-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Cn26R3/voCPlF7mptFob/saDLu9s52fxgZ+0ddfti5KK2euLwc1Gn0bPhhDlnxJQ APug4ZViso7VNttzqczYDg== 0001047469-99-024142.txt : 19990616 0001047469-99-024142.hdr.sgml : 19990616 ACCESSION NUMBER: 0001047469-99-024142 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990430 FILED AS OF DATE: 19990615 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANCED DIGITAL INFORMATION CORP CENTRAL INDEX KEY: 0000770403 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 911618616 STATE OF INCORPORATION: WA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-21103 FILM NUMBER: 99646236 BUSINESS ADDRESS: STREET 1: P O BOX 97057 STREET 2: 11431 WILLOWS RD CITY: REDMOND STATE: WA ZIP: 98073-9757 BUSINESS PHONE: 4258818004 MAIL ADDRESS: STREET 1: P.O. BOX 97057 STREET 2: P O BOX 97057 CITY: REDMOND STATE: WA ZIP: 98073-9757 10-Q 1 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________ FORM 10-Q _______________ [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 1999 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 0-21103 ADVANCED DIGITAL INFORMATION CORPORATION Incorporated under the laws I.R.S. Identification of the State of Washington No. 91-1618616 11431 Willows Road P.O. Box 97057 Redmond, Washington 98073-9757 (425) 881-8004 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No The total shares of common stock without par value outstanding at the end of the quarter reported is 9,857,535. PART I -- FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ADVANCED DIGITAL INFORMATION CORPORATION CONSOLIDATED BALANCE SHEETS APRIL 30, 1999 AND OCTOBER 31, 1998
APRIL 30, OCTOBER 31, 1999 1998 ------------ ------------ (Unaudited) ASSETS Current assets: Cash and cash equivalents.................... $ 14,769,281 $ 28,225,892 Marketable equity securities................. 49,436 2,135,449 Accounts receivable, net of allowances of $478,000 in 1999 and $476,000 in 1998....... 35,207,402 31,797,375 Inventories, net............................. 37,030,917 32,293,526 Prepaid expenses and other................... 1,613,915 1,500,145 Deferred income taxes........................ 1,339,879 1,339,879 ------------ ------------ Total current assets....................... 90,010,830 97,292,266 ------------ ------------ Property, plant and equipment, net............. 7,187,599 7,351,305 Deferred income taxes.......................... 62,681 62,681 Investment in common stock..................... 8,000,000 4,000,000 Intangible and other assets.................... 2,496,592 3,700,374 ------------ ------------ $107,757,702 $112,406,626 ------------ ------------ ------------ ------------ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable............................. $ 16,969,611 $ 16,986,445 Accrued liabilities.......................... 8,862,898 7,901,981 Income taxes payable......................... 547,517 397,539 Deferred revenue............................. 2,742,774 2,252,106 Current portion of long-term debt............ 3,167,056 3,172,328 ------------ ------------ Total current liabilities.................. 32,289,856 30,710,399 ------------ ------------ Long-term debt................................. 6,369,808 18,368,092 Other long-term liabilities.................... -- 300,000 Minority interest.............................. 307,617 24,744 Commitments.................................... -- -- Shareholders' equity: Preferred stock, no par value; 2,000,000 shares authorized; none issued and outstanding................................. -- -- Common stock, no par value; 40,000,000 shares authorized, 9,857,535 issued and outstanding (9,766,161 in 1998)......................... 46,976,418 46,231,387 Retained earnings............................ 22,606,115 16,009,334 Cumulative translation adjustment............ (792,112) 762,670 ------------ ------------ Total shareholders' equity................. 68,790,421 63,003,391 ------------ ------------ $107,757,702 $112,406,626 ------------ ------------ ------------ ------------
