SmartDisk, manufacturer of the FireFly and FireLite storage solutions, reported its first quarter 2002 results yesterday.

For the quarter ended March 31, 2002, SmartDisk reported revenue of $11.1 million – compared to revenue of $17.3 million in the same quarter last year.

This generated a net first-quarter loss of $13.5 million ($0.76 per share), compared to a net loss of $8.4 million ($0.48 per share) in the year-ago quarter.

The breakdown This loss includes “non-cash inventory write-downs of $4.8 million; non-recurring business restructuring charges of $0.8 million, relating to employee-separation costs and the restructuring of the company’s European operations; and non-cash goodwill and other intangible asset impairment charges of $2.7 million,” the company said.

“During the first quarter, we forged significant new sales and marketing partnerships, launched new products, adjusted operations, and reduced costs,” said Michael Battaglia, President and CEO of SmartDisk.

SmartDisk shares closed down ten cents at $1.10 yesterday.