Quantum Continues Losing Streak
Despite the storage industry's recent fiscal upswing, Quantum Corp. Thursday announced a loss of $38 million for its second quarter of 2004 on revenues of $195 million.Despite the storage industrys recent fiscal upswing, Quantum Corp. Thursday announced a loss of $38 million for its second quarter of 2004 on revenues of $195 million. The results are the San Jose, Calif. storage companys worst since the year-ago quarter, which saw revenue of $204 million and a loss of $111 million. Quantum has not made a profit since earning $592,000 on $284 million in its third quarter of fiscal 2002. "While clearly a disappointing setback ... bottom line, Im pleased with what we have accomplished in many areas but not satisfied with the results," said Rick Belluzzo, chairman and CEO, in a conference call.
"We have pursued a number of aggressive changes over the past year that have resulted in some significant improvements in our business, including increased market share, higher product gross margins, lower operating expenses and a range of exciting new products," he said, in a prepared statement.