See the accompanying notes to these consolidated financial statements. 2 ADVANCED DIGITAL INFORMATION CORPORATION CONSOLIDATED STATEMENTS OF INCOME THREE MONTHS AND SIX MONTHS ENDED APRIL 30, 1999 AND 1998 (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED APRIL 30, APRIL 30, 1999 1998 1999 1998 ----------- ----------- ------------ ----------- Net sales......................... $54,044,290 $24,805,894 $103,188,547 $47,671,556 Cost of sales..................... 36,005,476 17,795,731 68,755,371 33,246,523 ----------- ----------- ------------ ----------- Gross profit.................... 18,038,814 7,010,163 34,433,176 14,425,033 ----------- ----------- ------------ ----------- Operating expenses: Selling and administrative...... 8,980,091 4,181,621 18,093,563 7,965,340 Research and development........ 3,235,468 627,479 6,050,939 1,245,078 ----------- ----------- ------------ ----------- 12,215,559 4,809,100 24,144,502 9,210,418 ----------- ----------- ------------ ----------- Operating profit.................. 5,823,255 2,201,063 10,288,674 5,214,615 ----------- ----------- ------------ ----------- Other income: Interest income................. 90,112 246,112 324,264 567,280 Interest expense................ (202,207) -- (546,462) -- Gain on sale of marketable equity securities............. -- 247,814 563,737 247,814 Foreign currency transaction gains, net.................... 63,223 23,738 89,941 263,726 ----------- ----------- ------------ ----------- (48,872) 517,664 431,480 1,078,820 ----------- ----------- ------------ ----------- Income before provision for income taxes.................... 5,774,383 2,718,727 10,720,154 6,293,435 Minority interest................. 162,933 -- 282,873 -- Provision for income taxes........ 2,066,510 784,813 3,840,500 1,998,231 ----------- ----------- ------------ ----------- Net income........................ $ 3,544,940 $ 1,933,914 $ 6,596,781 $ 4,295,204 ----------- ----------- ------------ ----------- ----------- ----------- ------------ ----------- Basic net income per share $ 0.36 $ 0.20 $ 0.67 $ 0.44 ----------- ----------- ------------ ----------- ----------- ----------- ------------ ----------- Diluted net income per share $ 0.35 $ 0.20 $ 0.66 $ 0.43 ----------- ----------- ------------ ----------- ----------- ----------- ------------ -----------
See the accompanying notes to these consolidated financial statements. 3 ADVANCED DIGITAL INFORMATION CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED APRIL 30, 1999 AND 1998 (UNAUDITED)
1999 1998 ------------ ------------ Cash flows from operating activities: Net income.............................................. $ 6,596,781 $ 4,295,204 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization....................... 1,813,145 493,689 Minority interest................................... 282,873 -- Assets retired...................................... 68,494 -- Gain on sale of marketable equity securities........ (563,737) (247,814) Change in assets and liabilities: Accounts receivable................................... (3,943,075) (4,331,300) Inventories........................................... (5,729,292) (5,637,980) Prepaid expenses and other............................ (203,948) (95,900) Other assets.......................................... 287,851 28,492 Accounts payable...................................... 367,483 (4,211,776) Accrued liabilities................................... 1,292,893 (719,888) Income taxes payable.................................. 1,082,670 (367,231) Deferred revenue...................................... 576,391 -- ------------ ------------ Net cash provided by (used in) operating activities..... 1,928,529 (10,794,504) ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment............. (2,136,099) (1,506,817) Investment in marketable equity securities............ (49,436) (1,295,270) Proceeds from sale of marketable equity securities.... 2,699,186 1,116,273 Investment in common stock............................ (4,000,000) -- ------------ ------------ Net cash used in investing activities................... (3,486,349) (1,685,814) ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of long-term debt........................... (11,801,857) -- Repayment of other long-term liabilities.............. (300,000) -- Proceeds from issuance of common stock for stock options, including tax benefit...................... 745,031 107,177 ------------ ------------ Net cash provided by (used in) financing activities..... (11,356,826) 107,177 ------------ ------------ Effect of exchange rate changes on cash................. (541,965) (106,631) ------------ ------------ Net decrease in cash and cash equivalents............... (13,456,611) (12,479,772) Cash and cash equivalents at beginning of period........ 28,225,892 32,806,822 ------------ ------------ Cash and cash equivalents at end of period.............. $ 14,769,281 $ 20,327,050 ------------ ------------ ------------ ------------
See the accompanying notes to these consolidated financial statements. 4 ADVANCED DIGITAL INFORMATION CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY SIX MONTHS ENDED APRIL 30, 1999 (UNAUDITED)
