Adaptec expects to meet estimates for the current quarter!!!! (.20) This according to first hand information I just received from a phone conversation with Paul Hansen's (CFO) assistant.
I was not able to get much else except the following:
The financial management team was in New York today presenting at the Lehman Technology Expo. (I guess the analysts liked what they heard!)
Adaptec has complied with the request for additional information as it relates to the Symbios acquisition per the FTC. They have not heard anything back, but still hoped to close the deal by the end of June (same as in the cc).
Re: insider sales (Form 144) from 5/13. Confirmed that this was during an open period that began on 5/4. No specifics on who, quantity and price. However, I believe there were three insiders selling which I gathered from an earlier conversation I had with someone in "stock administration". (regardless, its long since factored in)
The company has not bought back any additional shares since the Symbios acquisition was announced.
Regarding PR, or lack thereof, commented that the company historically put very little out with the exception of quarterly reports and that this was not unusual.
Re: "I thought SCSI was dead", she replied that they have been saying that for the 4 1/2 years she has been with the company!
Overall, a very upbeat conversation, and while all of my questions could not be answered, I believe that this was due to a lack of information not an intent to dodge issues.
Well, once you have confidence that the number will be met, its only a matter of time until the stock responds. You can be sure analysts received this message in NY today.
Larry
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