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Technology Stocks : Advanced Digital Information Corp. (ADIC)
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To: uu who wrote (1149)7/23/1998 11:22:00 PM
From: David E. Fitzpatrick  Read Replies (1) of 2283
 
One of the hardest things I've ever done as an investor is to sell my position in ADIC. I sold the day after the last earnings report when the stock dumped from 19 to 16 and change on the open. I actually sold into the first bounce and cleared out at 17 3/8 average. That left me with a small profit of 1 3/4 points average after holding this stock for two years (yeah, back from the Interpoint days). But it was something I had to do. It took me a long time to come to the realization the facts which the earnings report clearly told me. This no longer was a dynamic growing company, even though I was wishing for it to be.

Too many wierd things had happened, and it was all starting to smell like a rat...VanOppen sells his shares (all of them), a terribly mishandled secondary with little or no explanation why the funds were needed, and then a couple of sequential quarters of little to no revenue growth. Not good. Certainly not good enough for me to continue to sit on 18,000 shares of this company. So I sold (very sad of spirit) at 17 3/8. I'm obviously glad I did now.

I wish you all the best in ADIC. I truely think it can become a great little company. But if it doesn't show more dramatic top line growth, the street is going to brand it as "just another storage company", give it a PE of 10:1 or so, and leave it for dead.

Dave
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