Adaptec First Quarter Revenues up 34%; 24th Consecutive Quarter of Revenue Growth.MILPITAS Milpitas (mĭl'pē`təs), city (1990 pop. 50,686), Santa Clara co., W Calif., a suburb of San Jose, southeast of San Francisco; inc. 1954. Manufactures include computers and paint. , Calif.--(BUSINESS WIRE)--July 24, 1997--Adaptec Inc. today reported financial results for its fiscal 1998 first quarter which ended July 4, 1997. Revenues were $271 million, up 34% from the $202 million reported for the corresponding quarter of the prior fiscal year. Net income for the first quarter was $60 million or $0.51 per share. Grant Saviers, Adaptec's president and 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. , said: "With this quarter's results, I'm pleased to announce yet another milestone for Adaptec. For the first time, revenues from our past four quarters total more than $1 billion. This great accomplishment reflects the extraordinary efforts of Adaptec's employees throughout the world and the strong demand for Adaptec's broad array of bandwidth solutions." Paul Hansen Han·sen , Gerhard Henrik Armauer 1746-1845. Norwegian physician and bacteriologist who discovered (1869) the leprosy bacillus. , Adaptec's chief financial officer, added: "I'd like to emphasize our continuing record of success as well. This marks our 52nd consecutive quarter of profitability, and our 24th consecutive quarters of revenue growth. We are all proud of Adaptec's record of solid financial achievement and continuing operational excellence." About Adaptec Adaptec provides bandwidth management Controlling the traffic flow in a network. See bandwidth manager. technologies for organizations building the global information infrastructure. Its high performance I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output , connectivity, and network products are incorporated into the systems and products of major computer and peripheral manufacturers. Founded in 1981 and headquartered in Milpitas, Calif., Adaptec (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 : 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 ) employs 3500 people worldwide in design, manufacturing, sales, service and distribution. Adaptec's home page is http://www.adaptec.com . -0-
Adaptec, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(In thousands, except per share data)
Three Months Ended
July 4, 1997 June 28, 1996
Net revenues xpenses
Research and development ess
technology -- 26,500
expense 3,8ct of ($0.22) write-off
of acquired in-process technology
Adaptec, Inc.
Condensed Consolidated Balance Sheets
thousands)
548,441
Accounts receivable, net ets 877,920 817,948
Property and equipment, net 171,420 141,599
Other assets 116,681 83---
$ 35,280 --
Accounts payable 57,550 52,400
Accrued liabilities 79,753 68,519
0 436,491
Total shareholders' c/sf* lw/sf
CONTACT: Adaptec Inc. INTERACTIVE/MULTIMEDIA/INTERNET EARNINGS Today's News On The Net - Business Wire's full file on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the with Hyperlinks to your home page. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com |
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