MTI Technology Posts $2.9-Million Profit After Loss in Previous Year

MTI Technology Corp., an Anaheim maker of computer information storage products, reported a profit of $2.9 million, or 18 cents a share, for the fiscal year ended April 2. That contrasted with a net loss of $5.7 million, or 45 cents a share, for last year. That loss included a onetime charge of $10 million from a discontinued product line and a patent litigation settlement with Digital Equipment Corp. Revenue rose 7% to $123.5 million from $115.7 million. For the fourth quarter, profit fell 39% to $1.4 million, or 9 cents a share, from $2.3 million, or 15 cents a share, for the final quarter last year. Revenue increased 5% to $37.7 million from $36 million.