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Technology Stocks : Silicon Graphics, Inc. (SGI) -- Ignore unavailable to you. Want to Upgrade?

To: Don Green who wrote (8157)	10/23/2000 8:36:59 PM
From: Don Green	Respond to of 14451

Silicon Graphics Reports Lower Revenue, Net Loss A WSJ.COM News Roundup MOUNTAIN VIEW, Calif. -- Silicon Graphics Inc., the troubled high-end computer maker, reported lower revenue and a net loss Monday, after warning earlier this month that it wouldn't meet Wall Street's expectations. 1SGI Says Quarterly Results Will Fall Short of Estimates (Oct. 10) For the fiscal first quarter ended Sept. 30, the company reported a loss of $49 million, or 26 cents a share. The results included a $38.8 million investment gain. In the year-earlier period, SGI posted a net loss of $212 million, or $1.17 a share. Excluding items, SGI had a year-earlier loss of $225 million, or $1.24 a share. The company warned two weeks ago that it would have a weaker-than-expected quarter, and said it expected a loss of 26 cents to 28 cents a share -- about double what analysts had been expecting. Revenue fell 27% to $426.3 million from $585.2 million in the year-earlier period. SGI officials said component shortages accounted for the revenue shortfall, and that the company sees "no short-term resolution" for the problem but is "making every effort to lessen its impact on our business." At the time of the warning, SGI said it planned to sell some of its assets through the fiscal year to generate between $400 million and $450 million in cash, as well as a gain of $200 million to $250 million. Its board approved a stock-buyback program of as many as 50 million shares of its common stock outstanding. Silicon Graphics' shares added 13 cents to $4.50 on the New York Stock Exchange in 4 p.m. trading Monday.