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Technology Stocks : Read-Rite -- Ignore unavailable to you. Want to Upgrade?

To: Skywatcher who wrote (4983)	11/1/2000 8:17:56 PM
From: Skywatcher	Respond to of 5058

Read-Rite sees Q1 revs up 20 pct from Q4's $146 mln FREMONT, Calif., Nov. 1 (Reuters) - Disk drive head manufacturer Read-Rite Corp. (NASDAQ: RDRT) on Wednesday reported a smaller-than-expected fiscal fourth quarter loss and said it was aiming for a 20 percent sequential increase in revenue this quarter due primarily to increased efficiencies, lower costs, higher volume and improved average selling prices. The company reported a pro forma net loss of $16.1 million, excluding one-time items, or 25 cents a share, on revenues of $146.0 million, compared with a loss of $80 million, or $1.61 a share, in the year-ago quarter. Analysts on average were expe cting a loss of 39 cents a share, according to First Call/Thomson Financial. Under generally accepted accounting principles (GAAP), for the fiscal quarter ended Oct 1, Read-Rite reported a net loss of $42.5 million, or 66 cents a share. The company said it was targeting revenue for the first fiscal quarter of 2001 to increase about 20 percent percent from fourth quarter's $146.0 million. Read-Rite also said it was targeting gross margin percentage for the first quarter in the low teens and aimed to return to profitability in the first fiscal quarter of 2001. WOW chris