CNT(R) this week reported its second quarter results for the period ending July 31, 2001. According to the company, revenues for the second quarter of 2001 totaled $41.6 million, a decrease of 6 percent from $44.3 million in the second quarter of 2000, but a sequential increase of 41 percent from $29.4 million in the first quarter this year.
“We are pleased to see solid sequential revenue growth from our challenging first fiscal quarter,” said Thomas G. Hudson, chairman, president and chief executive officer of CNT. “A contributor to that growth has been the improvement in storage networking sales — a sequential increase of 109 percent — and the integration of Articulent into our existing storage solutions business. This has helped drive SAN services and storage management revenues to a record $11.6 million for the second fiscal quarter — an increase of 171 percent sequentially from the first quarter and 252 percent from the second quarter of 2000. We have also successfully implemented cost-cutting measures, as evidenced by a decrease in operating expense as a percent of revenue, which are down to 46 percent from 68 percent in the first quarter of 2001.”
CNT says that net loss from continuing operations for the second quarter of 2001 totaled $821,000 or $.03 per share, down from net income from continuing operations of $4.0 million or $.15 per share for the second quarter of 2000, but up from a net loss from continuing operations before special charges of $3.6 million or $.12 per share for the first quarter of 2001.