CEO Grodhaus expanded on economists reports about the terrorist attacks. "The repercussions from the September 11 events are expected to have a negative impact on the economy as a whole for at least the next five to six quarters, he said.
The company said that since it posted its quarterly revenues there has been some improvement in the business lost as a result of the attacks, but execs would not elaborate whether this came about as a result of orders materializing after delays or whether it was new business. Separately, analysts have acknowledged that a need for backup equipment for disaster recovery has boosted storage sales in some quarters. But just now much is still open to speculation.
As to the layoffs, Grodhaus said these are expected to cut costs by about $18 million annually. Benefits will start to be seen next quarter but won't be fully realized until 2002, he noted.
The company reaffirmed its fourth-quarter guidance, issued earlier this month, of revenues in a range of $56 million and $60 million, with earnings per share (excluding special items) between $0.00 and a loss of $0.02 per share.
Jo Maitland, Senior Editor, Byte and Switch http://www.byteandswitch.com
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