FRAMINGHAM (04/06/2000) - Blaming a sales slowdown related to year 2000 issues, Exabyte Corp. today warned it will suffer a larger than expected first-quarter loss.
The Boulder, Colorado-based company will lose $13 million to $14 million, or 58 cents to 62 cents per share, the company said in a statement. According to First Call Corp., Exabyte's expected loss was to be 40 cents per share.
Exabyte will release its official earnings on April 12.
Sales hit $50 million in the first quarter of 2000, dropping from $62.65 million during the same period in 1999. The sales decline impacted Exabyte's 8mm and Mammoth tape drive, as well as its DLTtape automation line, the company said.
However, sales of its M2 drives and media and automation products increased.
Exabyte said the M2 line accounted for $14 million of its total sales in the first quarter, up from $2 million in the fourth quarter.