reported fourth-quarter earnings that beat analysts' estimates, as the company said costs fell, volume rose and average selling prices improved.
The company reported a loss of $16.1 million, or 25 cents a share, excluding a gain and a charge. Analysts expected the company to lose 39 cents a share for the quarter, according to
First Call/Thomson Financial
Read-Rite, which makes magnetic recording heads and assemblies for disk drives and tape drives, lost $80.1 million, or $1.61 a share, in the year-ago period.
Revenue rose to $146 million from $105.3 million.
The company is targeting a sequential revenue increase of about 20% in the first fiscal quarter and is hoping to return to profitability in the period, as well. Wall Street currently expects the company to lose 9 cents a share in the first quarter.