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BUSINESS
February 20, 1998 | From Bloomberg News
Adaptec Inc. on Thursday agreed to buy Symbios Inc., a subsidiary of Hyundai Electronics America, for $775 million in cash as it seeks to diversify its business and reverse a recent slowdown in sales growth. Adaptec, which makes adapter cards that connect personal computers to printers, storage drives and other accessories, would use its $727-million cash reserve and take an undisclosed charge to buy Symbios.
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BUSINESS
March 23, 2004 | From Bloomberg News
Michael Ofstedahl, a former Adaptec Inc. vice president, was sentenced Monday to five years' probation and six months of electronic monitoring for obstructing a federal investigation of trades in the computer-networking company. The Securities and Exchange Commission accused Ofstedahl of giving his dentist inside information about an upcoming Adaptec earnings release in exchange for a share of any proceeds. The dentist tipped another man, who also traded the shares, officials said. U.S.
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BUSINESS
May 8, 2001 | Reuters
Chalk one up for the "old economy": Standard & Poor's said Monday it will add Pepsi Bottling Group (PBG) to the blue-chip S&P 500 index and drop Adaptec Inc. (ADPT). Pepsi Bottling, the largest bottler of PepsiCo Inc. drinks, will join the index May 11. Tech firm Adaptec, which is spinning off its software unit Roxio Inc., will be transferred to the S&P SmallCap 600 index. The news was announced after the close of trading. Pepsi Bottling shares rose 98 cents to $41.
BUSINESS
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.
BUSINESS
September 7, 2000 | Bloomberg News
Adaptec Inc., the No. 1 designer of electronic cards that speed computer communications, said Chief Financial Officer Andy Brown resigned to pursue other interests. The company reiterated that it expects fiscal second-quarter earnings to be in line with estimates. It's expected to earn 37 cents a share, the average forecast of four analysts surveyed by First Call/Thomson Financial. The company earned 45 cents in the year-earlier quarter.
BUSINESS
April 1, 1998 | Bloomberg News
Adaptec Inc. said it will fire as many as 250 people, or 7% of its work force, and take a pretax charge of $8 million to $12 million as sales of its computer equipment slump. The Milpitas-based company makes adapter cards that connect personal computers to printers, storage drives and other accessories. Like many computer companies, Adaptec has seen sales growth slow along with demand for PCs. The company will make the cuts and take the charge in its first fiscal quarter ending June 30.
BUSINESS
June 26, 1998 | From Reuters
Two computer chip component makers abandoned a merger Thursday, hours before the government was set to take antitrust action against them, the companies and sources said. Adaptec Inc. terminated its $775-million deal to acquire Hyundai Electronics America's Symbios Inc., as the Federal Trade Commission was set to vote that the deal violated antitrust laws.
BUSINESS
March 23, 2004 | From Bloomberg News
Michael Ofstedahl, a former Adaptec Inc. vice president, was sentenced Monday to five years' probation and six months of electronic monitoring for obstructing a federal investigation of trades in the computer-networking company. The Securities and Exchange Commission accused Ofstedahl of giving his dentist inside information about an upcoming Adaptec earnings release in exchange for a share of any proceeds. The dentist tipped another man, who also traded the shares, officials said. U.S.
BUSINESS
June 21, 1997 | James S. Granelli
Adaptec Inc. said Friday that it has purchased 31 acres in Lake Forest for $11.3 million and will start a multiple-phased construction project in January for expanding its Southern California operation. The company, which makes communications hardware and software, plans to move 235 employees in Irvine to the first new building by the end of next year. It can build up to 500,000 square feet of office and laboratory space at the site, enough to hold nearly 1,500 workers.
BUSINESS
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.
BUSINESS
May 8, 2001 | Reuters
Chalk one up for the "old economy": Standard & Poor's said Monday it will add Pepsi Bottling Group (PBG) to the blue-chip S&P 500 index and drop Adaptec Inc. (ADPT). Pepsi Bottling, the largest bottler of PepsiCo Inc. drinks, will join the index May 11. Tech firm Adaptec, which is spinning off its software unit Roxio Inc., will be transferred to the S&P SmallCap 600 index. The news was announced after the close of trading. Pepsi Bottling shares rose 98 cents to $41.
