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Technology Stocks : Maxtor (MXTR) -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (60)	1/25/1999 6:35:00 PM
From: vinh pham	Respond to of 467

1/22/99 - Maxtor Ends Year With A Bang Jan 22, 1999 (Tech Web - CMP via COMTEX) -- Maxtor made a strong showing in its fourth quarter to post income of $30 million, or 31 cents per share, trouncing analysts' expectations. For the comparable quarter a year ago, the company showed a profit of $23 million, and that figure included a $20 million one-time tax gain. It also beat First Call's analysts' expectations of 12 cents per share. Revenue for the three months ended Dec. 25 was $728 million, up significantly from $489 million in the same quarter a year ago. Income for 1998 was $31 million on revenue of $2.4 billion. This was up from a loss of $130 million, excluding that one-time gain, on revenue of $1.4 billion in fiscal 1997. Maxtor, in Milpitas, Calif., shipped 5.3 million drives during the fourth quarter, a 74 percent rise over a year ago, according to Mike Cannon, CEO. The company's market share in the desktop drive arena rose to 17 percent in the fourth quarter from from 6 percent to 7 percent for the same period last year, Cannon said. Paul Tufano, vice president of finance and chief financial officer at Maxtor, said 79 percent of fourth quarter revenue came from OEM customers, compared with 14 percent from distribution and 7 percent from retail. Sales in the United States accounted for 75 percent of revenue in the quarter. Average selling price fell $2 per unit during the fourth quarter, Tufano said. Shares of Maxtor fell 82 cents to close at 18 3/4 Thursday. -0-