ACCUMULATED COMMON STOCK OTHER --------------------- RETAINED COMPREHENSIVE SHARES AMOUNT EARNINGS INCOME TOTAL --------- ----------- ----------- -------------- ----------- Balance at October 31, 1998............. 9,766,161 $46,231,387 $16,009,334 $ 762,670 $63,003,391 Purchases under Stock Purchase Plan 50,998 292,602 292,602 Exercise of stock options, including tax benefit of $123,000.............................. 40,376 452,429 452,429 Comprehensive income: Net income............................ 6,596,781 Foreign currency translation adjustment.......................... (1,554,782) Comprehensive income.............. 5,041,999 --------- ----------- ----------- ----------- ----------- Balance April 30, 1999.................. 9,857,535 $46,976,418 $22,606,115 $ (792,112) $68,790,421 --------- ----------- ----------- ----------- ----------- --------- ----------- ----------- ----------- -----------
See the accompanying notes to these consolidated financial statements. 5 ADVANCED DIGITAL INFORMATION CORPORATION NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 1999 (UNAUDITED) NOTE 1. BASIS OF PRESENTATION The accompanying condensed financial statements are unaudited and should be read in conjunction with the Advanced Digital Information Corporation financial statements included in the Company's Annual Report on Form 10-K for the year ended October 31, 1998. In the opinion of management, all normal recurring adjustments which are necessary for the fair presentation of the results for the interim periods are reflected herein. Operating results for the six-month period ended April 30, 1999, are not necessarily indicative of results to be expected for a full year. NOTE 2. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted net income per share for the three months and six months ended April 30, 1999 and 1998:
Three months ended Six months ended April 30, April 30, 1999 1998 1999 1998 Numerator: Net income................................... $ 3,544,940 $ 1,933,914 $ 6,596,781 $ 4,295,204 Denominator: Denominator for basic net income per share - weighted average shares.................. 9,833,957 9,732,402 9,803,291 9,716,982 Dilutive potential common shares from Team Member (employee) stock options...... 278,805 176,706 240,509 189,084 ----------- ----------- ----------- ---------- Denominator for diluted net income per share - adjusted weighted average shares and assumed conversions.................... 10,112,762 9,909,108 10,043,800 9,906,066 ----------- ----------- ----------- ---------- ----------- ----------- ----------- ---------- Basic net income per share..................... $ 0.36 $ 0.20 $ 0.67 $ 0.44 ----------- ----------- ----------- ---------- ----------- ----------- ----------- ---------- Diluted net income per share................... $ 0.35 $ 0.20 $ 0.66 $ 0.43 ----------- ----------- ----------- ---------- ----------- ----------- ----------- ----------
NOTE 3. INVENTORIES Inventory is comprised as follows:
April 30, 1999 October 31, 1998 -------------- ---------------- Finished goods...................... $14,881,473 $13,104,058 Work-in-process..................... 4,102,028 3,382,683 Raw materials....................... 20,719,674 17,951,520 ----------- ----------- 39,703,175 34,438,261 Allowance for inventory obsolescence. (2,672,258) (2,144,735) ----------- ----------- $37,030,917 $32,293,526 ----------- ----------- ----------- -----------
6 NOTE 4. INVESTMENT IN NETWORK INTEGRITY, INC. In December 1998, the Company purchased an approximately 8% interest in Network Integrity, Inc. for an aggregate purchase price of $4,000,000. This investment is accounted for under the cost method. Network Integrity, Inc. is a developer of specialized data protection software products. NOTE 5. INVESTMENT IN MARKETABLE EQUITY SECURITIES At April 30, 1999, the Company has invested in certain equity securities. In accordance with Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities" ("FAS 115") these investments are classified as available-for-sale. Under FAS 115, unrealized holding gains and losses are reflected as a net amount in a separate component of shareholders' equity until realized. For the purpose of computing realized gains and losses, costs are identified on a specific identification basis. There is no significant difference between the cost basis and fair value of these securities at April 30, 1999. During the quarter ended January 31, 1999, the Company sold certain marketable equity securities and realized a gain of $564,000. