ADIC Revises Fiscal 2004 Results to Reflect Increase in Other Income.REDMOND, Wash. -- Advanced Digital Information Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADIC) today announced it is revising the other income reported in its financial results for the fourth quarter and fiscal year ended October 31, 2004 that was previously included in the Company's December 9, 2004 press release. The effect of the revision is to increase fiscal 2004 net income by $508,000, or one cent per share, and to increase fourth quarter net income by $783,000, or two cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The revision is the result of a correction in the method of recognizing approximately $1 million, net of taxes, in cumulative losses associated with investments made in a private technology limited partnership since fiscal 2000. The entire investment commitment is $5 million, of which $3.2 million had been invested as of October 31, 2004. Previously, the Company had recorded the entire cumulative loss during the fourth quarter of fiscal 2004 and, subsequently, concluded that it was appropriate to recognize the net losses throughout fiscal 2004 and in the third quarter of fiscal 2001. In its 2004 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , which the Company expects to file by January 14, 2005, the Company will make adjustments to its previously issued financial statements for fiscal years ended October 31, 2001, 2002 and 2003 and the fiscal quarters ended January 31, April 30 and July 31, 2004 in connection with the correction. Such adjustments are not material to the financial results of those individual periods. A description of the events and changes to the Company's financial statements is included in the Current Report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed today. About ADIC Advanced Digital Information Corporation (NASDAQ:ADIC) is a leading provider of Intelligent Storage(TM) solutions to the open systems marketplace. ADIC is the world's largest supplier of automated tape systems using the drive technologies most often employed for backing up open system, client-server networks.(1) The Company's data management software, storage networking appliances, and disk-based backup and restore solutions provide IT managers innovative tools for storing, managing and protecting their most valuable digital assets in a variety of disk and tape environments. ADIC storage products are available through a worldwide sales force and a global network of resellers and OEMs, including Cray (Cray, Inc., Seattle, WA, www.cray.com) A supercomputer manufacturer founded in 1972 as Cray Research, Inc., by Seymour Cray, a leading designer of large-scale computers at Control Data. In 1976, it shipped its first computer to Los Alamos National Laboratory. , Dell, EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. , Fujitsu-Siemens, HP, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and Sun. Further information about ADIC is available at www.adic.com. (1) Market Share: Gartner Dataquest, Tape Automation Systems Market Shares, 2003, F. Yale, April 2004. ADIC, Pathlight, StorNext, and Scalar scalar, quantity or number possessing only sign and magnitude, e.g., the real numbers (see number), in contrast to vectors and tensors; scalars obey the rules of elementary algebra. Many physical quantities have scalar values, e.g. are registered trademarks, and Intelligent Storage is a trademark of Advanced Digital Information Corporation. All other trade or service marks mentioned in this document should be considered the property of their respective owners. |
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