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STK sees boost in first quarter earnings

The Daily Times-Call

LOUISVILLE — Storage Technology Corp. reported an increase in revenues and net income for the first quarter of 2004, a sign that IT spending could be on the rise.
The company reported net income for the first quarter of $23.3 million, or 21 cents per diluted share, compared with $16.5 million, or 15 cents per diluted share, for the same quarter a year ago.
Revenue for the most recent quarter was $515 million, compared with $480 million for the first quarter of last year.
Patrick Martin, Storage Tek’s chairman, president and CEO, said in a prepared statement that his company is on track to meet projections his company had made entering the year.
“We are optimistic that the IT spending environment appears to be strengthening as the year progresses,” Martin said in the statement.