MTI Technology Reports Fourth Quarter Earnings

MTI Technology Corp. this week announced financial results for its fiscal 2001 fourth quarter and year ended April 7, 2001.

For the fiscal 2001 fourth quarter ended April 7, 2001, MTI reported total revenue of $34.2 million, compared to $60.6 million for the comparable quarter last year and $42.0 million for the third quarter of fiscal 2001. Net product revenue for the fourth quarter 2001 was $22.1 million, compared to $47.9 million in the year ago period and $29.4 million in the immediately preceding quarter. Service revenue for the fourth quarter 2001 was $12.0 million, compared to $12.6 million in the year ago period and $12.6 million in the third quarter of fiscal 2001. Gross profit margin for the fourth quarter 2001 was 33.6% compared to 41.4% in the same period last year and 30.7% for the third quarter of fiscal 2001.
For the fiscal 2001 year ended April 7, 2001, MTI reported total revenue of $161.7 million, compared to $227.1 million for fiscal 2000. Net product revenue was $111.8 million, compared to $177.8 million for fiscal 2000. Service revenue for the fiscal year 2001 was $49.9 million, compared to $49.3 million in the previous year. Gross profit margin for fiscal 2001 year was 33.3% compared to 39.7% in the same period last year.

The Company reported a net loss for the fiscal year 2001 of $36.4 million, or $1.13 per diluted share, compared to net income of $25.3 million, or $0.76 per diluted share in fiscal 2000.