StorageTeks Profits Up; Quantum Loses $9M
Quantum earned $202 million for Q1, but lost $9 million overall, while StorageTek's income for the quarter came in at $30.1 million.Storage firm Quantum Corp. reported another quarter of losses Tuesday, while Storage Technology Corp. had another quarter of growth, officials of those companies said. Quantum, which makes tape products and disk-based backup appliances, earned $202 million for its first quarter of 2003, but wound up losing $9 million overall. Quantum made $211 million and lost $131 million a year ago, and made $235 million while losing $5 million in its prior quarter.
Chairman and CEO Rick Belluzzo, in Milpitas, Calif., attributed the performance to lower-than-expected sales of media and drives. "Over the last year, we have been working to execute an aggressive plan to return Quantum to a position of sustained growth and profitability," he said. "We have improved many of the fundamentals underlying our business. We will continue to focus intensely on improving our performance."