Micropolis Reports 1st Quarter Loss of $35 Million
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Micropolis Corp., a Chatsworth maker of computer disc drives, said its loss for the first quarter that ended March 31 was $35 million, compared to a loss of $9.8 million in the first quarter last year. Sales in the first quarter were down 51% to $40.9 million from $83.7 million a year earlier.
The company said problems with a component resulted in the shutdown of production of one type of disc drive for most of the first quarter, while orders for another disc drive product dropped sharply.
The company has stepped up its promotion efforts, and it cut 11% of its work force in March to trim costs and improve its financial results.
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