MTI Technology Cuts 13% of Work Force

MTI Technology Corp., an Anaheim developer of data-storage products, said Tuesday that it dismissed 86 employees, or 13% of its work force, to reduce overhead as it posted a fiscal fourth-quarter net loss of $20.6 million.

The company said the layoffs resulted in a one-time restructuring charge of about $600,000 for severance and related expenses.

The loss, amounting to 64 cents a share, contrasts with earnings of $14.2 million, or 41 cents a share, for last year’s final three months. Revenue for the quarter ended April 7 fell 44% to $34.2 million.

MTI had $16 million in cash, no long-term bank borrowings and $27 million in working capital as of April 7.