Quantum's 1999 revenues decline
Q4 shows massive profit burst
Hard times in the hard drive industry have caused Quantum to turn in reduced revenues and net profits for its 1999 financial year. But its Q4 financial figures show a dramatic and sensational turnaround, with the company turning in net profits of $56.7 million, compared with $2.7 million in the equivalent quarter of 1998. That is on turnover of $1.31 billion, compared to $1.29 billion for Q4 last year. Quantum said its financials for 1999 showed revenues of $4.9 billion, compared to revenues of $5.8 billion for 1998. Net profit for 1999 was $127.8 million, compared to $250.3 million for 1998. Michael Brown, Quantum's CEO, said that Quantum had a diversified business model and its DLTape and storage system business did well in the period. The hard drive business has suffered from massive price cutting over the course of the year. ®
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