QUANTUM Message Board - Msg: 3907012

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Technology Stocks : QUANTUM

QNTM 4.200

+7.1%

Feb 6 9:30 AM EST

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To: GW who wrote (7694)	3/31/1998 7:38:00 PM
From: Stitch	Read Replies (1) of 9124

Thread, This just out from Morgan-Stanly: Quantum (QNTM, $22, Neutral) QNTM is expected to report CQ1:98 earnings during the last week in April, after the close. QNTM shares have risen 11% year-to-date in C1998 after a 46% rise in C1997. We believe that CQ1 was a very tough quarter for QNTM. While the company's desktop hard disk drive business appeared fair, the DLT business continues to adjust to coming off allocation (i.e. supply now meets or exceeds demand). In addition, the company's good customer positioning might be a double-edged sword this quarter as a number of the leading PC vendors cut back inventory. The company pre-announced CQ1:98 EPS on March 23rd after the close citing intense disk drive pricing pressure and inventory adjustments by customers for disk drives and DLTtape products. We lowered our CQ1:98E expectation to $0.02 from $0.25 after the report. We look for QNTM to report CQ1:98 EPS of $0.02 (down 96% Y/Y, and down 93% Q/Q) on revenue of $1.3B (down 19% Y/Y, down 17% Q/Q), a gross margin of 14.7%, and a 26% tax rate. The First Call mean EPS estimate is now $0.01. We look for QNTM to report F1998E EPS of $1.52 (up 48% Y/Y). The First Call mean is $1.56. We look for QNTM to report F1999E EPS of $1.05 (down 31% Y/Y). The First Call mean is $1.09.

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