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Technology Stocks : Disk Drive Sector Discussion Forum -- Ignore unavailable to you. Want to Upgrade?

To: James Calladine who wrote (7756)	1/10/2000 8:31:00 PM
From: LK2	Read Replies (1) \| Respond to of 9256

RDRT reports revenue drop greater than 50%. Also reports loss of $1.15 per share, versus First Call estimated loss of $1.19 a share. For Personal Use Only >>>>>>>>>>> =========== Read-Rite sales tumble By Janet Haney, CBS MarketWatch Last Update: 7:14 PM ET Jan 10, 2000 MILPITAS, Calif. (CBS.MW) -- Read-Rite reported Monday a narrower-than-expected first-quarter loss, but that offset by news that the maker of magnetic recording heads said its sales were less than half what the company generated the same period a year ago. The company (RDRT: news, msgs) said it lost $57.5 million, or $1.15 a share, compared with a profit of $1.1 million, or 2 cents a share, in the year-ago quarter. Analysts surveyed by First Call expected Read-Rite, based in Milpitas, Calif., to lose $1.19 a share. The company (RDRT: news, msgs) said it lost $57.5 million, or $1.15 a share, compared with a profit of $1.1 million, or 2 cents a share, in the year-ago quarter. Sales for the quarter slipped to $114.5 million, down from the year-ago figure of $230.2 million, the company said in an announcement after the markets closed. Earlier, Read-Rite shares got slammed, dropping 45/64, or 11 percent, to 5 47/64. The company said its transition to giant magnetoresistance technology represented 74 percent of its revenue in the first quarter. The GMR process involves changes in electrical resistance that occur in specific materials located in thin layers of metals. Read-Rite said it shipped in volume to its GMR customers, which include Seagate (SEG: news, msgs), Maxtor (MXTR: news, msgs), Western Digital (WDC: news, msgs) and Quantum (HDD: news, msgs) (DSS: news, msgs). Additionally, Read-Rite said it sees strong demand for its products as it heads into the March quarter and anticipates "strong sequential unit and revenue growth." Janet Haney is an online reporter for CBS MarketWatch. ¸ 1997-1999 MarketWatch.com, Inc. All rights reserved. Disclaimer. CBS and the CBS "eye device" are registered trademarks of CBS Inc. =========== <<<<<<<<<<<

To: James Calladine who wrote (7756)	1/10/2000 10:25:00 PM
From: Dale Knipschield	Read Replies (1) \| Respond to of 9256

Jim, I came here looking for some info on that topic too, after reading the article in the current BusinessWeek. (Page 115). Article is very positive on MXTR, but I've bought stocks on these BusinessWeek reco's before and got burned badly, so thought I'd do a little more checking before jumping in. Doesn't seem like this thread is even aware of the article, and I don't know where to go for more info, so I'm passing this one up. Good luck! Knip