Feeds

StorageTek turns nifty Q3 profit

On lower sales. Good show

  • alert
  • submit to reddit

Top three mobile application threats

A streamlined StorageTek managed to turn a nice profit in its third quarter despite flat revenue.

The tape specialist pulled in $527m during the period, which is just slightly higher than the $520m in revenue posted in the same quarter last year. StorageTek's net income, however, rose significantly to $43m in the third quarter versus $31m one year ago. The company enjoyed better margins and lower research and development costs in its most recent quarter.

"We are pleased to deliver consistent, solid earnings improvement even in a rather modest economic environment," said StorageTek CEO Patrick Martin.

One of the biggest negatives for StorageTek in the third quarter was a drop in product revenue. Its core hardware and software business saw revenue drop from $312m last year to $299m. Services, however, did increase from $208m to $227m in this year's third quarter.

StorageTek generated $121m in cash from operations during the period, leaving it with a healthy $1.1bn cash and investment balance. ®

Related stories

StorageTek seizes Storability
FalconStor wants to WORM your disk arrays
Rumours of Tape's death exaggerated

Application security programs and practises

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Microsoft: We're making ONE TRUE WINDOWS to rule us all
Enterprise, Windows still power firm's shaky money-maker
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.