SmartDisk has beaten its predictions for the second quarter by $2.7 million.
SmartDisk – which produces the VST range of Mac-compatible products – reported revenue of $20.7 million, compared with $30.9 million for the same quarter last year. The results surpassed the company's revenue predictions of $18 million.
Losses for the period were $8.2 million, or $0.47 per share, compared to a net loss of $4.3 million or $0.25 per share for the second quarter of 2000.
President and CEO of SmartDisk, Michael Battaglia, said: "Despite a challenging economic climate, our revenue, operating results and cash-flow performance are encouraging. In addition, the company continues to expand its product lines, implement new marketing and sales initiatives, and improve its operations."
For the six-month period ending June 30, revenue was $37.9 million, compared to $48.3 million for the same period in 2000. SmartDisk's net loss for the first half of 2001 was $16.6million, compared with a loss of $4.8 million for the same period last year.
SmartDisk is predicting revenues of $23 to $25 million for the third quarter 2001. It's anticipating revenues of $90 to $95million for the full year. SmartDisk predicted it would continue to be "cash positive" for the rest of the year.