StorageTek Doubles Year-Ago Income
The mid-tier maker of disk arrays and tape libraries announced income of $16.5 million on revenues of $480 million for the first quarter of 2003.Storage Technology Corp., a mid-tier maker of disk arrays and tape libraries, announced Tuesday income of $16.5 million on revenues of $480 million for the first quarter of 2003. This compares to year-ago income of $6 million, with revenue up 5 percent from $455.9 million, also a year ago. "Were very pleased with the economic and revenue growth," said Patrick Martin, chairman, CEO, and president of the Louisville, Colo., company. Citing gains in international sales, disk-based backup, the linear tape open format, and professional services, "The strategy that weve embarked on clearly has taken hold. We continue to be effectively debt-free," he said.
Looking forward, "This year is shaping up to be a challenging one. But we anticipate new growth in 2003," though only in the single digits, he said. The company has a cash balance of $719 million, with about 7,100 employees, officials added.
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