Friday, November 10, 2000
JNIC halted down 36 percent
--3:11 pm - By Chris Kraeuter
JNI Corp. (JNIC: news, msgs) shares are halted pending news. According to a company 10-Q filed yesterday, JNI President and CEO Terry M. Flanagan intends to retire and JNI is now in the process of finding a suitable replacement. Flanagan will stay until a successor is found. Also, Flanagan will provide consulting services for one year following his retirement. Also in the filing, substantially all of the company’s revenue come from FibreStar line of host bus adaptors, but Sun Microsystems (SUNW: news, msgs), which makes and sells almost all of the servers that use the SBus specification host bus adaptor interface, is phasing out the interface in its workstations and low-end servers and may discontinue use in its high-end servers. SBus sales will eventually decline and JNI’s host bus adaptors for the PCI bus will account for an increasing proportion of revenue in the future. According to a Dow Jones report, quoting CFO Gloria Purdy, the CEO's intent to retire and Sun's use of JNI's bus adaptors were previously disclosed. Company officials were not immediately available to comment to CBS.MarketWatch.com. Currently, shares are down $38.56, or 36 percent, to $70. |