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS The following discussion and analysis may contain forward-looking statements that involve risks and uncertainties, such as statements of the Company's plans, objectives, expectations and intentions. The Company's actual results could differ materially from those discussed here. Such risks are detailed in the Company's Annual Report on Form 10-K filed with the SEC in January 1999 and are incorporated herein by reference. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. NET SALES. Net sales for the three months ended April 30, 1999 increased 118% to $54.0 million from $24.8 million for the same period in fiscal 1998. Net sales for the six months ended April 30, 1999 were $103.2 million, an increase of 116% versus the six months ended April 30, 1998. A substantial portion of the increase in net sales for the quarter and six months was due to the inclusion of sales from ADIC Denver and ADIC / GRAU, both part of the Company's acquisition of EMASS, Inc. in August 1998. Additionally, there was strong sales growth across most product lines in both the Company's branded products and its OEM business. GROSS PROFIT. Gross profit was $18.0 million or 33% of net sales for the three months ended April 30, 1999 compared to $7.0 million or 28% of net sales for the same period in fiscal 1998. Gross profit percentage for the quarter and current six-month period was higher than the same periods in fiscal 1998 due to a shift in product mix toward higher-margin tape libraries, software and service, away from lower margin standalone tape drives and media, as well as the effects of overall volume increases. Offsetting this trend are higher overhead costs associated with the Company's new Redmond facility and increases in personnel to support the OEM business, all of which began to be incurred late in the second quarter of fiscal 1998. Gross profit margins are dependent on a number of factors, including customer 7 and product mix, price competition and tape drive costs. There can be no assurance that the Company can improve upon or maintain the current gross margin levels for a given product line, in that tape drives purchased from third-party suppliers are a significant component of the Company's product costs. SELLING AND ADMINISTRATIVE EXPENSES. Selling and administrative expenses were $9.0 million or 17% of net sales for the three months ended April 30, 1999 compared to $4.2 million or 17% of net sales for the same period in fiscal 1998. The dollar increases in selling and administrative expenses in the three months and six months ended April 30, 1999 over the comparable periods in fiscal 1998 was due primarily to the inclusion of ADIC Denver and ADIC / GRAU, but also to increased sales and administrative personnel both in the headquarters office and in regional offices throughout the United States. The Company expects that selling and administrative expenses as a percentage of net sales will increase slightly throughout fiscal 1999 as the Company continues to invest in potential OEM relationships. RESEARCH AND DEVELOPMENT EXPENSES. Research and development expenses were $3.2 million or 6% of net sales for the three months ended April 30, 1999 compared to $627,000 or 3% of net sales for the same period in fiscal 1998. The Company expects to maintain this higher level of research and development spending as it continues investing heavily in software development and new library hardware products. OTHER INCOME. Interest income for the three months ended April 30, 1999 was $90,000 compared to $246,000 for the same period in fiscal 1998. This decrease is the result of lower cash balances reflecting cash utilization for investments in ADIC Denver and ADIC / GRAU in fiscal 1998 and in Network Integrity, Inc. in December 1998 as well as for paydown of the Company's long-term debt. Interest expense in fiscal 1999 relates primarily to interest on a bank loan, the proceeds of which were used to partially finance the acquisition of ADIC Denver and ADIC / GRAU. The gain on sale of marketable equity securities relates to investments in certain securities made in fiscal 1998 and sold in the first quarter of fiscal 1999. Net foreign currency translation gains increased to approximately $63,000 for the current quarter. Foreign currency gains or losses arise as a result of the operation of the Company's European subsidiaries, ADIC Europe and ADIC / GRAU, the functional currencies of which are the French franc and German deutsche mark, respectively. All monetary assets are translated into the functional currencies on the financial statements of ADIC Europe and ADIC / GRAU. ADIC Europe buys products from ADIC in U.S. dollars and resells a significant majority of such products in