Quantum Reports First-Quarter Net Loss

But CEO Michael Brown is optimistic about the company's future, citing its successful tape and services divisions.

Tape and network-attached storage maker Quantum Corp. made $211 million in revenue but had a net loss of $131 million for its first fiscal quarter of 2002, ended June 30, officials said today.

"Although this was a disappointing quarter in terms of our financial results, there were positive aspects that explain why we believe Quantum is well-positioned for the long run," said Michael Brown, chairman and CEO of Quantum, in Milpitas, Calif., citing his companys success in its tape and services divisions.

Quantums next quarter should be about the same as or "five percent above or 10 percent below" this quarters, Brown said, in a press statement.

Product highlights for the quarter were the SuperLoader, Quantums first entry-level tape automation product, and the Guardian 14000, its first mid-range NAS product. With the latter, Quantum hopes to compete against products that use Microsoft Corp.s Server Appliance Kit, which is due for an upgrade this fall.

Quantum also made headlines in the quarter by agreeing to pay rival Imation Corp. a minimum of $5 million to drop a lawsuit.

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