ADIC Second Quarter, Annual Revenues On Track; New Products, Expanded OEM and Branded Channels Continue to Offset Economic Factors.Business Editors, High-Tech Writers REDMOND, Wash.--(BUSINESS WIRE)--May 3, 2001 Advanced Digital Information Corporation (Nasdaq:ADIC), one of the world's leading independent storage solutions providers, announced that in his remarks today at the JPMorgan H&Q 29th Annual Technology Conference in San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation). The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] , Peter van Oppen, ADIC's Chairman and Chief Executive Officer, will confirm that preliminary results indicate sales for the quarter ended April 30, 2001, remain consistent with the previously announced target of approximately 40 percent annual revenue growth. As had been confirmed in March, the Company noted that it may be growing faster than underlying economic trends would suggest because of the impact of new products, expansion of existing OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and sales channels and payback Payback The length of time it takes to recover the initial cost of a project, without regard to the time value of money. on investments made in branded sales channels over the past several months. Mr. van Oppen noted, "We are pleased that, based on preliminary indications of our overall sales and bookings for the recently completed second quarter, we are on target to meet our revenue objectives for the period and fiscal year. However, it is possible that the economic environment could still frustrate our objectives and pose problems for the remainder of the year." Mr. van Oppen's presentation is scheduled for 10:30 a.m. Pacific Time, today, May 3. The presentation will be available via webcast at the JPMorgan H&Q website http://www.jpmhq.com/events//. Subsequently, the webcast will be available on a delayed basis through the ADIC website at http://www.adic.com/ir. Further information regarding final second quarter performance and outlook for the remainder of the fiscal year will be provided in a teleconference presently scheduled for 8:30 a.m. Eastern Time on May 17, 2001. Earnings are expected to be released after the close of the market on Wednesday, May 16, 2001. Information regarding access to the earnings teleconference will be posted on the Company's web site (http://www.adic.com) at least 24 hours prior to the call. About ADIC Advanced Digital Information Corporation (Nasdaq:ADIC) is a leading device-independent storage solutions provider to the open systems marketplace offering a broad range of products designed to enhance organizations' abilities to store, protect, manage and use their rapidly growing network data. ADIC solutions include automated storage libraries, storage management software, and storage networking (SAN/NAS) connectivity tools. ADIC storage products are available through a worldwide sales force and a global network of resellers and OEMs, including 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 (Fujitsu Siemens Computers, Inc. (USA), Milpitas, CA, www.fujitsu-siemens.com) Fujitsu Siemens Computers USA is a wholly owned research and development subsidiary of Fujitsu Siemens Computers. and 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) . On January 30, the Company announced that it had entered into a merger agreement with storage networking pioneer Pathlight Technology, Inc. for total consideration of 10.3 million ADIC shares. The merger is expected to close on May 11, 2001. The merged companies will offer a broad range of Intelligent Storage(TM) products including SAN management, connectivity and virtualization An umbrella term for enhancing a computer's ability to do work. Following are the ways virtualization is used. Hardware Virtualization Partitioning the computer's memory into separate and isolated "virtual machines" simulates multiple machines within one physical computer. products that complement ADIC's existing storage hardware and software solutions. Further information about ADIC is available at http://www.adic.com This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's future operating results that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The words "target", "expect", "anticipate", and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include general economic trends, technical competition or obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. , changes in market pricing and production problems. Reference is made to the Company's 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. for the year ended October 31, 2000 and to the Company's Registration Statement on Form S-4 filed on February 14, 2001 for a more detailed description of factors that could affect the Company's actual results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. |
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