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

To: Puna who wrote (2188)	5/3/2001 11:55:46 AM
From: Jim Oravetz	Read Replies (1) \| Respond to of 2283

ADIC Second Quarter, Annual Revenues On Track; New Products, Expanded OEM and Branded Channels Continue to Offset Economic Factors REDMOND, Wash.--(BUSINESS WIRE)--May 3, 2001--Advanced Digital Information Corporation (Nasdaq:ADIC), one of the world's leading independent storage solutions providers, announced that in his remarks today at the JPMorgan H&Q 29th Annual Technology Conference in San Francisco, California, Peter van Oppen, ADIC's Chairman and Chief Executive Officer, will confirm that preliminary results indicate sales for the quarter ended April 30, 2001, remain consistent with the previously announced target of approximately 40 percent annual revenue growth. As had been confirmed in March, the Company noted that it may be growing faster than underlying economic trends would suggest because of the impact of new products, expansion of existing OEM sales channels and payback on investments made in branded sales channels over the past several months. Mr. van Oppen noted, "We are pleased that, based on preliminary indications of our overall sales and bookings for the recently completed second quarter, we are on target to meet our revenue objectives for the period and fiscal year. However, it is possible that the economic environment could still frustrate our objectives and pose problems for the remainder of the year." Mr. van Oppen's presentation is scheduled for 10:30 a.m. Pacific Time, today, May 3. The presentation will be available via webcast at the JPMorgan H&Q website jpmhq.com. Subsequently, the webcast will be available on a delayed basis through the ADIC website at adic.com. Further information regarding final second quarter performance and outlook for the remainder of the fiscal year will be provided in a teleconference presently scheduled for 8:30 a.m. Eastern Time on May 17, 2001. Earnings are expected to be released after the close of the market on Wednesday, May 16, 2001. Information regarding access to the earnings teleconference will be posted on the Company's web site (http://www.adic.com) at least 24 hours prior to the call. ++++++++++++++++++++++++++++++++++++++++++++++++++++++ Advanced Digital: Yr Rev Growth Goals 40% 'On Target' REDMOND, Wash. -- Advanced Digital Information Corp. (ADIC) said preliminary results indicate sales for the second quarter remain consistent with a previously announced target of about 40% annual revenue growth. In March, the company had said it continued to see 40% revenue growth for fiscal 2001, but that the economic environment could frustrate objectives for the second quarter, which ended April 30, and pose problems for the rest of the year. If the projection holds, Advanced Digital could see revenue of about $379.3 million for the year ended Oct. 31, based on the $270.9 million in revenue reported in fiscal 2000. In a press release Thursday, the company said it may be growing faster than underlying economic trends would suggest because of the impact of new products, expansion of existing OEM sales channels and payback on investments made in branded sales channels over the past several months. However, Advanced Digital said the economic environment could still pose problems. Advanced Digital Information is a device-independent storage solutions provider.