Other Orange County companies reporting earnings:
* MTI Technology Corp., an Anaheim provider of data storage products, said Tuesday it has eliminated more jobs, reduced management salaries and taken other cost-cutting measures as its losses widened in the first quarter.
The company did not disclose how many jobs were eliminated in the latest round, but said it has cut more than 150 positions this year. MTI’s payroll totaled about 550 employees in May.
The company also said it has implemented 10% pay cuts for senior management and 5% reductions for mid-level employees, and has ordered a mandatory nine-day vacation for employees in the current quarter.
The first-quarter net loss totaled $36.5 million, or $1.13 a share, compared to a net loss of $8.7 million, or 27 cents a share, for the first quarter of fiscal 2001. Revenue declined 21% to $29.8 million.
The stock hit a 52-week low of $1 a share before closing at $1.30, down 5 cents, in Nasdaq trading.
* SimpleTech Inc., Santa Ana maker of memory products, said it lost $1.9 million, or 5 cents a share, in the second quarter, contrasted with profit of $6.3 million, or 12 cents a share, a year ago. Revenue fell 51% to $36.8 million.
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