The question, of course, is whether reselling EMC gear will allow MTI to harvest enough cash to make up for the loss of more than half its revenues from its own branded product lines. Raimondi seems to think it will. Since signing the deal in April, he says, the company has sold more that $5 million worth of EMC products, and has increased its headcount with 11 salespeople and two new senior sales executives. "We are right on target in achieving our product and service margins," he said on today's call.
MTI has already stopped selling its own systems but is still supporting existing customers.
For the full year 2003, MTI posted a net loss of $11.2 million, or 34 cents a share, on revenue of $82.3 million. That compares to a net loss of $59.6 million, or $1.83 per share, on revenue of $117.9 million in 2002. The company also reports slashing its operating expenses nearly in half, from $60.9 million in 2002 to $34.5 million in 2003.
At the end of the fiscal year 2003, the company reports having $9.8 million in cash and cash equivalents, $1.7 million in bank loans, and $2.1 million in working capital. The company says its $7 million credit line with the Comercia Bank was extended to May 31, 2004.
Eugénie Larson, Reporter, Byte and Switch
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