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Article: Adaptec Reports Fourth Quarter Profits of $40 Million; EPS up 112% over Q4FY98; Turnaround Complete.
- Article from:
- Business Wire
- Article date:
- May 3, 1999
CopyrightCOPYRIGHT 1999 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MILPITAS, Calif.--(BUSINESS WIRE)--April 29, 1999--
Adaptec, Inc. (NASDAQ:ADPT) today announced financial results for its fourth quarter and 1999 fiscal year which ended March 31, 1999.
"As we close fiscal year 1999, we are proud of our many accomplishments," said Bob Stephens, president and chief executive officer of Adaptec. "Our fourth quarter caps a turnaround year for Adaptec--a year in which we focused on the profitable growth side of the business. Today we are a stronger company, better able to exploit future market opportunities."
The Quarter
Actual net revenues for the fourth quarter were $184 million. Actual net income was ...