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Strategies & Market Trends : The Thread -- Ignore unavailable to you. Want to Upgrade?

To: Mike E. who wrote (7215)	7/20/2000 9:01:49 AM
From: Mike E.	Respond to of 49816

ADPT partial story: (COMTEX) B: Adaptec Reports First Quarter Profits of $35 Million; Revenue $183 million; EPS $0.33 MILPITAS, Calif., Jul 20, 2000 (BUSINESS WIRE) -- Adaptec, Inc., the global leader in innovative storage solutions, (NASDAQ: ADPT) today announced financial results for its first quarter of fiscal year 2001 which ended June 30, 2000. "I am very satisfied with the progress we have made expanding our market share this quarter," said Bob Stephens, president and CEO, "The demand for our products is strong despite the widely known microprocessor and motherboard component issues in the distribution channel. As the component shortages in the distribution channel begin to ease, we expect to experience revenue growth in line with Adaptec norms during the second half of our fiscal year. We believe Adaptec is the best positioned storage solution provider today." Pro forma(1) (see editorial addendum) operating results for the first fiscal quarter 2001 and comparative quarters were: -- Net revenues of $183 million, down 5% from net revenues of $192 million in the first quarter of fiscal year 2000 and down 14% sequentially from net revenues of $213 million in the fourth quarter of fiscal year 2000 -- Net income of $35 million, down 28% from net income of $48 million in the first quarter of fiscal year 2000 and down 36% sequentially from net income of $54 million in the fourth quarter of fiscal year 2000 -- Diluted earnings per share of $0.33, down 25% from diluted earnings per share of $0.44 in the first quarter of fiscal 2000, and down 33% sequentially from diluted earnings per share of $0.49 in the fourth quarter of fiscal year 2000