INDUSTRY

Silicon Graphics Inc. on Tuesday narrowed its loss during the fiscal first quarter but expects improved results in the second quarter. Quarterly losses were $28 million, or 11 cents per share, narrower than the $48 million, or 23 cents per share, reported a year ago. The company posted a loss from continuing operations of $27.7 million, or 11 cents a share, narrower than the loss from continuing operations of $48.7 million, or 23 cents a share, last year. Revenue for the quarter was $174.6 million, below the $202.2 million reported last year. Chairman and chief executive Bob Bishop acknowledged the results were disappointing, but said the company expects improved second-quarter results. The company warned earlier this month that first-quarter results would be lower than expected because of sluggish sales due to higher backlog levels and normal seasonal trends. At the time, Silicon Graphics said it expected to fare better in the December quarter. Shares of Silicon Graphics closed up 1 cent, or 0.74 percent, to $1.37 on the New York Stock Exchange, and recently gained 5 cents to $1.42 in the extended session.