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Short Take: Read-Rite's revenues fall short

Read-Rite announced yesterday that first quarter sales and profits will fall below analysts' expectations, largely due to a product transition. The hard disk drive maker said its revenues are expected to reach $261 million for the quarter ended December 28, compared with revenues of $251.6 million a year ago. The company said its charge for a write-off of its inductive technologies will be larger than the previously expected charge of $30 million for the quarter.

Read-Rite announced yesterday that first quarter sales and profits will fall below analysts' expectations, largely due to a product transition. The hard disk drive maker said its revenues are expected to reach $261 million for the quarter ended December 28, compared with revenues of $251.6 million a year ago. The company said its charge for a write-off of its inductive technologies will be larger than the previously expected charge of $30 million for the quarter.