Adaptec Reports Second Quater Earnings

Adaptec, Inc. this week announced its second quarter results, where it said it exceeded street earnings estimates, while generating its 62nd consecutive quarter of pro forma profitability.

“Revenues met street expectations, despite the seasonality in Europe and worldwide economic issues,” said David A. Young, chief financial officer. “Sequentially, we saw OEM revenues grow slightly, while distribution channel sell-through remained constant. Additionally, we continued to make substantial progress in reducing operating expenses without sacrificing our investment in future revenue growth.”

Adaptec said Pro forma operating results for the second quarter of fiscal 2002 and comparative quarters were as follows:

— Net revenues were $95.4 million compared to net revenues of
$110.7 million last quarter, and $156.4 million in the second quarter
of fiscal year 2001.
— Operating expenses were $45.1 million, compared with operating expenses
of $53.1 million last quarter and $57.8 million in the second quarter
of fiscal year 2001.
— Net income was $5.3 million, compared with net income of $6.1 million
last quarter, and $26.1 million in the second quarter of fiscal year
2001.
— Diluted earnings per share was $0.05, compared with diluted earnings
per share of $0.06 last quarter and $0.26 in the second quarter of
fiscal year 2001.