Quarterly results for tape library supplier Advanced Digital Information Corp. (Nasdaq: ADIC) were a mixed bag, falling below analyst expectations for revenue, despite a reseller deal with EMC Corp. (NYSE: EMC).
Although ADIC completed its first full quarter since EMC agreed to resell its tape libraries, ADICs revenue slipped to $115.4 million for the quarter that ended in October from $118 million a year ago. Net earnings were $4.9 million, or $0.07 earnings per share -- higher than expected, thanks to a tax benefit worth $2.3 million ($0.04 per share), but still below the same quarter last year (see EMC to Resell ADIC Tape).
Thomson First Call estimates were for revenue of $121 million and EPS of $0.02.
CEO Peter Van Oppen put on a happy face. We are pleased about this quarter, he told analysts on a conference call, pointing to revenues increasing about 5 percent sequentially and a 14 percent rise in branded sales to $65 million. Branded sales, or sales that do not go through OEMs, bring a higher profit margin, and tape libraries sold through EMC and ADICs new disk-backup product fall into that category.
But Van Oppen admitted their might not be much revenue growth for 2005. He gave a forecast of around $460 million to $500 million for the year, with the low end of guidance basically flat from $455 million this year. Van Oppen also wouldnt give specifics on how much revenue EMC is driving.
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