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

To: Air JJ who wrote (3178)	7/25/1998 7:40:00 AM
From: Starowl	Read Replies (2) \| Respond to of 5944

Air JJ: Actually, I like the annual reports. There is a trend away from the vacuous glossies typical of that genre of literature. But Adaptec puts effort into making the reports interesting and informative--and readable--telling me something about how it approaches its business. Quality across the board, pride in production, craftsmanship, creativity, and a willingness to take risks. Its unusual annual report is becoming tradition, and traditions are good for company morale. Certain intangibles figure into a company's bottom line, but you don't see them specified in the financial reports--"portion of revenue resulting from unspecified intangibles such as pride of craftsmanship, creativity, and good feelings about the annual report, 17%". Unfortunately, my report arrived on earnings day, and in that moment of feeling especially vulnerable and in looking for humor on a dark day, I made some comments about using the report to wrap up dead salmon, etc. etc. But I'm a big supporter of Adaptec's annual reports, as you can see by this Saturday morning response to your note. One of the first things folks look at for cutting costs in a sick organization is the unit or activity that isn't materially or visibly adding to revenue. I would take the abandonment of Adaptec's unique annual report as a bad sign. Just my opinion. Starowl