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Quantum Corporation Delivers Branded Revenue Growth for Fiscal 2011 and Fourth Quarter

(May 17, 2011)

SAN JOSE, CA -- (Marketwire) -- 05/17/11 -- Quantum Corp. (NYSE: QTM)

Earnings Highlights:

-- Total fiscal year revenue of $672 million and total quarterly revenue of $165 million, with branded growth of 5% and 9% over respective prior year periods -- Record fiscal year branded disk systems and software revenue of $113 million -- up 38% from fiscal 2010, with 31% year-over-year growth in fourth quarter -- Fiscal year GAAP gross margin rate of 42.1% and non-GAAP gross margin rate of 44.6% -- highest in 10 years -- Second consecutive year of GAAP net profit and seventh straight year of non-GAAP net profit


Quantum Corp. (NYSE: QTM), the leading global specialist in backup, recovery and archive, today reported results for fiscal 2011 (FY11) and the fourth quarter (FQ4'11), ended March 31, 2011. Revenue for the year totaled $672 million, down about one percent from fiscal 2010 (FY10), primarily due to expected reductions in OEM revenue. For FQ4'11, Quantum reported $165 million in revenue, slightly higher than the same period last year (FQ4'10). Branded revenue, which represented 79 percent of total non-royalty revenue for the year, grew 5 percent for the year and 9 percent for FQ4'11 over the comparable FY10 periods. Branded disk systems and software sales, including related service revenue, were a key contributor to this year-over-year growth, increasing 38 percent for FY11 and 31 percent for the fourth quarter.

For the fiscal year, Quantum's GAAP and non-GAAP gross margin rates were 42.1 percent and 44.6 percent, respectively. These rates were the highest in 10 years, up from 41.1 percent in FY10 on a GAAP basis and from 44.5 percent on a non-GAAP basis. The company's GAAP gross margin rate for FQ4'11 was 41.5 percent, up from 40.8 percent a year earlier, while the non-GAAP gross margin rate decreased to 43.7 percent from 44.4 percent.

GAAP net income for FY11 was $5 million, or 2 cents per basic share, compared to net income of $17 million, or 8 cents per share, in the prior year. Non-GAAP net income for the year was $49 million, or 22 cents per basic share, down from $55 million, or 26 cents per share, in FY10. For FQ4'11, Quantum reported a GAAP net loss of $2 million, or one cent per basic share, an improvement over the net loss of $4 million, or 2 cents per share, in FQ4'10. Non-GAAP net income for the quarter was $10 million, or 4 cents per basic share, compared to $7 million, or 4 cents per share, in the same quarter of FY10.

"In fiscal 2011, we delivered growth in a number of key areas," said Jon Gacek, CEO of Quantum. "Branded sales increased 5 percent over the prior year, and we had record revenue for both branded disk systems and branded software, which were up 43 percent and 28 percent, respectively. In addition, midrange DXi® product revenue nearly tripled over the prior year. We also added approximately 550 new midrange and enterprise tape automation customers and grew our entry-level tape automation revenue 30 percent year-over-year.

"We plan to build on this momentum in fiscal 2012, with new products and enhanced features across our portfolio, as well as deeper engagement with channel partners," Gacek added. "We have also realigned our sales resources so that we can more comprehensively meet the evolving needs of our installed customer base while growing this base through new partnerships and solutions that enable us to broaden our market reach."

Quantum ended FQ4'11 with $78 million in total cash and cash equivalents and $239 million in total debt. For the full year, the company generated $52 million in cash from operations, reduced total debt by $91 million and refinanced its subordinated term debt with subordinated convertible debt at a significantly lower interest rate. The refinancing saved Quantum nearly $4 million in interest expense for FY11 and is expected to save approximately $10 million annually going forward. Reflecting the continued improvement in the company's business model and balance sheet, both Moody's Investor Service and Standard and Poor's upgraded Quantum's credit rating during the March quarter.

Outlook

For the full 2012 fiscal year, Quantum expects:

-- Increased revenue driven by growth in the company's branded business, including branded disk systems and software sales. -- Improved GAAP and non-GAAP gross margin rates. -- A modest increase in GAAP and non-GAAP operating expenses driven by higher R&D investment. -- Interest expense similar to the exit rate for FQ4'11.

For the first quarter of fiscal 2012, the company expects:

-- Revenue of approximately $160 million. -- GAAP gross margin rate of 41-42 percent and non-GAAP gross margin rate of 43-44 percent. -- GAAP operating expenses of $64 million to $66 million and non-GAAP operating expenses of $58 million to $60 million. -- Interest expense of $3 million and taxes of $1 million.

