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Article Excerpt
PARTICIPANTS
. Nicole Noutsios, Adaptec, Inc., IR . Sundi Sundaresh, Adaptec, Inc., President & CEO . Mary Dotz, Adaptec, Inc., CFO . Mike Crawford, Riley Investment Management, Analyst . Brian Freed, Morgan Keegan, Analyst
OVERVIEW
ADPT reported net revenues of $28.2m, non-GAAP net income (excluding discontinued operations) of $0.1m and breakeven diluted EPS for 3Q09. Expects 4Q09 revenues to be $20-25m and non-GAAP EPS to be loss of $0.01-0.04.
FINANCIAL DATA
A. Key Data From Call 1. 3Q09 net revenues = $28.2m. 2. 3Q09 non-GAAP net income (excluding discontinued operations) = $0.1m. 3. 3Q09 diluted EPS = breakeven. 4. 3Q09 non-GAAP GM = 44%. 5. 3Q09-end cash and current investments = $371m. 6. 4Q09 revenues guidance = $20-25m. 7. 4Q09 Non-GAAP EPS guidance = loss of $0.01-0.04.
PRESENTATION SUMMARY
S1. 3Q09 Business Review (S.S.) 1. Highlights: 1. Revenues, $28.2m. 2. Diluted EPS, breakeven. 3. Despite challenging economic conditions and complexity of transitions in revenue base, continues to closely manage business. 1. Has struck a delicate balance between steadily executing on product road map and being fiscally prudent. 2. Maintained non-GAAP income at/or near breakeven with decreasing revenues and still rapidly developed and launched projects that win accolades in market. 4. If Co. has to thrive in future, it will be because it develops market-leading products that delight customers and outperform competition. 1. Continues to deliver on this in midst of a difficult economic climate. 2. Allocating resources to support development efforts. 3. Strives to deliver excellence in product and customer value. 5. Has solid balance sheet of $371m in cash and current investments that afford Co. strategic flexibility during these uncertain times. 2. Product: 1. Successfully launched Adaptec Series 1 Unified Serial Host Bus Adapter (HBA) in Dec. 1. Adaptec Series 1 HBA is Co.'s design to maximize scalability and provide system integrators, system builders, resellers, OEMs and IT managers with optimum flexibility. 2. With this new addition to product family, now has full line of low-to-high-end 3D Unified Serial products supporting SATA and SAS drives. 3. Channel: 1. Continues to make solid progress. 2. Won two awards in...
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