reported a larger-than-expected quarterly loss Friday and a 9% drop in revenue, which the manufacturer of computer workstations attributed to a delay in the introduction of a new line of processors.
The Mountain View, Calif.-based company, formerly known as
, said it posted a loss of $16 million, or 9 cents a diluted share, in the third fiscal quarter ended March 31, compared with a net loss of $40 million, or 21 cents a share a year earlier. The consensus estimate of analysts polled by
First Call/Thomson Financial
was a loss of 7 cents.
The figures for the latest quarter exclude an $18 million reduction in previously estimated restructuring costs and a $21 million loss from the $58 million sale earlier this month of the company's Cray vector product line to
. Including the reduction and loss, SGI recorded a net loss of $18 million or 10 cents a share.
Payment for the sale of Cray consisted of cash, stock and notes, which will be paid in installments through Dec. 31. SGI expects that the collection of all payments from Cray related to the notes will result in an overall gain of $15 million.
Revenue fell to $563.69 million, from $619.18 million, a year earlier. About 71%, or $563.69 million, of revenue stemmed from the company's product business, while 29%, or $619.18 million, of revenue came from its service business.
Shares of SGI closed Thursday trading down 11/16, or 8%, at 7 11/16.