Rackable Systems, the Fremont maker of computer servers and storage systems that purchased Silicon Graphics in May for $42.5 million and then adopted the acquired company’s moniker, said today its also adopting the former Silicon Valley giant’s fiscal year as well, according to a filing today with the SEC.
Rackable, well, actually Read the rest of this entry »
Smart Modular, the Fremont maker of storage chips, said it is planning to cut an other 5 percent to 7 percent of its employees, on top of the 19 percent it reported laying off in September.
The company reported having 1,466 employees at the end of its 2008 fiscal year on Aug. 29.
The job cuts follow by a day the news of layoffs at another Silicon Valley company, Rackable Systems, which said Tuesday it would be laying off 15 percent of its workforce, last reported to be 374 at the end of 2007.
Rackable Systems, the Fremont provider of data-center servers and storage products, lowered its guidance for its 2008 fiscal year financial results, citing a “dramatic” market downturn. Sales for 2008 are now expected to be no more than $300 million and as low as $275 billion. That’s far below the $331 to $364 million range estimated by analysts surveyed by Thomson Reuters. Rackable also expects a big loss of between $1.46 to $1.26 per share compared with the 5 to 10 cent analysts had previously expected.
“The recent market downturn has been Read the rest of this entry »
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Rackable Systems, the Milpitas maker of energy-efficient servers used in data centers, said earlier this week that results from its shareholder meeting late last month show that it prevailed over dissident shareholder Richard Leza.
Leza was so incensed by the compensation doled out by the board over the last year — including stock-based pay for the company’s new chief executive valued at nearly $13million — that he invested a good deal of his own time and money to wage a proxy battle tohave himself and another outside candidate elected to Rackable’s board, and to pass a proposal he made to give shareholders an opportunity each year approve the top executive’s pay. Read the rest of this entry »
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