SGI shrugs off losses
Cyberbiz Brief
Revenues fell 11% as SGI posted first-quarter net losses of $69 million, compared with a loss of $49 million a year ago. Excluding one-time charges of $44 million, SGI's operating loss was $2 million. The troubled company said it ended the quarter with $122 million in cash.
"We are turning our business around in the face of difficult economic conditions. ... We are making steady progress toward our goal of profitability," said SGI chairman Bob Bishop.
Company, a major equipment maker for Hollywood's f/x biz, said it expects spending by the federal government to boost its growth in the second quarter. SGI also said it forged an agreement in September with Microsoft that involves a patent cross-license and the transfer of certain intellectual property rights to the software giant. Pact generated $62.5 million in revenues for SGI.