Business Highlights

Key business highlights for the March quarter include the following:

-- Quantum announced DXi 2.0, the fourth generation software platform for its DXi-Series disk backup and deduplication solutions, and began shipping the software on its entry-level DXi4500 and midrange DXi6500 models. Offered at the same price as DXi products with previous generation software, appliances running DXi 2.0 software deliver both higher performance and better price-performance than any other products in their class, with as much as a 5X advantage over the nearest competitive offerings. As a result, DXi customers are able to protect more data on smaller systems at no additional cost. Approximately 100 customers have deployed DXi 2.0 software since it began shipping in mid-March. -- Reflecting Quantum's growing strength in midrange disk backup and deduplication, Storage magazine/SearchStorage.com named the DXi6500 as one of the 2010 Products of the Year in the backup hardware category. -- Quantum's leadership in deduplication technology was reinforced by the U.S. Patent and Trademark Office confirming the validity of the company's 5,990,810 patent (the "'810 patent"), the foundational patent in the area of variable-length deduplication. -- As the first example of an initiative to expand StorNext® partnerships and investments related to server environments that include Apple products, Quantum began selling a new local area network client for StorNext that was co-developed with Group Logic. It provides greater flexibility for Mac users to leverage StorNext's heterogeneous file system and StorNext Storage Manager™ tiered-archiving capabilities, as well as effectively utilize Windows-based storage and print servers. -- Quantum worked with NetApp to finalize a StorNext reseller agreement announced shortly after the quarter ended. The combination of StorNext software and NetApp's disk-based products gives customers a powerful unified storage solution for simultaneous sharing, managing, on-demand distribution and archiving of rich media files. -- Quantum announced high availability and security enhancements to its enterprise Scalar i6000 and midrange Scalar i500 tape libraries. These enhancements include the addition of dual robotics to the Scalar i6000 and key manager interoperability protocol support for encryption to both the Scalar i6000 and Scalar i500, all of which will be available in the second half of this year. Both data path failover and FIPS validation -- already in the Scalar i6000 -- were also incorporated into the Scalar i500, thereby expanding the enterprise-level features Quantum provides to midrange customers.

Conference Call and Audio Webcast Notification

Quantum will hold a conference call today, May 17, 2011, at 2:00 p.m. PDT, to discuss its fiscal fourth quarter and full year results. Press and industry analysts are invited to attend in listen-only mode. Dial-in number: (480) 629-9692 (U.S. & International). Quantum will provide a live audio webcast of the conference call beginning today, May 17, 2011, at 2:00 p.m. PDT. Site for the webcast and related information: http://www.quantum.com/investors.

About Quantum

Quantum Corp. (NYSE: QTM) is the leading global specialist in backup, recovery, and archive. From small businesses to multinational enterprises, more than 50,000 customers trust Quantum to solve their data protection, retention and management challenges. Quantum's best-of-breed, open systems solutions provide significant storage efficiencies and cost savings while minimizing risk and protecting prior investments. They include three market-leading, highly scalable platforms: DXi®-Series disk-based deduplication and replication systems for fast backup and restore, Scalar® tape automation products for disaster recovery and long-term data retention, and StorNext® data management software for high-performance file sharing and archiving. Quantum Corp., 1650 Technology Drive, Suite 800, San Jose, CA 95110, (408) 944-4000, www.quantum.com.

Quantum, the Quantum logo, DXi, Scalar, StorNext and StorNext Storage Manager are either registered trademarks or trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

"Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995: This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Specifically, without limitation, the statements "We plan to build on this momentum in fiscal 2012, with new products and enhanced features across our portfolio, as well as deeper engagement with channel partners" and that we "realigned our sales resources so that we can more comprehensively meet the evolving needs of our installed customer base while growing this base through new partnerships and solutions that enable us to broaden our market reach," as well as all of our statements under the "Outlook" section are forward-looking statements within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to Quantum on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Quantum's actual results to differ materially from those implied by the forward-looking statement. More detailed information about these risk factors, and additional risk factors, are set forth in Quantum's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations - Risk Factors," in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 11, 2010 and in Quantum's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on February 8, 2011. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

Quantum believes that the non-GAAP financial measures disclosed above provide useful and supplemental information to investors regarding its quarterly financial performance. Quantum management uses these non-GAAP financial measures internally to understand, manage, and evaluate the company's business results and make operating decisions. For instance, Quantum management often makes decisions regarding staffing, future management priorities and how the company will direct future operating expenses on the basis of non-GAAP financial measures. In addition, compensation of our employees is based in part on the performance of our business based on non-GAAP operating income.

The non-GAAP financial measures used in this press release exclude the impact of amortization of intangibles, share-based compensation expense, restructuring charges, senior debt amendment fees and gain (loss) on extinguishment of debt, net, for the following reasons:

Amortization of Intangible Assets

This includes acquired intangibles such as purchased technology and customer relationships in connection with prior acquisitions. These expenses are not factored into management's evaluation of potential acquisitions or Quantum's performance after completion of the acquisitions because they are not related to Quantum's core operating performance. In addition, the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding acquisition-related charges from non-GAAP measures provides investors with a basis to compare Quantum against the performance of other companies without the variability caused by purchase accounting.

