SGI shrugs off losses

Cyberbiz Brief

Despite reporting a wider first-quarter net loss, high-end computer maker SGI said deals are in line to help boost the company.

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.

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