MTI Technology Corp.: The Anaheim computer storage...

MTI Technology Corp.: The Anaheim computer storage solutions company reported a net loss for the fiscal year ended April 6 of $49.2 million, or $2.54 a share, compared with a net loss of $25.5 million, or $1.34 a share, for the prior fiscal year. Revenue increased 4%, to $131.9 million from $127.3 million. For the fourth quarter, the net loss totaled $38.3 million, or $1.97 a share, compared with a net loss of $25.4 million, or $1.33 a share, for the corresponding quarter a year ago. Revenue rose 15%, to $28.9 million from $25.1 million.

The company attributed the losses primarily to the write-down of goodwill, settlement of a shareholder lawsuit and related legal costs, a reserve against potential sales tax liability and charges for restructuring and severance costs. The company said it reduced its work force by 14% at the end of the fiscal year.