Things are tough all over.
Adaptec, which specializes in storage technologies, has updated its expectations regarding revenues, saying that revenues should be flat to slightly up for the first quarter of Fiscal 2002, compared sequentially with the previous quarter.
That quarter, without the recently spun-off Roxio business, generated core revenues of US $110.6 million. Adaptec reiterated its core pro-forma earnings per share forecast for the first quarter to be $0.03 to $0.05 per share, compared to a $0.02 per share pro-forma loss in Q4.
“We are continuing to see the softness in the market extend across Europe and Asia, causing us to update our expectations for this current June-ending quarter,” Adaptec chief financial officer, David Young, said in a statement.
Roxio was spun off from Adaptec earlier this year. Roxio, which has served as Adaptec’s software arm, is best known to Mac users as the gang behind the popular Toast CD mastering and duplication software.
In announcing the spin-off, Adaptec said that they believed setting up Roxio as an independent operation with its own senior management team will make it easier for the former subsidiary to beef up its busy and allow it to pursue strategic opportunities including the expansion of its product offerings for music, video, photo and data.
Meanwhile, Larry Boucher has resigned as a board member and Chairman of the Board to devote more time and attention to his position as president and CEO of Alacritech. Boucher has served on the Adaptec board since he founded the company in 1981. He’s served as chairman since April 1999.