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Chief Financial Officer
ADIC® REPORTS FOUR CENTS EPS IN SECOND QUARTER
ON TEN PERCENT REVENUE GROWTH TO $116.4 MILLION
SALE PROCESS, ROCKSOFT PURCHASE CONTINUE; CASH TOTALS $264 MILLION
REDMOND, WASHINGTON May 18, 2006 ADVANCED DIGITAL INFORMATION CORPORATION (NASDAQ/NMS Symbol: ADIC) today announced second quarter earnings of $2.2 million, or four cents per share, on sales of $116.4 million versus income of $733,000, or one cent per share, on sales of $106.2 million during the same quarter last year. The Company earned $3.5 million, or six cents per share, during the immediately preceding quarter on sales of $119.2 million. For the six months ended April 30, 2006, the Company earned $5.7 million compared to $463,000 during the first six months of fiscal 2005.
Net income for the second quarter and first six month periods grew nearly $1.5 million and $5.2 million compared to the same periods in the prior year despite inclusion of $1.3 million and $2.7 million, respectively, in non-cash stock compensation expense recognized during those periods. As a result of new accounting standards, the Company began including non-cash stock compensation expense in its results beginning in fiscal 2006. Previous financial periods were not required to be restated to reflect this change.
We are pleased to report results about as expected for this quarter as we navigate an important transition to new products in both branded and OEM channels, according to Chair and CEO Peter van Oppen. The spectacularly successful launch of our new Scalar® i500 midrange library, perhaps among the most successful new tape automation products in history, brings our innovative ADIC iLayer libraries, including both i500 and i2000-based models, up to nearly 50 percent of total product revenues for the quarter, he said. During late April, the Company announced it had shipped more than 2,000 units based on the i500 platform in its first five months of availability.
On May 2, Quantum Corporation (NYSE:DSS), a global leader in storage, announced a definitive agreement under which Quantum will acquire ADIC for approximately $770 million. Details of the transaction are available through materials already filed with the SEC and further information will be available in subsequent filings. We continue to estimate that this transaction could close within 3-4 months of the date it was originally announced, van Oppen said. Together, we expect to deliver tremendous value to both our shareholders and customers while building on our industry-leading iLayer technologies, he said.
Separately, on March 14, the Company announced a definitive agreement to acquire Rocksoft Limited of Adelaide, Australia. Rocksofts patented data de-duplication software finds and eliminates redundant data, changing the fundamental economics of disk-based data protection and data transmission by improving the utilization of disk resources and data transmission networks. The strategic acquisition is expected to help ADIC customers manage, move, retain and protect their data more effectively on different kinds of storage resources. The acquisition is presently expected to be finalized during the first half of July.
The following information was filed by Advanced Digital Information Corp on Thursday, May 18, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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