FRAMINGHAM (08/04/2000) - On the heels of naming Patrick Martin its new CEO, Storage Technology Corp. in Louisville, Colo., this week reported $8.7 million, or 9 cents per share, in second-quarter profits, beating Wall Street's expectations. Those numbers exclude restructuring costs of $12.4 million.
According to First Call Corp. in Boston, Wall Street expected StorageTek to earn 5 cents per share for the second quarter. 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.