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Technology Stocks : Quantum Disk Drives (HDD) -- Ignore unavailable to you. Want to Upgrade?

To: T Bowl who wrote (62)	1/25/2000 7:38:00 AM
From: Herc	Respond to of 179

MSN Investor Review on Disk Drives moneycentral.msn.com

To: T Bowl who wrote (62)	2/10/2000 9:35:00 AM
From: Sam	Read Replies (1) \| Respond to of 179

Todd and all, HDD announces another $100 million buyback on top of their $600 million, this time to buy HDD shares. So they are correcting to some extent at least their CC error when they said that they weren't buying their own stock. This is a good thing, I think. Means they are more confident of positive cash flow in the upcoming months. They could buy about 15% of the stock back at these prices. Not bad. If times ever get good again, will provide a lot of juice to earnings. Quantum Announces $100 Million Increase in Stock Repurchase Program MILPITAS, Calif.--(BUSINESS WIRE)--Feb. 10, 2000--Quantum Corporation (NYSE:DSS - news; NYSE:HDD - news) today announced that the board of directors has authorized an increase of $100 million in the company's stock repurchase program, increasing the amount previously authorized to a total of $700 million for the current program. Richard Clemmer, executive vice president and chief financial officer, said the additional funds have been authorized for the repurchase of the company's HDD stock. HDD is the ticker symbol for Quantum's Hard Disk Drive Group (HDDG). ``Our return to profitability in the most recent quarter, combined with the increasing strength of our HDDG balance sheet, are the direct result of our strong execution and leadership position in hard disk drive market. This gives us increased flexibility to begin including HDD stock in our repurchase program,' Clemmer said. ``Given that Quantum's HDD stock is currently trading at close to book value, we certainly view HDD shares as a compelling value. We expect to repurchase shares of HDD over the next several quarters, while continuing to focus on our priority of maintaining a strong balance sheet.' During the past 18 months, Quantum's board of directors has authorized a total of $1 billion for the repurchase of the company's common stock. Since the issuance of tracking stock, Quantum has repurchased approximately three million shares of HDD and approximately 16 million shares of DSS, the ticker symbol for the company's DLT & Storage Systems Group. About Quantum Founded in 1980, Quantum Corporation (www.quantum.com) is the world's leading storage supplier in five of the seven markets it serves: desktop hard disk drives, tape drives, network attached storage (NAS) appliances, solid state systems and personal video recorders. 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. Quantum Corp., 500 McCarthy Blvd., Milpitas, Calif., 95035, www.quantum.com, 408/894-4000 The foregoing statements regarding the continued strength of the balance sheet of the Hard Disk Drive Group and the potential that it will make future repurchases of HDD 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 Hard Disk Drive Group and its ability to generate sufficient cash to fund the stock repurchases, (ii) the level of cash required by the Hard Disk Drive 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 10-K for the fiscal year ended March 31, 1999 and the quarterly report on Form 10-Q for the quarter ended December 31, 1999. We undertake no obligation to update such forward-looking statements in the future.