Conner anticipates financial results below expectations.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Dec. 19, 1994--Conner Peripherals Inc. (NYSE NYSE See: New York Stock Exchange :CNR See riser card. CNR - Communication and Network Riser ) Monday announced that its outlook for the current quarter's financial results will be below analysts' expectations. Current analysts' estimates of Conner's fourth quarter results are in a range of break-even to $0.35 per share. Although the effects of potential non-recurring items may allow the company to report net income for the quarter, the results from on-going operations are anticipated to reflect a modest net loss. The loss from on-going operations reflects several developments during the quarter. One was the sizable return of tape and disk products from a major customer, most of which have been resold into the market, but at lower prices. Other developments are related to new product launch programs, where delays in launch and/or market development for these products impacted shipments anticipated for the quarter. The potential non-recurring items include a reversal of some reserves established in late 1993 for certain operational restructuring programs, and gains on the sale of certain non-operating assets Non-Operating Asset Assets that are unnecessary to the ongoing operations of a business. Notes: Sometimes referred to as "redundant assets." See also: Non-operating Cash Flows, Operating Expenses, Operating Income of the company. CONTACT: Conner Peripherals Conner Peripherals was a company that manufactured hard drives for personal computers. Conner Peripherals was founded in 1986 by Seagate Technology co-founder Finis Conner, as a merger between a company of his and another started by MiniScribe founders John Squires and Terry Inc.
Jack Bell, (analyst), 408/456-3770
Kevin Burr, (media), 408/456-3134
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion