ADIC Reports 3Q Sales Of $110.0 M And Loss Of $1.3 M, Or Two C Per Shr
DOW JONES NEWSWIRES
August 12, 2004 6:17 p.m.
REDMOND, Wash. -- Advanced Digital Information Corp. (ADIC) swung to a fiscal third-quarter loss on lower-than-expected sales volume and changes in product mix and shifts in sales channels.
In a press release Thursday, the data storage provider posted a third-quarter loss of $1.3 million, or 2 cents a share, reversing the year-ago profit of $2.6 million, or 4 cents a share.
Thomson First Call's analyst poll called for a loss of a penny.
Net sales inched up 1.6% to $110.0 million from $108.3 million a year earlier. The company attributed the softer-than-anticipated sales to longer customer decision-making cycles due to a rise in available software and general economic uncertainties.
"Positive customer feedback regarding the acceptance of new products, potential growth in our newest sales channels and typical fourth quarter seasonal trends cause us to continue to expect full-year fiscal 2004 sales to grow at a rate in the high single digits," said Chairman and Chief Executive Peter van Oppen in a prepared statement.
After hours, the company's shares traded 26 cents, or 3%, higher at $8.75, after finishing the regular session down 5.7% at $8.49.
Advanced Digital Information Corp. - Redmond, Wash.
3rd Quar July 31:
2004 2003
Sales $110,034,000 $108,259,000
Net income (1,283,000) 2,635,000
Avg shrs (diluted) 64,235,000 62,657,000
Shr earns
Net income (.02) .04
Figures in parentheses are losses.
|
