Starowl, here's the reference to the 5/13 144 filing:
stocksite.com
Oh well, probably inconsequential.
I went back and reviewed the notes from the cc on 4/30. Unless things have dramatically changed in two weeks, and / or management is giving private guidance to the analysts then I see nothing to be concerned about other than possibly the short-term action of the stock.
A few key points reiterated:
1)non SCSI big positive; competitive position is positive and new product pipeline impressive.
2)major OEM's lined up for new products and technology
3)headcount reduction cost savings show next quarter (June)
4)ADPT has significantly lowered operating expenses, made strategic investments and taken advantage of opportunities (Symbios)
5)software, raid, storage, networking sales all growing
6) upside w ultra SCSI II adapter demand over the June quarter. 64 bit PCI will increase demand for ultra SCSI II this quarter, next, and beyond.
7)bought back 400,000 shares for $8 million, then stopped when Symbios became available. (management thought the stock was worth $20 bucks)
8)Re: the "new Adaptec" "more now than ever Adaptec is ideally positioned; customers are excited"
9)next two quarters continue poor industry environment. expect flat overall revenues. Begin recovery in October quarter. Shoot for substantial improvement October (3rd) and 4th (January) quarters.
This information courtesy of:
jgercke Message 4276948
WalterJacqueminhttp://talk/techstocks.com/~wsapi/investor/reply-4277170
ADPT shares have sold off 30% since the March earnings were released and these statements were made. I think the gap to $19 - $20 was warranted given the earnings miss by a wide margin (.20 vs .28 estimate). The further selling is fear driven at its best and IMO has created a compelling value play of a former.....future??? technology heavyweight.
Larry |
