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Mylex claims return to profitability despite Q3 loss

Growth strong in Europe and the Pacific Rim

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Mylex turned in a loss for its third quarter after taking a recurring charge into account. Sales for the quarter amounted to $36.2 million, up by 23 per cent compared to the equivalent quarter last year. The charge, of $4.3 million, meant Mylex made a net loss of $2.1 million. In July of this year, the company restructured and the charges included redundancy payments, write off of stock and consolidation of facilities. Without the charges, Mylex said it would have made a profit. Al Montross, president and CEO, said: "We believe this quarter's results mark an important first step towards improved financial performance for Mylex and sends a strong message to our stockholders and customers." Growth came from Europe, the Pacific Rim and domestic distribution, said Montross. Its entry level RAID controller helped contribute to its sales. ®

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