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Quantum Says Results Will Disappoint Again

March 24, 1998|Bloomberg News

Quantum Corp. warned that sales and earnings for its fiscal fourth quarter will be lower than expected because of falling prices for desktop hard drives and weak demand for high-end tape drives. It said it expects break-even earnings, or slightly better, for the three months ending March 31. Sales are forecast to be 20% lower than the $1.52 billion reported in Quantum's third quarter. In the year-ago quarter, Milpitas-based Quantum reported earnings of $87.7 million, or 64 cents a share, on sales of $1.56 million. Other drive makers suffered in the December quarter, with Western Digital Corp. and Seagate Technology Inc. also posting poor performances. Quantum shares rose 31 cents to close at $20.50. Trading was halted on Nasdaq before the announcement.

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