Adaptec Meets Earnings Estimates - TheStreet

Adaptec Meets Earnings Estimates

The company's revenue matches the guidance it gave earlier this month.
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Adaptec

(ADPT) - Get Report

said first-quarter revenue was essentially unchanged from a year ago, while earnings rose, thanks largely to a one-time gain.

Revenue for the first quarter totaled $107.3 million, compared with $107.8 million for the first quarter last year and $105.6 million for the fiscal fourth quarter.

The data-storage company earned $40.8 million, or 33 cents a share, compared with $2.6 million, or 2 cents a share, last year. First-quarter results include Eurologic Systems, which was acquired in April, and a one-time gain of $49.3 million from a settlement with the former president of Distributed Processing Technology, a company Adaptec bought in 1999.

Excluding items, Adaptec earned $3.6 million, or 3 cents a share, compared with $8.4 million, or 8 cents a share, a year ago.

Adaptec said earlier this month that revenue would be about $107 million, down from the company's original expectation of $115 million to $120 million.

Analysts polled by Thomson First Call were expecting a profit of 3 cents a share in the first quarter.