Adaptec Announces the Resignation of CFO; Advises That Second Quarter Expectations are in Line With Estimates.Business Editors MILPITAS, Calif.--(BUSINESS WIRE)--Sept. 6, 2000 Adaptec, Inc. (Nasdaq:ADPT ADPT Automated Data Processing/Telecommunications ADPT Adaptec Corporation (stock symbol) ADPT Adaptive Prediction ADPT Auger Depth Profiling Technique ADPT Automated Data Processing Telecommunications ADPT Adapter ), the global leader in innovative storage solutions, today announced that Chief Financial Officer and Vice President Andy Brown Andy Brown may refer to:
"During the past twelve years Andy has made significant contributions to Adaptec's growth and success," said Bob Stephens, Adaptec's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President. "We wish him well in his future endeavors." Bob Stephens will serve as interim Chief Financial Officer until a replacement is named. The company has engaged a search firm to help in the recruitment of Brown's replacement. "The last twelve years have been incredibly rewarding, both professionally and personally," said Brown. "I have seen Adaptec grow from a small cap company to gain NASDAQ 100 and S&P 500 status." In addition, the company reiterated its financial guidance for the second fiscal quarter, which continues to be in line with current Wall Street estimates. About Adaptec Adaptec (Nasdaq:ADPT) is the global leader in innovative storage solutions. Adaptec's hardware and software solutions for business and Internet applications move, manage, and protect critical data and digital content. Adaptec's direct-attached storage Direct-attached storage (DAS) refers to a digital storage system directly attached to a server or workstation, without a storage network in between. It is a retronym, mainly used to differentiate non-networked storage from SAN and NAS. , network storage solutions and desktop software solutions for digital content are found in high-performance networks, servers, workstations and desktops from the world's leading manufacturers, and are sold through distribution channels to ISPs, enterprises, medium and small businesses and consumers. Adaptec is an S&P 500 and a NASDAQ 100 member. More information is available at www.adaptec.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press 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. regarding Adaptec's financial guidance for the second fiscal quarter. Actual events could, of course, differ materially as a result of many factors including the precise timing of the recovery of the distribution channel business, the ongoing impact of component shortages on Adaptec's customers, supply and demand changes in the industry, changes in Adaptec's product mix, rapid or unexpected changes in customer requirements, purchasing decisions by key customers, competitive pricing pressures, overall conditions in the high-performance PC, server and software markets, and general economic conditions. For a more complete discussion of these and other factors, please refer to the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Certain Factors Bearing on Future Results" in Item I of 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 fiscal year ended March 31, 2000." |
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