Scott, >>He actually said that inventory units were down from a year ago.<< That may be, but he hardly seems euphoric about it when releasing this from Reuters yesterday's news:
>>>>>>>>>>>>>>>>>>
(REUTERS) Western Digital <WDC.N>says inventories still high
Western Digital <WDC.N>says inventories still high
IRVINE, Calif., July 27 (Reuters) - Western Digital Corp.
said Monday that fiscal 1998 results have been hurt by an
oversupply in the desktop and hard drive industries, along with
steep price declines, and inventories remain high in its fiscal
first quarter.
Western Digital reported a loss for the fourth quarter
ended June 27, 1998 of $1.84 per diluted share on sales of
$650.5 million, compared with a profit of $0.95 a share on
sales of $1.1 billion the previous fourth quarter.
"Our disappointing results for the fiscal year and the
fourth quarter reflect nearly a full year's sustained
oversupply and price declines of nearly 50 percent in the
desktop segment of the hard drive industry," said Chuck
Haggerty, chairman, president and chief executive officer, in a
statement.
"So far in the seasonally weak September quarter,
inventories of desktop drives in the distribution channel
remain too high, preventing a return to a more normal market
for some time. This industry must get back to rational pricing
for the value of the technology being delivered," he said.
((-- New York Equity News 212 859-1700, fax 212-859-1717 or
nyc.equities.newsroom@reuters.com))
REUTERS
*** end of story ***<<<<<<<<<<<<<<<<<<<<<<<<<
Perhaps Haggerty is log rolling. Sometimes you can stay on top by rolling a bit this way and then rolling a bit the other to keep one's balance on a slippery, changing situation. |
