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February 14, 1997updated 05 Sep 2016 12:35pm


By CBR Staff Writer

Tricord Systems Inc has reported fourth quarter net losses of $1.6m, down from losses last time of $5.2m on revenue down 34.3% at $10.2m; net losses for the year to December 31 came to $15.2m and were struck after a gain of $1.9m for reduction in a write- down provision, and charges for an increase in allowances for bad debts from a customer filing Chapter 11 bankruptcy, a $1.7m provision for a class action, and $266,736 on acquisition of RDI Corp, down from losses of $37.2m last time, which included an $18.1m charge for disposal and writedown of obsolete and excess inventory, and an increase in allowance for doubtful accounts and redundancy pay, on revenue that rose 15.0% to $51.3m.

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