Fusion-IO Inc (NYSE:FIO) which is a leader in the area of manufacturing flash drive using NAND flash technology hopes to make profits in the second trimester of the year after it had made losses in the first trimester.
In the first trimester the company reported a total loss of $27.90 million or $0.28 per share, compared to a total profit of $3.93 million or $0.04 per share in same period last year. Its income for the period went down by 27 percent to $86.29 million from $118.12 million in the same period last year.
The company also announced that it’s Chief Financial Officer and Executive Vice President Dennis Wolf would be leaving the company after a small time for switching over. He would be joining another private company. Also the Chief Sales Officer and Executive Vice President James Dawson is retiring it has said that they are looking for a person to replace Wolf.
The company has said that it will earn a profit in the second trimester; its revenue fell by 27 per cent to around $86.3 million in the first trimester. Researchers at Thompson Reuters have forecasted that the income of the company will be $113.8 million and the company hopes that it will have a better second trimester
In other news the company announced the appointment of Dr. Edward H. Frank to its board of directors starting October 21, 2013. Dr. Frank has just retired from his post of vice president of Macintosh Hardware Systems Engineering at Apple, Inc. (AAPL). It has also appointed Gary Smerdon, as executive vice president and chief strategy officer. Smerdon was earlier working as senior vice president and general manager of the accelerated solutions division at LSI Corp.
