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Technology Stocks : Applied Magnetics Corp

APM 1.215

-3.6%

1:23 PM EST

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To: Ken Kettler who wrote (12128)	7/23/1998 7:54:00 PM
From: Stitch	Read Replies (2) of 12298

Death rattles --> Applied Magnetics Corp. Announces Unaudited Third-Quarter Fiscal Year 1998 Results Applied Magnetics Corp. (NYSE:APM - news) Thursday reported a net loss of $35.8 million, or $1.50 basic net loss per share, for the third quarter of fiscal 1998 on sales of $33.6 million, compared with net income of $21 million, or 75 cents fully diluted earnings per share, on sales of $124.1 million for the same period last year. The company continues to ship inductive thin-film disk heads and has now initiated production of its newest 2.1 gigabyte per 3.5'' disk product. (Yeah, about 7 units a week) The company continues to make excellent progress (The definition of excellence has reached an all time low, when you clean up a pile of dog droppings that can be called progress I guess) in accelerating (wow, fasten your seat belts) its development of advanced (advanced?..they can't even see the butt crack of their competitors yet) MR products and has delivered qualification units at both the 3.4 and 4.3 gigabyte per 3.5'' disk capacity points. Upon receipt of orders, .(do not hold your breath) volume production for these products is planned to begin in the first quarter of fiscal 1999 (we will be better in 9 months...don't change channels) MR-head shipments will not be a significant source of revenue in the fourth quarter of fiscal 1998, (surprise anyone?) as weak OEM demand for products at the 2.8 gigabyte per 3.5'' disk capacity point has precluded the need for additional sources at several drive companies. (meaning, we were/are too late to get any of the business that is still out there). Ugliness. Pure pap. To James Hopkins wherever he slinked off to. Take this report and smoke it. Stitch

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