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Short Take: StorMedia expects Q2 loss

StorMedia said it expects to post a loss in the second quarter that is "significant," yet less than the loss reported in the year-ago quarter. As a result, the supplier of thin film disks for PC hard drives said it had completed a financial restructuring and would temporarily close a factory, reducing staff by 300. Analysts expected the company to report a loss of 45 cents per share in the second quarter ended June 26.

StorMedia said it expects to post a loss in the second quarter that is "significant," yet less than the loss reported in the year-ago quarter. As a result, the supplier of thin film disks for PC hard drives said it had completed a financial restructuring and would temporarily close a factory, reducing staff by 300. Analysts expected the company to report a loss of 45 cents per share in the second quarter ended June 26.