ADIC Announces Second Quarter Earnings Conference Call; Revenue Expected in $115-$117 Million Range
May 02 2006 - 6:38PM
Business Wire
ADVANCED DIGITAL INFORMATION CORPORATION (NASDAQ:ADIC) today
announced it will release Second Quarter financial results after
market close on Thursday, May 18, 2006. A conference call
discussing earnings and outlook will follow at 1:30 p.m. Pacific
Time (4:30 p.m. Eastern Time). A live webcast and replay of the
call will be available at www.adic.com/ir. The Company noted
revenue for the second quarter is expected to be in the range of
$115-$117 million, or up approximately 8-10 percent versus the same
quarter last year. Earlier today, the Company announced that it has
entered into a definitive agreement to merge with a wholly-owned
subsidiary of Quantum Corporation (NYSE:DSS). Under the terms of
the definitive agreement, Quantum will acquire all outstanding
shares of the Company for approximately $770 million. Company
shareholders will receive $12.25 per share in cash, with the right
to elect, in lieu of cash, 3.461 shares of Quantum stock for each
share of Company stock they own. The stock election is subject to
pro-ration such that Quantum will issue no more than approximately
10% of the total merger consideration in Quantum stock. The
transaction is subject to customary closing conditions and
regulatory approvals, as well as approval of ADIC shareholders.
Closing is expected to take 3-4 months, during which time the two
companies will continue to operate independently. About ADIC
Advanced Digital Information Corporation (NASDAQ: ADIC) is a
leading provider of Intelligent Storage(TM) solutions to the open
systems marketplace. ADIC is the world's largest supplier of
automated tape systems using the drive technologies most often
employed for backing up open system, client-server networks(A). The
Company's data management software, storage networking appliances,
and disk-based backup and restore solutions provide IT managers
innovative tools for storing, managing, and protecting their most
valuable digital assets in a variety of disk and tape environments.
ADIC storage products are available through a worldwide sales force
and a global network of resellers, OEMs and partnerships, including
Apple, Dell, EMC, Fujitsu-Siemens, HP, IBM, and Sun. Further
information about ADIC is available at www.adic.com. Additional
Information and Where to Find It Quantum plans to file with the SEC
a Registration Statement on Form S 4 in connection with the
transaction, and ADIC plans to file with the SEC and mail to its
stockholders a Proxy Statement/Prospectus in connection with the
transaction. The Registration Statement and the Proxy
Statement/Prospectus will contain important information about
Quantum, ADIC, the transaction and related matters. Investors and
stockholders are urged to read the Registration Statement and the
Proxy Statement/Prospectus carefully when they are available.
Investors and stockholders will be able to obtain free copies of
the Registration Statement and the Proxy Statement/Prospectus and
other documents filed with the SEC by Quantum and ADIC through the
web site maintained by the SEC at www.sec.gov. In addition,
investors and stockholders will be able to obtain free copies of
the Registration Statement and the Proxy Statement/Prospectus from
Quantum by contacting Investor Relations at 408-944-4450 or
IR@quantum.com, or from ADIC by contacting Stacie Timmermans at
425-881-8004 or stacie.timmermans@adic.com. Quantum and its
directors and executive officers may be deemed to be participants
in the solicitation of proxies from the stockholders of ADIC in
connection with the transaction described herein. Information
regarding the special interests of these directors and executive
officers in the transaction described herein will be included in
the Proxy Statement/Prospectus described above (A) Market Share:
Gartner Dataquest, Tape Automation Systems Market Shares, 2004, F.
Yale, August 2005. ADIC and Scalar are registered trademarks and
Intelligent Storage is a trademark of Advanced Digital Information
Corporation. All other trade or service marks mentioned in this
document should be considered the property of their respective
owners.
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