Xyratex Q4 Loss Widens; Declares Dividend

(RTTNews) - Xyratex Ltd. (XRTX) Monday reported fourth-quarter net loss of $21.4 million, or $0.78 per share, wider than $7.9 million, or $0.29 per share in the comparable quarter last year.

Adjusted net loss for the quarter narrowed to776 thousand, or $0.03 per share from $6.4 million, or $0.24 per share in the prior year period. Analysts polled by Thomson Reuters expected the company to report a loss of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues dropped 30.2% to $185.25 million from $265.45 million last year, while three analysts expected revenues of $208.73 million.

Given the Company's announcement on December 23, 2013 that it has entered into a definitive agreement to be acquired by Seagate Technology plc, the company said is not providing an outlook for its fiscal 2014 first quarter.

Further, the company also announced that its Board of Directors has approved a quarterly cash dividend of $0.075 per share, unchanged from the prior quarter. The dividend will be payable on February 17, 2014 to shareholders of record as of the close of business on February 4, 2014.