Lexar Announces Lower Estimates for Fourth Quarter Results
Press release from the issuing company
FREMONT, Calif., Lexar Media, Inc. (Nasdaq: LEXR) today announced that it expects to report revenue and operating results for the fourth quarter ending December 31, 2000 that are significantly lower than expectations. Primarily due to a significant decline in sales to OEM customers, particularly Kodak, a slower than forecast roll-out in retail stores in Japan which has resulted in insignificant fourth quarter sales to Japan, decreased sales to U.S. retailers caused in part by an increased presence of competing products, and increased discounting and rebates, the Company now expects Q4 2000 revenues to be between $17 and $19 million, with significantly reduced gross margins and greater net loss as compared with the previous quarter. The Company anticipates announcing its final results for the current year in February 2001.
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