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April 7, 2004

Adaptec ups ante for quarterlies

Adaptec Inc has beaten its fiscal fourth quarter guidance and says revenue for the period will be $121m, compared to guidance of $114 to $116, with pro forma net income of about 5 cents to 6 cents per share.

By CBR Staff Writer

The storage hardware maker attributed the overshoot to higher levels of IT spending, resulting in higher-than-expected demand from our OEM customers and increased sales of our external storage solutions.

Merrill Lynch yesterday issued a preview of quarterly earnings in the technology sector, and said it believed that most IT hardware vendors met estimates. We expect EMC to at least meet expectations. Our checks suggest there is marginal [EMC] weakness in Europe at worst, Merrill said.

The bank pointed out that the first quarter is traditionally weak, and so any enterprise IT spending rebound is likely to be muted.

For all vendors, the weaker US dollar should aid top-line growth by 5 to 8 points year over year and 1.5 to 2.0 points sequentially, but in the second quarter could have a reverse effect on sequential revenue growth, Merrill said.

Adaptec’s fourth fiscal quarter ended on March 31, 2004, and the company will post full results on April 29, 2004.

This article is based on material originally published by ComputerWire

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