Share-Based Compensation Expense

Share-based compensation expense relates primarily to equity awards such as stock options and restricted stock units. Share-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond Quantum's control. As a result, management excludes this item from Quantum's internal operating forecasts and models. Management believes that non-GAAP measures adjusted for share-based compensation provide investors with a basis to measure Quantum's core performance against the performance of other companies without the variability created by share-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used.

Restructuring Charges

Restructuring charges primarily relate to expenses associated with changes to Quantum's operating structure. Restructuring charges are excluded from non-GAAP financial measures because they are not considered core operating activities. Although Quantum has engaged in various restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. Management believes that it is appropriate to exclude restructuring charges from Quantum's non-GAAP financial measures, as it enhances the ability of investors to compare Quantum's period-over-period operating results from continuing operations.

Senior Debt Amendment Fees

The senior debt amendment fees relate to a specific amendment fee and are not part of Quantum's future core operations.

Gain (Loss) on Extinguishment of Debt, Net

The gain (loss) on extinguishment of debt, net relates to specific debt refinancing actions and is not part of Quantum's future core operations.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material impact on the company's reported financial results and, therefore, should not be relied upon as the sole financial measures to evaluate the company. The non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.


QUANTUM CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended Twelve Months Ended -------------------- -------------------- March 31, March 31, March 31, March 31, 2011 2010 2011 2010 --------- --------- --------- --------- Revenue: Product $ 112,902 $ 107,970 $ 456,903 $ 456,101 Service 37,365 38,827 151,095 156,477 Royalty 14,830 17,654 64,272 68,849 --------- --------- --------- --------- Total revenue 165,097 164,451 672,270 681,427 Cost of revenue: Product 73,217 72,896 294,375 300,568 Service 22,716 24,506 94,311 100,822 Restructuring charges related to cost of revenue 602 -- 602 -- --------- --------- --------- --------- Total cost of revenue 96,535 97,402 389,288 401,390 --------- --------- --------- --------- Gross margin 68,562 67,049 282,982 280,037 Operating expenses: Research and development 18,518 18,355 73,008 69,949 Sales and marketing 31,795 30,410 122,768 114,612 General and administrative 14,860 15,360 59,460 61,372 Restructuring charges 3,031 11 3,042 4,795 --------- --------- --------- --------- 68,204 64,136 258,278 250,728 --------- --------- --------- --------- Income from operations 358 2,913 24,704 29,309 Interest income and other, net 1,175 (540) 1,199 1,255 Interest expense (3,286) (6,116) (20,163) (25,515) Gain (loss) on debt extinguishment, net of costs -- -- (1,186) 12,859 --------- --------- --------- --------- Income (loss) before income taxes (1,753) (3,743) 4,554 17,908 Income tax provision (benefit) (101) 622 13 1,274 --------- --------- --------- --------- Net income (loss) $ (1,652) $ (4,365) $ 4,541 $ 16,634 ========= ========= ========= ========= Net income (loss) per share: Basic $ (0.01) $ (0.02) $ 0.02 $ 0.08 Diluted (0.01) (0.02) 0.02 0.02 Income (loss) for purposes of computing income (loss) per share: Basic $ (1,652) $ (4,365) $ 4,541 $ 16,634 Diluted (1,652) (4,365) 4,541 5,024 Weighted average shares: Basic 226,496 214,442 220,888 212,672 Diluted 226,496 214,442 229,738 223,761 Included in the above Statements of Operations: Amortization of intangibles: Cost of revenue $ 2,575 $ 5,547 $ 14,662 $ 22,069 Research and development -- 100 200 400 Sales and marketing 3,331 3,394 13,419 13,575 General and administrative 25 25 100 100 --------- --------- --------- --------- 5,931 9,066 28,381 36,144 Share-based compensation: Cost of revenue 405 414 1,768 1,366 Research and development 553 640 2,486 2,373 Sales and marketing 730 744 3,121 2,581 General and administrative 683 836 3,046 3,469 --------- --------- --------- --------- 2,371 2,634 10,421 9,789 Senior debt amendment fees -- -- 861 -- QUANTUM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) March 31, March 31, 2011 2010* ------------- ------------- Assets Current assets: Cash and cash equivalents $ 76,010 $ 114,947 Restricted cash 1,863 1,896 Accounts receivable, net 114,969 103,397 Manufacturing inventories, net 48,131 54,080 Service parts inventories, net 45,036 53,217 Deferred income taxes 6,271 7,907 Other