U.S. dollars. ADIC / GRAU both buys and sells products to ADIC Denver in U.S. dollars. ADIC / GRAU's sales are primarily in deutsche marks and the sales of its subsidiaries in U.K. and France, which act as sales offices in those countries, are made primarily in British pounds sterling and French francs, respectively. Certain of the U.S. dollar receivables and payables in these entities offset to reduce the Company's exposure to transaction gains and losses. To the extent that these monetary assets and liabilities do not fully offset each other and the U.S. dollar exchange rate changes with respect to these currencies, transaction gains or losses may result. For large sales denominated in other currencies, the Company attempts to implement appropriate hedging strategies. PROVISION FOR INCOME TAXES. Income tax expense for the three months ended April 30, 1999 was $2.1 million compared to $785,000 for the same period in fiscal 1998. The Company believes that the 36% effective tax rate reflected in its results for the six-month period, which includes taxes paid in various federal, state and international jurisdictions, is generally indicative of the Company's effective tax rate in future periods. There are significant deferred tax assets associated with net operating loss carryforwards and other timing differences of ADIC Denver and ADIC / GRAU. A valuation allowance 8 has been established on these deferred tax assets because it is more likely than not that these deferred assets will not be realized. In the event that earnings of these companies allow the Company to deduct these expenses for tax purposes and recognize these assets, the Company reallocates the purchase price to reduce noncurrent intangible assets related to the acquisition. LIQUIDITY AND CAPITAL RESOURCES The Company's operating activities generated $1.9 million of cash in the first six months of fiscal 1999. Such cash was generated from net income and depreciation which is offset in part by cash used to fund increases both in inventories and receivables. Additionally, the Company used funds of $3.5 million in investing activities which is the net result of the $4.0 million investment in Network Integrity, Inc., ongoing investment in property, plant and equipment and proceeds on sale of marketable equity securities. At April 30, 1999, the Company had cash and cash equivalents of $14.8 million. Its working capital, the difference between current assets and current liabilities is $57.8 million, with a ratio of current assets to current liabilities of 2.8:1. The Company also has a $10.0 million bank line of credit that expires in February 2001. Any borrowings under this line of credit would bear interest at the banks' prime rate or adjusted LIBOR rate. No borrowings have been made under this line of credit. The Company had no material or unusual commitments as of April 30, 1999 other than annual rental commitments. At April 30, 1999, the Company was negotiating for additional operating lines of credit, the proceeds of which may be used to repay long-term debt and for other strategic purposes. The Company believes that its existing cash and cash equivalents and bank line of credit, together with the results of operations, will be sufficient to fund its working capital and capital expenditure needs for at least the next twelve months. Further, ADIC believes that cash balances are likely to increase over the remainder of the fiscal year. The Company may utilize cash to acquire or invest in businesses, products or technologies that it believes are strategic. From time to time, in the ordinary course of business, the Company evaluates potential acquisitions of such businesses, products or technologies. However, the Company has no present understanding, commitments or agreements with respect to any material acquisition of other businesses, products or technologies. YEAR 2000 The Company is aware of the issues associated with the programming code in existing computer systems and the inability of many of these products to distinguish between twentieth-century dates and twenty-first century dates to determine the applicable year. This error could result in a system failure or miscalculations causing disruptions of operations, including, among other things, a temporary inability to process transactions, send invoices, or engage in similar normal business activities. The Company is actively assessing the impact of the upcoming change on its business, financial condition and results of operations. Based on the Company's assessment to date, the Company believes the current versions of its software and