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Hard disk drive and storage solutions provider Maxtor Corporation this week announced its financial results for the third quarter ended September 29, 2001.
According to the company, revenue for the third quarter was $1.045 billion. The company reported a net loss for the quarter of $165.7 million, or $(0.69) per share. Included in the loss were merger-related expenses totaling $78.2 million related to the acquisition of MMC Technology, Inc. on September 2, 2001 and the merger with Quantum's Hard Disk Drive Group on April 2, 2001. On a proforma basis, excluding these merger-related charges, Maxtor reported a net loss of $87.5 million, or $(0.37) per share. In the third quarter of 2000, Maxtor generated revenue of $619.3 million and a net loss of $14.0 million, or $(0.12) per share.
"While we are pleased to have shipped 12.5 million desktop and SCSI hard disk drives in the quarter, the decline in mix adversely affected our average selling price and profit margins," said Mike Cannon, president and CEO. "Given this trend, we are accelerating our efforts to reduce costs to lower the breakeven point of the company and to return to profitability at the earliest date possible."