BUSINESS
April 11, 2001 | From Bloomberg News
Adaptec Inc., a maker of electronic devices that speed computer connections, is fighting a $93.4-million tax bill for 1997 in U.S. Tax Court. The Milpitas, Calif.-based company, which reported $170.8 million in earnings last year, says the Internal Revenue Service wrongly denied it credits for research and taxes paid to foreign governments. The IRS also improperly calculated transfer pricing arrangements with its subsidiary, Adaptec Manufacturing Ltd.
BUSINESS
September 7, 2000 | Bloomberg News
Adaptec Inc., the No. 1 designer of electronic cards that speed computer communications, said Chief Financial Officer Andy Brown resigned to pursue other interests. The company reiterated that it expects fiscal second-quarter earnings to be in line with estimates. It's expected to earn 37 cents a share, the average forecast of four analysts surveyed by First Call/Thomson Financial. The company earned 45 cents in the year-earlier quarter.
BUSINESS
June 26, 1998 | From Reuters
Two computer chip component makers abandoned a merger Thursday, hours before the government was set to take antitrust action against them, the companies and sources said. Adaptec Inc. terminated its $775-million deal to acquire Hyundai Electronics America's Symbios Inc., as the Federal Trade Commission was set to vote that the deal violated antitrust laws.
BUSINESS
April 1, 1998 | Bloomberg News
Adaptec Inc. said it will fire as many as 250 people, or 7% of its work force, and take a pretax charge of $8 million to $12 million as sales of its computer equipment slump. The Milpitas-based company makes adapter cards that connect personal computers to printers, storage drives and other accessories. Like many computer companies, Adaptec has seen sales growth slow along with demand for PCs. The company will make the cuts and take the charge in its first fiscal quarter ending June 30.
BUSINESS
February 20, 1998 | From Bloomberg News
Adaptec Inc. on Thursday agreed to buy Symbios Inc., a subsidiary of Hyundai Electronics America, for $775 million in cash as it seeks to diversify its business and reverse a recent slowdown in sales growth. Adaptec, which makes adapter cards that connect personal computers to printers, storage drives and other accessories, would use its $727-million cash reserve and take an undisclosed charge to buy Symbios.
BUSINESS
April 11, 2001 | From Bloomberg News
Adaptec Inc., a maker of electronic devices that speed computer connections, is fighting a $93.4-million tax bill for 1997 in U.S. Tax Court. The Milpitas, Calif.-based company, which reported $170.8 million in earnings last year, says the Internal Revenue Service wrongly denied it credits for research and taxes paid to foreign governments. The IRS also improperly calculated transfer pricing arrangements with its subsidiary, Adaptec Manufacturing Ltd.
BUSINESS
September 17, 1996 | GREG MILLER, TIMES STAFF WRITER
Computer products maker Adaptec Inc. said Monday that it has filed a lawsuit accusing nine Southern California companies, including six in Orange County, of making or selling bogus copies of the Milpitas, Calif.-based company's computer products. The lawsuit, filed in U.S. District Court in San Jose late last month, led to raids 10 days ago at some of the companies. Under a court order and with the supervision of the U.S. Marshal's Office, Adaptec seized property and records.
BUSINESS
June 21, 1997 | James S. Granelli
Adaptec Inc. said Friday that it has purchased 31 acres in Lake Forest for $11.3 million and will start a multiple-phased construction project in January for expanding its Southern California operation. The company, which makes communications hardware and software, plans to move 235 employees in Irvine to the first new building by the end of next year. It can build up to 500,000 square feet of office and laboratory space at the site, enough to hold nearly 1,500 workers.
BUSINESS
September 17, 1996 | GREG MILLER, TIMES STAFF WRITER
Computer products maker Adaptec Inc. said Monday that it has filed a lawsuit accusing nine Southern California companies, including six in Orange County, of making or selling bogus copies of the Milpitas, Calif.-based company's computer products. The lawsuit, filed in U.S. District Court in San Jose late last month, led to raids 10 days ago at some of the companies. Under a court order and with the supervision of the U.S. Marshal's Office, Adaptec seized property and records.
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