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Technology Stocks : DSS: DLT finally open for trading -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (101)	10/14/1999 5:05:00 PM
From: Sam	Read Replies (2) \| Respond to of 488

And, finally, before going off to the call: Quantum Corp. Announces Increase to Stock Repurchase Authorization MILPITAS, Calif.--(BUSINESS WIRE)--Oct. 14, 1999--Quantum Corp. (NYSE: DSS, HDD) today announced that the board of directors has authorized a significant increase in the company's stock repurchase program, increasing the previously authorized amount to a total of $600 million. Richard Clemmer, executive vice president of finance and chief financial officer, stated that the increase in the funds authorized for stock repurchase will be used primarily for the company's DSS stock. "With this increase in our buyback program, this brings the total amount authorized for share repurchases to $900 million over the past five quarters," said Clemmer. "Given the strong cash generation capability of DSSG, we have generated sufficient cash from operations to recover the costs of our two recent strategic acquisitions, which have been instrumental in accelerating DSSG's storage systems strategy. "Based upon the strength of this continued cash generation capability, we plan to now use these funds to aggressively repurchase DSSG's stock over the next several quarters." About Quantum Founded in 1980, Quantum Corp. (www.quantum.com) is the world's leading storage supplier in four of the six markets it serves: desktop hard disk drives, tape drives, network attached storage (NAS) appliances and solid state systems. Quantum is also the second largest supplier of mid-range tape automation systems and a leading supplier of high capacity hard disk drives. In 1999, Quantum became the first Silicon Valley company to issue tracking stock, replacing its existing common stock with the ticker symbols DSS and HDD, which track the separate performance of the company's DLT and Storage Systems and Hard Disk Drive businesses. Both stocks are traded on the New York Stock Exchange. Selling its products through OEM and distribution channels worldwide, sales for the fiscal year ending March 1999 were $1.3 billion for Quantum's DLT and Storage Systems Group and $3.6 billion for Quantum's Hard Disk Drive Group. The foregoing statements regarding the DLT & Storage Systems Group's cash generating capabilities and intent to make future repurchase of DSS stock are forward-looking statements, and actual events or results may differ materially. Important factors which could affect actual results include (i) the future operating results of the DLT & Storage Systems group and its ability to generate sufficient cash to fund the stock repurchases, (ii) the level of cash required by the DLT & Storage Systems Group and consolidated Quantum to meet their operating plans and (iii) the other important risks, uncertainties and cautionary statements contained in Quantum's Annual Report on Form 10K for the fiscal year ended March 31, 1999 and the quarterly report on Form 10Q for the quarter ended June 27, 1999. We undertake no obligation to update such forward-looking statements in the future. Note to Editors: Quantum and the Quantum logo are trademarks of Quantum Corp., registered in the United States and other countries.