Storage peripheral maker
SmartDisk Corp. today reported its financial results for the quarter ending June 30, 2002. The company reported a net loss and smaller revenues, but has improved its position by expanding gross profits as well.
SmartDisk manufactures fixed and removable storage devices for the Mac and PC. Their products include the FireLite and FireFly hard disk lines.
SmartDisk reported a net loss for the quarter of US$1.5 million, compared to $8.2 million for the same quarter last year. Revenue was down sharply year-to-year; $9.6 million was reported for the quarter compared to $20.7 million for the same quarter last year.
For the six-month period ending June 30, the company reported a $15.1 million net loss, or about $0.85 per share, compared to a net loss of $16.6 million, or $0.95 per share, for the same period in 2001. Revenue for the half-year mark was $20.7 million, compared to $37.9 million for the same period in 2001.
Regardless of the red ink, SmartDisk president and CEO Michael S. Battaglia said that his company’s gross profit margin improved quarter to quarter, while operating expenses were sharply reduced. “Our second half challenges are to grow revenues, continue the downward pressure on costs and consequently improve our [profit and loss] performance,” he said.