Adaptec reports losses

By SearchStorage.com Staff 02 Nov 2007 | SearchStorage.com

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Adaptec reported net revenue for the company's second quarter of fiscal 2008 was $44.0 million, compared with $73.6 million for the second quarter of fiscal 2007. The company noted that it had received a one-time tax benefit of $49.1 million relating to dispute settlements with the U.S. and Singapore taxing authorities. The company also posted a sequential loss between the first and second fiscal quarters of $7.6 million.

"While our top line results were above the company's expectations, we continue to face difficult market conditions," said Sundi Sundaresh, president and CEO, in a statement. "Despite these challenges, the company has made significant progress during the quarter in several key areas: our restructuring plan announced last quarter is on track to fully realize the expected savings by the end of the fiscal year, our data protection and storage solutions groups have each released new products and the early indicators of customer reaction are positive."

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Sundaresh identified iSCSI as a growing market and a good opportunity for Adaptec, although the company lost its OEM deal with IBM for iSCSI SAN products. IBM has since picked up iSCSI products from LSI Corp.

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Cellcom deploys RecoverGuard disaster recovery software
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U.K. healthcare community picks FalconStor
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Onaro integrates with BMC service automation
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Pillar debuts storage monitoring consulting service
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FilesX supports Microsoft Exchange 2007
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BakBone supports PostgreSQL
BakBone announced version 3.0 of BakBone NetVault: Backup Application Plugin Module (APM) for PostgreSQL. The APM will support the open source database on all major operating systems, including Linux, Solaris and Windows.

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