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Technology Stocks : Advanced Digital Information Corp. (ADIC) -- Ignore unavailable to you. Want to Upgrade?

To: Carolyn who wrote (1952)	5/18/2000 9:00:00 AM
From: H James Morris	Read Replies (1) \| Respond to of 2283

From the Seattle times. >ADIC stock dives as sales growth slows REDMOND - The stock of Advanced Digital Information Corp. (ADIC) fell 18 percent yesterday after the maker of computer-storage and archival systems reported sluggish sales growth in Europe and lower sales of its largest libraries. The Redmond company's shares fell $3.125 to $14.313 in trading of 7.8 million shares, more than seven times the three-month daily average. They've lost more than 40 percent of their value this year and were the ninth-biggest percentage loser on the Nasdaq Stock Market yesterday. Revenue in the quarter ended April 30 rose 20 percent to $64.9 million from $54 million in the year-earlier period. But that was lower than some analysts expected and slower than the company's 30 percent growth in the first quarter. Weakness in the euro, which makes imported products like ADIC's more expensive, hurt sales in Europe. ADIC's second-quarter profit surged to $55.9 million, or $1.03 a share, from $3.5 million, or 9 cents a share, in the year-earlier period. The latest quarter's earnings included a $74.4 million pretax gain from ADIC's sale of 20 percent of Crossroads Systems shares owned by the company. Excluding the effect of the asset sale, its profit was $7.6 million, or 14 cents a share. "It was a transitional quarter for the company," said William Lewis, an analyst at Chase H&Q in San Francisco, who has a "buy" rating on ADIC shares. "We don't expect their numbers to go through the roof in the third quarter either, but the fourth quarter and beyond looks good."