MTI Technology Up This Year, Down From Last Year
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MTI Technology Corp. , a provider of enterprise storage solutions, today announced financial results for the fiscal 2002 second quarter ended October 6, 2001 of $32.5 million, compared to $47.6 million for the second quarter of fiscal 2001 and $29.8 million for the first quarter of fiscal 2002. Net product revenue for the second quarter of fiscal 2002 was $19.9 million, compared to $34.9 million in the second quarter of fiscal 2001 and $17.3 million in the first quarter of fiscal 2002.
The Company reported a net loss for the fiscal 2002 second quarter ended October 6, 2001 of $2.7 million, or $0.08 per share, compared to a net loss of $2.1 million, or $0.07 per share, in the second quarter of fiscal 2001. The Company reported an operating loss for the fiscal 2002 second quarter ended October 6, 2001 of $3.4 million, an improvement from an operating loss of $10.5 million in the fiscal 2002 first quarter.
"The tough economic conditions have forced the management team to make some very difficult decisions along the way to drive the Company back on its growth track," said Tom Raimondi, President and Chief Executive Officer. "Our strong execution on cost containment initiatives and continued focus on quality have been rewarded by increased margins and customer confidence in our products and services. Some of our long-standing customers who had deferred storage spending returned to MTI during the quarter to make purchases, and the Company gained further sales traction with continued success in gaining a number of new accounts. The superior price performance of our products and services is achieving particular success in this soft economy, as customers require additional financial justification for purchase decisions. Our sales force is invigorated, and we expect that key domestic and international accounts will offer an improving pipeline of business for MTI in coming quarters."