StorageTek Announces Q4 and YE '97 Financial Results
Storage Technology (Louisville, CO) announces Q4 and YE '97 financial results. Revenue of $663.9 million represents a 7% increase from Q4 '96. A net income of $83.7 million compares with a Q4 '96 net income of $67.8 million. For the year, StorageTek reports revenue of $2.1 billion and a net income of $231.8 million, up 5% and 29% from YE '96, respectively. The gains were fueled in part by sales of StorageTek's Timberwolf library, which is expected to become the company's flagship product for the NT enterprise market. Revenue from vertical applications of document management, scientific applications, check image archive, broadcast automation and medical imaging more than doubled over last year's fourth quarter, according to StorageTek chairman, president and CEO David Weiss. During the quarter StorageTek signed an agreement with OTG Software (Bethesda, MD) to combine OTG's DiskExtender storage management software with StorageTek's ACSLS library management interface. StorageTek also unveiled the Medical Imaging Archive, a storage system for the healthcare market consisting of an online RAID disk coupled with automatic tape, and application storage management software. StorageTek also acquired 225,000 shares at a cost of $13 million under its ongoing share repurchase plan.