Adaptec Inc.'s (Nasdaq: ADPT) stock took a dive this morning, as the company cut its first-quarter top-line revenue forecast by 9 percent (see Adaptec Lowers Q1 Target).
Blaming an uncertain economy and slipping demand, the company now anticipates $107 million in revenues for the quarter that ended in June. The new forecast is flat, compared to the companys year-ago revenues of $107.8 million and would represent a slight sequential increase over last quarter's $105.6 million (see Adaptec Settles DPT Lawsuit). But the new figure is well below Adaptec's previous forecast of $115 million to $120 million.
The Milpitas, Calif.-based company expects first-quarter earnings to fall in the middle of the range it forecast in April of 2 cents to 4 cents per share -- lagging EPS of 5 cents last quarter. First Call analyst consensus has predicted 3 cents a share.
Adaptec also plans to post a gain of $49.3 million for the quarter related to its settlement in May with Stephan Goldman, the principal shareholder and former president of Distributed Processing Technology Corp., a company Adaptec acquired in 1999.
Adaptecs stock slipped nearly 11 percent in morning trading today, dropping 90 cents to $7.54 a share.
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