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Quantum Releases Q4

SAN JOSE, Calif. -- Quantum Corp. (NYSE:QTM), the leading global specialist in backup, recovery and archive, today announced that revenue for its fiscal fourth quarter (FQ407), ended March 31, 2007, was $277 million and that revenue for the full fiscal year 2007 (FY07) was slightly more than $1 billion. Reflecting Quantum’s acquisition of Advanced Digital Information Corp. (ADIC) last August, these revenue totals represented a 35 percent increase over the fourth fiscal quarter last year (FQ4’06) and a 22 percent increase over fiscal year 2006 (FY06), respectively.

The company reported a GAAP net loss of $20 million for FQ4’07, or 10 cents per share, a 2-cent improvement over the same quarter last year. This $20 million net loss included a number of major expense items totaling $22 million: $13 million in amortization of intangibles, $7 million in restructuring and other transition expenses related to the ADIC acquisition, and $2 million in stock-based compensation charges. The net impact of these items reduced earnings per share on a diluted basis by approximately 11 cents.

Quantum highlighted several significant financial accomplishments in FQ4’07, including generating $72 million in cash from operations, paying down $120 million of its revolving line of credit and $6.2 million of its long-term debt, and achieving the goal of approximately $20 million in quarterly synergy savings two quarters earlier than it had expected.

“The March quarter was the second full quarter of Quantum and ADIC operating as a combined company, and we feel good about the progress we’ve made toward our objective of building a more valuable storage company,” said Rick Belluzzo, chairman and CEO of Quantum. “Although the fourth quarter was not as strong as expected, our operating income as a percentage of revenue in the last two quarters was the best we’ve achieved in more than five years, when amortization, stock-based compensation and acquisition-related expenses are excluded.”

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