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

To: voodoo who wrote (3915)	10/22/1998 4:36:00 PM
From: Iceman Dan	Read Replies (1) \| Respond to of 5944

Adaptec posts small profit!! (0 cents a share) From Adaptec's web page: adaptec.com Adaptec Announces Second Quarter Results MILPITAS, Calif. - October 22, 1998 - Adaptec, Inc. today announced fiscal 1999 second quarter results. Net revenues were $144 million, down 48% from the $278 million reported for the second quarter of fiscal 1998. Operating earnings were $143,000 or $0.00 earnings per share, compared to $0.52 per share profit for the second quarter of fiscal 1998. After one-time charges of $0.22 per share associated with restructuring related activities and other charges, the company reported a net loss of $24 million, or ($0.22) per share. "Adaptec achieved a great deal in the last three months. We've changed the way we're doing business and have re-focused the company," said Interim CEO Larry Boucher. "Our operating expenses and channel inventory positions were significantly reduced. Overall, Adaptec is taking the right steps for profitable growth."