Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Son of SAN - Storage Networking Technologies -- Ignore unavailable to you. Want to Upgrade?

To: J Fieb who wrote (2831)	3/2/2001 12:55:20 PM
From: J Fieb	Respond to of 4808

Maybe the brain drain at ADPT will get worse? Adaptec warns, plans restructuring By Steve Gelsi, CBS.MarketWatch.com Last Update: 12:39 PM ET Mar 2, 2001 MILPITAS, Calif. (CBS.MW) - Data storage specialist Adaptec joined the parade of earnings warnings from tech firms on Friday and said it'll take a $10 million charge for restructuring. Adaptec (ADPT: news, msgs, alerts) said sequential fourth quarter revenue "will likely fall short of original projections" and be down approximately 15 percent. The company has adjusted its earnings per share forecast to 10 to 15 cents per share. The current forecast is for earnings of 23 cents per share, according to a survey of analysts by First Call/Thomson Financial. Adaptec said it's taking steps to reduce operating expenses by more than $7 million per quarter. "Information technology investments are down industry wide, and this trend is expected to continue over the next several months," said Bob Stephens, president and CEO at Adaptec. Details of the restructuring plan, which may include layoffs, will be announced before the end of the quarter. The company said it hopes to support future growth opportunities, focus on investments to grow revenue and restore operating margins. Adaptec's warning comes on the heels of a similar moves by Orcale (ORCL: news, msgs, alerts) and many others.