SGI sees red
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SGI lost $45m in the most recent quarter, and offered the same reason IBM gave for its poor results last week.
Gross revenue in Q3 FY2005 was $159m, down from $212 million a year ago, when it reported an $8m loss. Product revenue was down $39m year on year to $78.7m.
CEO Bob Bishop echoed IBM chief Sam Palmisano for the poor performance. "Several major server and storage orders failed to close at the end of the quarter," he said in a statement.
SGI's recent history is one of steep losses and savage restructuring. Less than two years ago SGI was aiming for quarterly revenues of around $240m, while four years ago it was pulling in $500 million a quarter. Six years ago it was netting $760m a quarter.
The bad news, which the company had trailed earlier in the month, pushed SGI shares below $1. ®
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