Quantum DLT Group Issues Warning on December Quarter; After-Hours Trading Update

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Quantum DLT & Storage Systems Group

(DSS) - Get Report

warned that sales and earnings for its third quarter ending December will be "relatively flat" with year-ago figures, citing a Y2K-related slowdown and slower sales to a large customer. The 12-analyst

First Call/Thomson Financial

estimate calls for third-quarter earnings of 41 cents a share; year-ago figures weren't immediately available. The company also said it expects to report second-quarter earnings of 34 cents a share on sales of $357 million. Those earnings would match the current estimate.

After-Hours Markets

Battered

hi/fn

(HIFN)

finally caught a bit of a break after hours, rising in the No. 3 volume position on

Island ECN

. Two of today's standout IPOs saw some upside action as well, but overall the late session was sleepy.

Island ECN offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT

.

In other postclose news (earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified):

Miscellany

Tarrant Apparel

(TAGS) - Get Report

said it plans to close a sewing and finishing plant in Greenwood, Miss., and relocate its operations to Mexico, eliminating 250 jobs. The plant will close around the end of November.

Destia Communications

(DEST) - Get Report

said CFO Phillip Storin resigned to return home to Texas. Destia also said its previously announced merger with

Viatel

(VYTL)

should close by the end of the year.

StorageTek

(STK) - Get Report

settled all patent litigation with

Odetics

(ODETA)

. Under the settlement terms, StorageTek will pay Odetics license fees of $100 million, $80 million of which was paid at the time of settlement with the remainder to be paid in installments of $10 million in each of the next two years. StorageTek said it will record third-quarter pretax expenses of $15.5 million for the settlement.

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