net income of $1.8 million, or 7 cents per share, in the same quarter of the previous year, and $4.1 million, or 14 cents per share for the immediately preceding quarter. Total revenue for the third quarter rose 39% to $54.0 million, compared to $38.9 million for last year's third quarter, and increased 15% compared to $46.8 million for the second quarter of fiscal 1998. Net product revenue for the third quarter was $44.8 million, compared to $30.7 million in the third quarter last year, and $38.0 million for the immediately preceding quarter.
Service revenue for the third quarter of $9.2 million represented a 12% increase over the $8.2 million reported in the third quarter of the previous year, and a 5% increase over the $8.8 million reported in the immediately preceding quarter.
The gross profit margin for the third quarter was 34.5% compared to 32.5% for the same period last year, and 35.6% for the second quarter of fiscal 1998. |
