Storage Technology

Read-Rite Corporation

The Company

Read-Rite Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RDRT)") else Response.Write("(Nasdaq: RDRT)") end if %> is a supplier of magnetic recording heads for rigid disk drives. The company supplies heads in two primary forms: head gimbal assemblies (HGAs) and headstack assemblies (HSAs), which consist of several HGAs. Read-Rite provides heads for a broader range of disk drive products than any other independent supplier. In addition, the company also produces magneto resistive (MR) tape heads. The company's primary customers in 1996 were Western Digital, Quantum and Maxtor Corp. (representing 43%, 29% and 12% of revenues respectively).

Latest Financials

For the first six months of fiscal 1997, sales were $533.7 million compared to $557.4 million reported in the comparable period of fiscal 1996. Net income for the first half of fiscal 1997 was $29.3 million compared to $43.9 million reported for the first half of fiscal 1996. Earnings per share were 61 cents compared to 91 cents reported for the first six months of fiscal 1996. The results for the first six months of fiscal 1996 included one-time charges (recorded in the second quarter) on the company's net income of $15 million, or 31 cents per share. (Go to next snapshot.)

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