StorageTek reports solid across-the-board Q2

StorageTek Corp. reported second-quarter net income of US$30.1 million, or US$0.27 per share, Tuesday, compared to US$19.1 million net income, or US$0.18 per share in the year-ago quarter.

The company, based in Louisville, Colorado, had US$527.3 million in quarterly revenue, compared to US$491.9 million a year ago.

Net income for the first six months of the year was US$46.6 million or US$0.42 per share, compared to US$25.1 million or US$0.23 per share for the first half of last year. Revenue was $1 billion for the first half, compared to US$947.8 million in the first half of 2002.

Storage services revenue for the second quarter was up 11 percent, the company said, noting that all of its sectors had a strong quarter.

StorageTek offers a variety of storage products, including disk, tape and tape automation wares, as well as storage services.

Shares in StorageTek were trading up slightly Wednesday morning at US$26.59 on the New York Stock Exchange.

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