SmartDisk Corp., the company that makes a variety of Mac compatible portable products such as the FireLite hard drive, has reported financial results for the quarter ending March 31.
Revenues for the quarter were US$11.1 million, compared to revenue of $17.3 million for the corresponding quarter a year. SmartDisk’s net loss for the first quarter of 2002 was $13.5 million, or $0.76 per share, compared to a net loss of $8.4 million or $0.48 per share, for the corresponding quarter in 2001.
The first quarter 2002 loss includes non-cash inventory write-downs of $4.8 million, non-recurring business restructuring charges of $0.8 million relating to employee separation costs and the restructuring of Smart Disks’ European operations and “non-cash goodwill and other intangible asset impairment charges of $2.7 million,” the company said in reporting the financials. “Excluding the impact of the amortization of goodwill, inventory write-downs, non-recurring business restructuring charges and goodwill and other intangible asset impairment charges,” the company recorded a loss of $0.29 per share compared to a loss of $0.32 per share a year ago. But the company is hoping for a rebound.
“During the first quarter we forged significant new sales and marketing partnerships, launched new products, adjusted operations and reduced costs,” said Michael S. Battaglia, President and CEO.