The cost-cutting program instituted at Storage Technology Corp a year ago is judged from the first-quarter figures to be doing the trick for the company, which reported operating profits of $0.48 a share, up from $0.12 a year ago, where analysts’ best guess was only $0.33 a share. The company’s gross profit margin was 42.8%, up from 38% in the 1995 fourth quarter and 36.9% for all of 1995, and management told analysts on a teleconference call that the company added 150 new TimberLine sites in the first quarter and has ramped up its production. Cash and cash equivalents were reported at $433m, up from $265m in the year earlier period – selling its leasing subsidiary improved the cash position.
