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Technology Stocks : Adaptec (ADPT)
ADPT 17.78-1.4%Jan 15 3:59 PM EST
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To: Starowl who wrote (3438)8/14/1998 7:43:00 PM
From: Jim Switz  Read Replies (3) of 5944
 
"bimbotu's" comments over on Yahoo (she claims to be an employee):

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"The 100 people were Ridge employees. We were told that Ridge was spending lots of money in anticipation of producing product, but contributing nothing to the profit. I'm not allowed to divulge how much, but LOTS of money and over time it would hinder rather than help the bottom line. There were no takers on Ridge, so it is disbanded. ADPT still owns all their technology and assets and may play let's make a deal later on, but for now this cash sucking animal is gone and Q3 and Q4 will see substantially increased revenue!"

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Short term, this RIF will probably be viewed positively by The Street, but my concern is whether the company will realize value from the $21M+ acquisition costs to get Ridge, plus writedowns, plus additional R&D, and whether Ridge-developed products will be announced this month as previously planned.
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