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News > Technology
Quantum warns on 1Q
June 13, 2001: 4:46 p.m. ET

Quantum cuts 1Q earnings expectations, decides against Snap Appliances IPO
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NEW YORK (CNNfn) - Data storage solutions company Quantum Corp. warned on its first-quarter revenue and earnings Wednesday and also said it is withdrawing the proposed initial public offering for its Snap Appliances unit.

The company said the slowdown in information technology will cut its first-quarter revenue down to between $265 million and $275 million, with earnings per share in the range of 10-to-12 cents.

Analysts surveyed by First Call expected the company to earn 17 cents per share.

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The company said it would not proceed with the IPO of its Snap Appliances unit, which provides network attached storage, because of market conditions.

Quantum filed for the IPO in October 2000, with a maximum offering value estimated at $100 million.

Share of Quantum (DSS: Research, Estimates) rose 6 cents to $11.21 on the New York Stock Exchange Wednesday. graphic

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