SGI announces narrower loss
The company, a maker of high-end computers and storage systems, says it now expects a loss between $5 million and $10 million, including a $13 million charge for restructuring.
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Mountain View, Calif.-based SGI said it expects a loss between $5 million and $10 million, including a $13 million charge for restructuring. Previously, the company said to expect break-even results to a loss of $10 million, not including the restructuring charge.
SGI reported the projection, as well as results from a December debt restructuring, ahead of its expected quarterly earnings release on Jan. 21.
SGI failed on a first attempt to restructure its debt in 2003, not convincing enough bond holders that the offer was lucrative enough, but a second try succeeded. Notes due September 2004 now are due in 2009, SGI said Thursday.
SGI also said revenue is expected to be $235 million, within the range of $220 million to $240 million earlier projected.
Investors on Thursday cheered the news, sending SGI's stock up 28 cents, or 15 percent, to $2.09.