Business Services Industry
Louisville, Colo.-Based Storage Technology Reports High Profits for Quarter.(Originated from Daily Camera, Boulder, Colo.)
Knight Ridder/Tribune Business News, July, 1997 by Locke, Tom
Jul. 23--Bolstered by strong sales in both its tape-storage and disk-storage businesses, Storage Technology Corp. reported higher-than-expected profits Tuesday for the second quarter ending June 27.
Louisville-based StorageTek, a maker of storage systems for computer data, posted net income of $54.0 million for the quarter, a 43 percent increase compared with the same quarter a year ago. It recorded revenue of $517.0 million for the quarter, a 7.9 percent rise compared with a year ago.
It was the best second quarter ever for StorageTek, both in terms of revenue and profits.
"I thought it was a good earnings release," said M. John Demirjian, a director at New York-based Bishop Rosen & Co. Inc. "Earnings were ahead of Wall Street's...
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