StorageTek Still Down; Precise Thrives
Hardware maker StorageTek announces relative second-quarter losses, while software firm Precise reports 19th consecutive quarter of growth.Echoing customer needs, hardware maker Storage Technology Corp., also known as StorageTek, announced relative second-quarter losses Tuesday, while software firm Precise Software Solutions Ltd. continued to thrive. StorageTek reported revenues of $491.9 million in the quarter ending June 30, or $36 million less from the first quarter and $20.2 million less than a year ago. Still, officials said the news was not all bad. "We have seen success in the first half of the year even though the business environment is quite challenging," Patrick Martin, chairman, president and CEO of the Louisville, Colo., firm, said in a press statement. "We were able to maintain our market share in automated tape solutions, while business strengthened in both disk and services and we continued to drive productivity throughout the company."
Meanwhile, Precise, which makes database management applications and Windows-centric storage management software, reported its 19th consecutive quarter of growth. The Westwood, Mass., company made $18.2 million this quarter, compared with $17.1 million last quarter and $12.7 million a year ago, officials said.