Another grenade thrown a half hour later. Delayed results,
lack of explanation for drop in sales...what a boost for
investor confidence!
Monday April 5, 7:43 pm Eastern Time
Read-Rite confirms lower Q2 revenues
MILPITAS, Calif., April 5 (Reuters) - Computer disk drive component maker Read-Rite Corp. on Monday said its
revenues for the second quarter were $206 million, down from $230.2 million for the first quarter.
The announcement was in line with a statement from the Milpitas, Calif.-based company last month that it expected to
report a loss for the three months ending March 31 because of slumping sales.
The company said then it expected sales to drop by 10 percent.
Read-Rite gave no reason for the drop in sales, saying only it had rescheduled the release of its quarterly financial results to April 26 and would comment
at that time.
Read-Rite reported an unexpected profit of $1.12 million, or 2 cents a share, in its first quarter reported in January.
For the second quarter, Wall Street analysts had expected a profit of 7 cents a share.
In the year-ago second quarter, the company reported a loss of $62.1 million or $1.29 a share, on sales of $187 million.
Shares in Read-Rite were up 9.4 cents to $6.38 in composite trading on the Nasdaq stock exchange on Monday.
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