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Adaptec Lowers Its Forecast, Will Cut Jobs

September 17, 2002|Bloomberg News

Adaptec Inc. said it would fire about 200 employees, or 12% of its work force, as slower-than-expected sales probably would result in a loss for the current quarter instead of the profit analysts expected.

The Milpitas-based maker of computer connector cards said the job cuts and the closure of a plant would result in a charge of about $7 million for its fiscal second quarter.

The company expects break-even results to a loss of 4 cents a share for the quarter, excluding the charge, with sales of $86.2 million to $91.6 million. Analysts on average were expecting profit of 1 cent, with sales of $92.4 million.

Adaptec shares fell to $4.75 in extended trading. Before the announcement, the shares fell 12 cents to $5.48 on Nasdaq.

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