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Steel Excel Inc. Message Board

  • suedeuno suedeuno Jul 20, 1999 3:48 PM Flag

    down +4

    but coming back some here, all on low volume, no biggie

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    • <EOM>

    • <EOM>

    • 0.44 matches the whisper number?

    • Thursday July 22, 8:15 am Eastern Time
      Company
      Press Release
      Adaptec Reports First Quarter Profits
      of $51 Million
      Revenue $192 million
      EPS
      $0.46
      MILPITAS, Calif.--(BUSINESS WIRE)--July 22, 1999--Adaptec,
      Inc. (Nasdaq:ADPT - news) today announced financial
      results for its first quarter of fiscal year 2000 which
      ended June 30, 1999.

      Actual net revenues for
      the first quarter were $192 million. Actual net
      income was $51 million. Actual diluted earnings per
      share were $0.46. Excluding the gain on the sale of a
      piece of property, EPS would have been $0.44.


      Adaptec attributed the healthy first quarter to continued
      strong demand for the company's RAID and host I/O
      products, which provide reliable information access for a
      variety of Internet, e-business, and server applications.
      The demand is fueled by the growth of servers, and
      strong global product acceptance and market expansion.


      Normalized(1) ((1) see editorial addendum) operating results
      for the first quarter and comparative quarters were:


      -0-


      -- Net revenues of $192 million, up
      32% from net revenues of $146
      million in the
      first quarter of fiscal year 1999 and up 8%

      sequentially from net revenues of $178 million in the
      fourth
      quarter of fiscal year 1999
      -- Net income of
      $48 million, up 250% from net income of $14
      million
      in the first quarter of fiscal year 1999 and up
      19% sequentially
      from net income of $40 million
      in the fourth quarter of fiscal
      year 1999
      --
      Diluted earnings per share of $0.44, up 267% from
      diluted
      earnings per share of $0.12 in the corresponding
      quarter last
      year, and up 22% sequentially from
      diluted earnings per share of
      $0.36 in the fourth
      quarter of fiscal year 1999

      ``Our first quarter
      results demonstrate the excellent alignment of our
      products to the needs of the market and to our customers'
      roadmaps,'' said Bob Stephens, president and chief executive
      officer of Adaptec. ``Host I/O, RAID, and CD-R software
      all offer solid growth potential and favorably
      position Adaptec for the future.''

      Business Update


      During the first quarter, Adaptec's host I/O business
      showed strong demand among OEMs and in distribution
      channels. Adaptec was the first to offer OEMs the world's
      fastest storage technology with the introduction of
      Ultra160 SCSI. In early July, Adaptec announced that
      Compaq Computer Corporation selected the company's
      Ultra160 SCSI products for its high-end desktop and
      workstation line, underscoring Adaptec's market leadership.


      Adaptec's RAID products offer industry-unique features and
      functionality including powerful, sophisticated RAID software
      and 160 MB/sec. performance. They continue to command
      a lead in unbranded ``white box'' servers in the
      distribution channel. Adaptec's RAID strength is validated by
      a recent design win at Micron Electronics.


      Adaptec's CD-RW software remains a global favorite among
      manufacturers and end users. The company debuted its new Easy
      CD Creator version 4.0, adding new Internet features
      (such as MP3 capability) to the product. Adaptec's
      exclusive marketing relationship with MP3.com (announced on
      April 27, 1999) and the huge interest in
      Web-downloadable music give Adaptec an edge in the world of
      Internet music.

      On July 9, Adaptec announced that
      it acquired CeQuadrat of Aachen, Germany in a cash
      deal valued at approximately $25 million. This
      acquisition offers the company a new European CD-RW software
      center and will strengthen its development, marketing,
      sales, and support efforts for CD-RW software in that
      region.

      In corporate news, Adaptec appointed
      Robert Schultz the company's new chief operating
      officer. Schultz comes to Adaptec from Compaq Computer
      Corporation where he most recently held the position of vice
      president, Server Storage Business Unit, Storage Products
      Division.

    • <EOM>

    • I've been long since March of 98, and have been
      reading the posts on this board since before then. The
      direction the stock value seem to regulate the additude of
      this board. The posts sound really quit positive right
      now. Thanks to everyone for the information, /
      misinformation..... God bless. and heres to another good qtr for
      ADPT................ Hopefully Greenspan won't get to much in the way
      of the price movement in the morning.

      Mark

    • you make sure that tuna doesn't get you sick you little devil you. sounds like adpt has got you all fired up!

    • My gut says we will do well tomorrow, but whatever happens rember "The Station"

      DR RHO--Have great lunch, & make a toast or two for Adaptecs continued sucess.

      Peace

    • I'm in the EDT zone so I'll miss the press
      release & the live CC.
      Somehow I think when I get
      back & go to this board, I'll find out what happened.
      (but do intend to listen to the CC replay). Till
      then----------Peace

      BTW I do have a case in the frig.

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