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Maxtor Marches On

Beleaguered Maxtor Corp. (NYSE: MXO) reported another tough quarter for earnings, but the drive maker's prospects were buoyed by signs that new management might be righting the ship (see Maxtor Loses $70M ).

The company reported a fourth-quarter net loss of $70.2 million ($0.28 per share) on $1.031 billion in revenues. That improves on the company's most recent guidance of $980 million to $1.01 billion in revenues.

In the year-ago period, Maxtor had a net income of $39.2 million ($0.15 per share) on revenues of $1.171 billion, while it posted a net loss of $90.6 million ($0.36 per share) on revenues of $927.2 million in the third quarter (see Maxtor Loses $90.6M).

Overall 2004 numbers came in at $3.796 billion in revenues with a net loss of $181.9 million, or $0.73 per share. In 2003, Maxtor saw revenues of $4.09 billion and a profit of $102.7 million ($0.41 per share).

Maxtor also joined the list of storage vendors with accounting troubles, disclosing that it will restate 2003 figures for incorrect entries made on the 2001 acquisition of Quantum Corp.'s (NYSE: DSS) disk-drive business (see Dot Hill Dots Its I's and Brocade Switches CEOs, Restates ).

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