Business Services Industry
Slow Sales Leave Redmond, Wash., Computer-Storage Firm with Quarterly Loss.
Knight Ridder/Tribune Business News, May, 2004
By Tricia Duryee, The Seattle Times Knight Ridder/Tribune Business News
May 14--Redmond-based ADIC posted a net loss in the second quarter 2004 after sales growth didn't materialize to support its 165-employee hiring spree.
ADIC, or Advanced Digital Information Corporation, which produces computer-storage devices and tape libraries, had anticipated a large jump in sales from new products and hired accordingly. But the products were slow to gain acceptance, said Peter van Oppen, chairman and chief executive, and the sales could not support the growth.
In the second quarter that ended April 30, the company lost $1.3 million or 2 cents a share, compared with a profit of $2.4 million or 4 cents a share in the same period a year ago. Sales...
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