Adaptec Revenues Increase 27 Percent in Third Quarter

1/28/2003 - Adaptec, Inc. (NASDAQ:ADPT), a global leader in data storage access solutions, announced third quarter net revenues of $109.0 million, a 27.1 percent increase over the $85.7 million reported in the prior period and up from last year's same quarter of $105.2 million. Third quarter pro forma earnings were $0.03 per diluted share and pro forma net income was $3.0 million for the period ended December 31, 2002.

On a GAAP basis, the company recorded a net loss of $3.5 million, representing a net loss of $0.03 per diluted share.

"Revenues increased 27 percent over the prior quarter due largely to IBM ServeRaid shipments," said David A. Young, chief financial officer. "In addition, we reduced operating expenses, increased cash by 1.4 percent, reduced inventories by approximately 19.9 percent and improved our DSO by 8.9 percent."

Pro forma operating results for the third quarter of fiscal year 2003 and comparative periods, last quarter and last year, were as follows:

GAAP operating results for the third quarter of fiscal year 2003 and comparative periods, last quarter and last year, were as follows:

Attached is a reconciliation of pro forma net income to GAAP net income.

Business Update
The Storage Solutions Group increased shipments of the next generation Ultra-320 SCSI host adapter boards to OEM and channel customers and saw increased revenue from the ServeRaid agreement with IBM. In the Desktop Solutions Group, revenues increased from the suite of video solutions that enable consumers to easily create DVDs and video CDs on their home computers. The Storage Networking Group shipped TCP/IP off-load engine and iSCSI products to select OEM accounts and initiated an end-user beta program.

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