MTI Technology to Cut 13% of Work Force

MTI Technology Corp. said it has eliminated 86 jobs, or 13% of its work force, as customers bought less equipment for storing and retrieving computer information. The Anaheim-based company said a slowing U.S. economy will contribute to a pretax loss of $10 million to $12 million, or 31 to 37 cents a share, for its fiscal fourth quarter ended April 7. It had a loss from operations of 6 cents a share in the year-ago quarter. MTI said it expects quarterly revenue of $33 million to $35 million. The company also blamed the economic downturn for prolonging the time needed to replace its former dot-com customer segment, which declined significantly during its fiscal year. MTI’s stock fell 21 cents to $1.89 a share on Nasdaq.