Just got this in the mail. Y2K problems, what else?
QUANTUM PRE-ANNOUNCES DLT & STORAGE SYSTEMS GROUP MET RECORD EARNINGS FOR SECOND QUARTER FISCAL 2000
Milpitas, Calif., October 8, 1999 -- As a result of unusual trading
activity today, Quantum Corporation's DLT & Storage Systems Group
(NYSE:DSS) stated that preliminary revenue and earnings for its second
quarter fiscal 2000 were $357 million and $.34 per share diluted, excluding
charges associated with its acquisition of Meridian Data.
Commenting on the company's outlook for the second half of the fiscal year,
Peter van Cuylenburg, Quantum's president of the DLT and Storage Systems
Group, said that revenue and earnings would be relatively flat for the
December quarter as the result of market response to the Y2K transition as
well as lower demand at one major OEM customer.
"We expect that the business will return to normal growth rates after the
Y2K transition is complete by early calendar year 2000," said van
Cuylenburg. Quantum will announce complete earnings details for both the
DLT and Storage Systems Group and the Hard Disk Drive Group (NYSE:HDD)
Thursday, Oct. 14.
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If these comments are true, and if there aren't the problems with DLT8000 and SDLT that the owners of stock in a certain competitor of DSS have been claiming, then DSS is a raging buy now for next year. IMHO of course. |
