dcsimg

Network Appliance Profits Down, Lays off Workers

Download the authoritative guide: Enterprise Data Storage 2018: Optimizing Your Storage Infrastructure

SHARE
Share it on Twitter  
Share it on Facebook  
Share it on Google+
Share it on Linked in  
Email  

Network Appliance, Inc. this week announced results for the first quarter of fiscal year 2002. Revenues for the first fiscal quarter were $200.4 million, compared to revenues of $231.2 million for the same period a year ago.

According to the company, Pro forma net income for the quarter was $4.7 million, or $0.01 per share, compared with $32.6 million, or $0.09 per share for the same period a year ago. For the first quarter, on an as-reported basis with adjustments for acquisitions and stock-based compensation, the net loss for the quarter was $0.5 million, or break-even per share, compared with $5.0 million, or $0.01 per share for the same period in the prior year.

Network Appliance also announced a workforce reduction affecting approximately 200 employees worldwide. The company says the action is required to properly align and manage the business commensurate with current revenue levels of the company. The company anticipates it will take a restructuring charge in the range of $6 million to $8 million during the second quarter.

Submit a Comment

Loading Comments...

NewsletterSTORAGE DAILY

Want the latest storage insights?