Storage Technology Loses $505.5 Million for Year

Storage Technology, which is trying to reorganize under Chapter 11 of the U.S. Bankruptcy Code, announced a loss of $419 million for the fourth quarter of 1984 and a loss of more than $500 million for the full year.

The fourth-quarter loss came on revenue of $151.9 million and compares to a loss of $35.4 million on revenue of $226.9 million in the same period a year earlier, the computer products company said.

The latest loss included $279.7 million in non-recurring expenses and write-offs relating to Storage Technology’s reorganization, the company said.

For all of 1984, the company had a loss of $505.5 million on revenue of $808.6 million. In the previous year, it lost $40.9 million on revenue of $886.6 million.

Ryal R. Poppa, the business executive brought in by Storage Technology as its chairman following the resignation of company founder Jesse Aweida, said the loss should be regarded as “putting the past behind us.”

More specifically, the fourth-quarter loss was attributed to the many write-offs, consolidations of operations, distribution of excess plants and equipment and divestiture of certain interests under the reorganization effort.

The Louisville, Colo.-based firm produces printers and data storage and retrieval equipment for high-performance computers.