IN BRIEF / Southern California
Times Staff and Wire Reports
MTI Technology Corp., which has cut jobs and executive salaries and taken other cost-cutting measures, said its operating loss for its fiscal second quarter should shrink on higher-than-expected revenue.
The Anaheim company, which provides data storage products, said revenue for the quarter ended Saturday should exceed $32 million.
Analysts had estimated a loss of 19 cents a share on revenue of $28.2 million, according to a Thomson Financial/First Call survey.
MTI reported a loss of $2.13 million, or 7 cents a share, on revenue of $47.6 million for the year-earlier quarter.
Its stock, which has lost nearly 72% of its value this year, closed at $1.12, up 32 cents, on Nasdaq.
The company plans to release its financial results Oct. 25.
