7/3/2003 - Adaptec, Inc. (Nasdaq: ADPT), a global leader in storage solutions, announced it expects first-quarter bottom-line results in the middle of the range projected in the company's conference call April 28. The company expects to report revenue for the first quarter of approximately $107 million, below the projected range of $115-$120 million. Adaptec will also report a one-time $49.3 million gain from the May 2003 settlement with the former president of Distributed Processing Technology Corp. (DPT), a company Adaptec acquired in 1999.
"Our expectation for a strong business upturn in June failed to materialize as continuing economic uncertainty created unusually difficult selling conditions worldwide," said Robert N. Stephens, Adaptec chief executive officer. "At the same time, we continue to closely manage operations and spending and we expect results will be in line with our projections."
Adaptec will provide additional information regarding the company's financial and operating results as well as second quarter guidance during its regularly scheduled quarterly conference call, July 28 at 1:45 p.m. PST. To participate go to www.adaptec.com.
Adaptec Inc. (NASDAQ:ADPT) provides end-to-end storage infrastructure solutions that reliably move, manage and protect critical data and digital content. Adaptec provides software and hardware solutions for storage connectivity and data protection, storage networking and networked storage subsystems to leading OEM and distribution channel partners. Adaptec solutions are in use by enterprises, ISPs, medium and small businesses and consumers worldwide. Adaptec is an S&P Small Cap 600 Index member.
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