expects to report a profit in the third quarter, excluding restructuring charges, but warned that a parts availability problem would affect its quarterly revenue.
The information storage provider said third-quarter revenue will total $465 million to $480 million. According to a survey, six analysts polled by
First Call/Thomson Financial
expect the company to earn 14 cents a share for the third quarter and 38 cents a share for fiscal 2000.
StorageTek blamed the projected revenue shortfall on problems with the availability of parts for its 9840 tape drive, which was affected by slow shipments of flex circuits and semiconductor components. In the year-ago third quarter, StorageTek lost $16 million, or 16 cents a share, on revenue of $573.7 million. The company had income of 5 cents a share before unusual items.
The company expects to realize the delayed revenue from the 9840 and associated equipment in the fourth quarter.
Shares of the company closed up 6 cents at $12.25 on the
New York Stock Exchange