hardware products and services are Year 2000 compliant. New products are being designed to be Year 2000 compliant. While most of the Company's internally manufactured library products have no date functionality built into them, this is not true for certain software and large library products. Year 2000 compliant updates are currently available for all of these products and the Company's service personnel are able to install these upgrades in conjunction with its ordinary maintenance contracts. The Company is reviewing hardware used in connection with its products for those customers with current 9 service maintenance contracts. Plans exist to replace certain systems that can not be made compliant and upgrade those that can. Total cost to replace this hardware approximates $250,000 a portion of which is reimbursed by customers. There can be no assurance that all existing Company products will contain all necessary date codes. Further, use of the Company's products in connection with other products which are not Year 2000 compliant, including non-compliant hardware, software and firmware may result in the inaccurate exchange of dates and result in performance problems or system failure. Any failure of the Company's products to perform could result in claims against the Company. The cost of defending any such claim which may arise, as well as any liability of the Company for Year 2000 related damages could have a material adverse effect on the Company's business, results of operations and financial condition. The Company's business depends on numerous systems that could potentially be impacted by Year 2000 related problems. The Company is assessing the possible effects on the Company's operations of the Year 2000 readiness of its enterprise resource planning computer systems and other internal systems. The Company believes that the enterprise resource planning computer systems at its various manufacturing sites are either Year 2000 compliant currently or can be modified to ensure compliance. Other internal systems are currently being assessed, and based on such assessment the Company will modify or replace such systems. The Company expects the assessments and tests of these systems to be completed in mid-to late 1999. The Company's reliance on key suppliers, and therefore on the proper function of their information systems and software, means that their failure to address Year 2000 issues could have a material impact on the Company's operations and financial results. The Company has asked key suppliers to provide information regarding their readiness for Year 2000 related issues and has received responses from substantially all of them. The Company is reviewing the responses and will determine what further actions are required to mitigate vulnerability to problems with suppliers and other third parties' systems. The Company expects to incur primarily internal staff cost and other expenses related to infrastructure and facilities enhancements necessary to prepare the systems for Year 2000. To date there have been no material direct out-of-pocket costs. Although the total cost of these Year 2000 compliance activities is not yet determined, it is not anticipated to be material to the Company's business, results of operations and financial condition. The Company has not completed a contingency plan for handling Year 2000 problems that are not detected and corrected prior to their occurrence, but expects to have such plans in place for critical systems in mid to late 1999. Any failure of the Company to address any unforeseen Year 2000 issue could adversely affect the Company's business, financial condition and results of operations. 10 PART II - OTHER INFORMATION Item 1. Legal Proceedings. None Item 2. Changes in Securities. None Item 3. Defaults Upon Senior Securities. None Item 4. Submission of Matters to a Vote of Security Holders. None Item 5. Other information. None Item 6. Exhibits and Reports on Form 8-K. None 11 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ADVANCED DIGITAL INFORMATION CORPORATION Dated: June 14, 1999 /s/ Peter H. van Oppen ------------------------------------ Peter H. van Oppen, Chairman and Chief Executive Officer Dated: June 14, 1999 /s/ Leslie S. Rock ------------------------------------ Leslie S. Rock, Treasurer and Chief Accounting Officer 12 EX-27 2 EXHIBIT 27
5 1,000 6-MOS OCT-31-1999 NOV-01-1998 APR-30-1999 14,769 49 35,685 478 37,031 90,011 7,188 0 107,758 32,290 6,370 0 0 0 68,790 107,758 103,189 103,189 68,755 68,755 6,051 0 546 10,720 3,841 6,597 0 0 0 6,597 .67 .66
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