Adaptec Reports First Quarter Revenues of $107.3 Million

7/30/2003 - Adaptec, Inc. (NASDAQ:ADPT), a global leader in storage solutions, reported its first quarter results for the period ended June 30, 2003.

Net revenues for the first quarter of fiscal 2004 were $107.3 million, compared with $107.8 million for the first quarter of fiscal 2003 and $105.6 million for the fourth quarter of fiscal 2003.

Net income for the first quarter of fiscal 2004, on a generally accepted accounting principles (GAAP) basis, was $40.8 million or $0.33 per share, compared with $2.6 million or $0.02 per share for the first quarter of fiscal 2003 and a net loss of $3.7 million or $0.03 per share for the fourth quarter of fiscal 2003. Fiscal 2004 first quarter results include the results from Eurologic Systems, acquired April 2, 2003, and a one-time, after-tax gain of $49.3 million from the May 2003 settlement with the former president of Distributed Processing Technology Corp., a company Adaptec acquired in 1999.

Pro forma net income for the first quarter of fiscal 2004 was $3.6 million or $0.03 per share, compared with $8.4 million or $0.08 per share for the first quarter of fiscal 2003 and $5.4 million or $0.05 per share for the fourth quarter of fiscal 2003. Reconciliation between net income on a GAAP basis and pro forma net income is provided in the attached tables.

These reported results are consistent with the expected results that the company announced on July 2, 2003.

"Worldwide market conditions remain challenging," said Robert N. Stephens, Adaptec president and chief executive officer. "However, we are excited about Adaptec's growth opportunities in four key areas: Serial ATA, Serial Attached SCSI, iSCSI and external storage. These new technologies and products are designed to meet growing demand for cost-effective, easy-to-manage enterprise and mid-market storage solutions."

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About Adaptec
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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