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Technology Stocks : MTIC - Is this the next EMC? -- Ignore unavailable to you. Want to Upgrade?

To: BostonView who wrote (3718)	7/12/2000 1:59:29 PM
From: The Ox	Respond to of 3748

MTI Tech sees first-quarter loss, missing estimates ANAHEIM, Calif., July 12 (Reuters) - Data storage products maker MTI Technology Corp. (NASDAQ: MTIC) on Wednesday said it expects to report a first-quarter loss, not the profit Wall Street had been expecting, because of weaker revenues from Internet businesses. The company, whose stock has fallen 90 percent since February, said in a statement it expects to post a pretax loss of between $9 million and $12 million on revenue in the range of $35 million to $38 million. A year ago it had reported a profit of $3.6 million, or 12 cents per share, on revenue of $53.2 million. Wall Street analysts had been expecting MTI to report a profit of 2 cents per share, according to research firm First Call/Thomson Financial. "The most significant factor was the reduced product revenues from dot-com businesses," MTI President and Chief Executive Officer Tom Raimondi said. "As a result of the weakened financial condition of the dot-com businesses, we have reduced focus on this market segment." MTI shares closed on Nasdaq on Tuesday at 5-1/2 after touching a 15-month low of 5-7/16 during the day. The stock has tumbled from a high in February of 54-3/8.