StorageTek Turns Q2 Profit

FRAMINGHAM (07/31/2000) - On the heels of naming Patrick Martin its new CEO, Louisville, Colo.-based tape maker Storage Technology Corp. today reported $8.7 million, or 9 cents per share, in second-quarter profits, beating Wall Street expectations. Those numbers exclude restructuring costs of $12.4 million, or 8 cents per share, the company said.

According to Boston-based First Call/Thomson Financial, Wall Street expected StorageTek to earn 5 cents per share. Including the one-time, pretax restructuring charges, the company's profits totaled $651,000.

StorageTek reported $38.5 million in losses for the same period last year.

Sales declined $512.5 million for the second quarter of this year, compared with $654.4 million a year ago.

The news of second-quarter profits follows Martin's appointment as chairman, president and CEO earlier this month.

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