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Technology Stocks : Adaptec (ADPT) -- Ignore unavailable to you. Want to Upgrade?

To: Gary Burton who wrote (3142)	7/24/1998 5:17:00 PM
From: SF TRADER	Read Replies (3) \| Respond to of 5944

Thanks Gary, I will now step in from the ledge, have a cocktail, and reminisce on better days. All things considered, I think the market took this relatively in stride. I was concerned about the close, and we seemed to escape an implosion. I took my first look at the annual report, and I was very impressed with the new technology, particularly RAID, Fibre Channel and Ultra3 SCSI. I suppose it comes down to a "show me the money" mentality, given three lousy quarters, however I would imagine at this point any positive news would have a disproportionately positive affect on share value. A new contract would not hurt. I expect something positive to be released prior to the shareholders' meeting, I would not want to stand in front of that audience under the current situation. Do they metal detectors at the door?

To: Gary Burton who wrote (3142)	7/24/1998 5:31:00 PM
From: Bald Man from Mars	Read Replies (1) \| Respond to of 5944

Yeah, but I want it to go to single digit first ... So that I can back up my beatup truck (no more deniro for the paint job)

To: Gary Burton who wrote (3142)	7/24/1998 6:18:00 PM
From: Gary Burton	Read Replies (2) \| Respond to of 5944

One other thing I noted was that their cash position actually would have risen over the qtr had it not been for one time charges for Sym etc. They said they expected that cash flow in the low Sept qtr would be be approx at zero, ie no sig drain at what may well turn out to be the low in the cycle.

To: Gary Burton who wrote (3142)	7/24/1998 7:19:00 PM
From: Starowl	Respond to of 5944

Gary: A cogent and persuasive argument for buying into the company. One had to listen carefully to the CC to emerge with an easy feeling about Adaptec. The participants cautiously avoided hyperbole in projecting operations in the future. The presentations were stiff and done in staccato style. They described the current quarter in terms of near desperation--reduce inventory, reduce revenue, struggle to avoid loss. But in this typically flat time of year for Adaptec, isn't it a good time to regroup? Indeed, cuts are necessary. Take action now. You have seen through this fog of gloom, however, as have I. Savier's apology--at the outset and clear--was entirely necessary and appropriate and very welcomed by me. How often do we hear a CEO publicly apologize? Not very often. So often we hear statements about turning the corner, the worst is behind us, things are already getting better. I had to look hard for brittle straws to grasp, and I didn't find them so brittle (especially with the good Dr B's rose-colored glasses he so generously gave me. I'll give them back.) It looks like inventory will be controlled, operating expenses reduced, and the focus maintained. SCSI products (Ultras 2 and 3) apparently have not receded into the forest of obsolescence quite yet, while the other bandwidth management programs (RAID, Fibre Channel, FireWire, DVB, and CDR software) are coming into their own. We were given vague hints of new products in the pipe. Whatever your projections for stock valuation, the future looks much better than the present. Good investment, in my view. Starowl