Quantum Issues Profit Warning

Quantum Corp. said it expects earnings to be much less than expected for its latest quarter as steep price declines cut into revenue. The maker of computer disk drives said fiscal first-quarter earnings will be 5 cents to 15 cents a share. It had been expected to earn 31 cents for the period ending June 27, according to the average estimate of analysts surveyed by First Call Corp. The Milpitas, Calif.-based company said revenue will be lower than the $1.31 billion it had for its previous quarter. For the year-ago first quarter, Quantum earned $3.01 million, or 2 cents a share, on revenue of $1.1 billion. Quantum stock fell 56 cents to close at $19.56 on Nasdaq. The announcement came after the close of trading.