3/3/2003 - Adaptec, Inc. (NASDAQ:ADPT), the global leader in IP Storage Networking, announced it has restructured, targeting annualized savings of approximately $17 million. The company also stated its revenue and earnings levels for fiscal Q4 remain as forecast, generally comparable to results for the third quarter.
"This restructuring will enable us to maintain our investment in new products and technologies while continuing to improve bottom-line results for stockholders," said David A. Young, chief financial officer of Adaptec.
The restructuring will include staff reductions of approximately 11 percent, or 165 people, through job elimination. Adaptec expects to take a one-time charge of approximately $7 million related to the actions.
Adaptec Inc. (NASDAQ:ADPT) provides highly available storage access solutions that reliably move, manage and protect critical data and digital content. Adaptec's storage solutions are found in high-performance networks, servers, workstations and desktops from the world's leading manufacturers, and are sold through OEMs and distribution channels to ISPs, enterprises, medium and small businesses and consumers. Adaptec is an S&P SmallCap 600 Index member.
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