First quarter growth for StorageTek

Joining the array of first quarter revenue announcements was StorageTek, which announced that its net income for the first quarter was US$16.5 million.

Revenues for the first quarter of this year were $480 million, StorageTek reports in a statement, which is slightly up on the $455.9 million for the first quarter of 2002.

Patrick Martin, Chairman of StorageTek said "Given the difficult external environment, we are very pleased to show revenue growth and eleven consecutive quarters of year-over-year earnings improvement."

StorageTek also reported a cash balance of $719 million and cash flow from operations reached $63 million.

"The disciplines we have embedded in our business model should enable future growth in revenue and earnings throughout the year," said Robert Kocol, StorageTek's chief financial officer. "We are very much on track to delivering the financial results we anticipated as we entered 2003."

Helping the figures was a growth in revenue from StorageTek's storage services division, which saw a growth of 14 per cent over the same quarter of last year.

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