current assets 11,274 14,500 ------------- ------------- Total current assets 303,554 349,944 Long-term assets: Property and equipment, net 24,980 24,528 Intangible assets, net 44,711 73,092 Goodwill 46,770 46,770 Other long-term assets 10,950 9,809 ------------- ------------- Total long-term assets 127,411 154,199 ------------- ------------- $ 430,965 $ 504,143 ============= ============= Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 52,203 $ 56,688 Accrued warranty 7,034 5,884 Deferred revenue, current 87,488 94,921 Current portion of long-term debt 1,067 1,884 Current portion of convertible subordinated debt -- 22,099 Accrued restructuring charges 4,028 3,795 Accrued compensation 31,249 31,237 Income taxes payable 1,172 2,594 Other accrued liabilities 21,418 23,555 ------------- ------------- Total current liabilities 205,659 242,657 Long-term liabilities: Deferred revenue, long-term 34,281 30,724 Deferred income taxes 6,820 8,676 Long-term debt 103,267 305,899 Convertible subordinated debt 135,000 -- Other long-term liabilities 7,049 7,444 ------------- ------------- Total long-term liabilities 286,417 352,743 Stockholders' deficit (61,111) (91,257) ------------- ------------- $ 430,965 $ 504,143 ============= ============= *Derived from the March 31, 2010 audited Consolidated Financial Statements. QUANTUM CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Twelve Months Ended ---------------------------- March 31, March 31, 2011 2010 ------------- ------------- Cash flows from operating activities: Net income $ 4,541 $ 16,634 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 11,657 12,098 Amortization 30,304 38,461 Service parts lower of cost or market adjustment 13,796 11,424 (Gain) loss on debt extinguishment 1,186 (15,613) Deferred income taxes (184) (466) Share-based compensation 10,421 9,789 Other non-cash writeoffs 302 -- Changes in assets and liabilities: Accounts receivable (14,935) 4,454 Manufacturing inventories (1,460) 2,328 Service parts inventories 1,955 3,217 Accounts payable (1,466) 11,495 Accrued warranty 1,150 (5,268) Deferred revenue (3,876) 9,484 Accrued restructuring charges 227 (917) Accrued compensation (302) 3,824 Income taxes payable (1,454) (2,239) Other assets and liabilities 465 1,459 ------------- ------------- Net cash provided by operating activities 52,327 100,164 Cash flows from investing activities: Purchases of property and equipment (12,339) (8,595) (Increase) decrease in restricted cash 32 (112) Return of principal from other investments 2,204 166 ------------- ------------- Net cash used in investing activities (10,103) (8,541) Cash flows from financing activities: Borrowings of long-term debt, net -- 120,042 Repayments of long-term debt (203,449) (61,934) Borrowings of convertible subordinated debt, net 130,022 -- Repayments of convertible subordinated debt (22,099) (122,288) Payment of taxes due upon vesting of restricted stock (2,307) (1,069) Proceeds from issuance of common stock 16,547 2,851 ------------- ------------- Net cash used in financing activities (81,286) (62,398) Effect of exchange rate changes on cash and cash equivalents 125 190 Net increase (decrease) in cash and cash equivalents (38,937) 29,415 Cash and cash equivalents at beginning of period 114,947 85,532 ------------- ------------- Cash and cash equivalents at end of period $ 76,010 $ 114,947 ============= ============= QUANTUM CORPORATION GAAP TO NON-GAAP RECONCILIATION (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2011 ------------------------------------------------- Per Per Share Share Net Net Gross Net Income Income Gross Margin Income (Loss), (Loss), Margin Rate (Loss) Basic Diluted --------- -------- -------- -------- -------- GAAP $ 68,562 41.5% $ (1,652) $ (0.01) $ (0.01) Non-GAAP Reconciling Items: Amortization of Intangibles 2,575 5,931 Share-based Compensation 405 2,371 Restructuring Charges 602 3,633 --------- -------- Non-GAAP $ 72,144 43.7% $ 10,283 $ 0.04 $ 0.04 Computation of basic and diluted net income (loss) per share: GAAP Non-GAAP -------- -------- Net income (loss) $ (1,652) $ 10,283 Interest on dilutive convertible notes -- 1,166 -------- -------- Income (loss) for purposes of computing income (loss) per diluted share $ (1,652) $ 11,449 ======== ======== Weighted average shares: Basic 226,496 226,496 Dilutive shares from stock plans -- 9,469 Dilutive shares from convertible notes -- 31,158 -------- -------- Diluted 226,496 267,123 ======== ======== Twelve Months Ended March 31, 2011 ------------------------------------------------- Per Per Share Share Gross Net Net Gross Margin Net Income, Income, Margin Rate Income Basic Diluted --------- -------- -------- -------- -------- GAAP $ 282,982 42.1% $ 4,541 $ 0.02 $ 0.02 Non-GAAP Reconciling Items: Amortization of Intangibles 14,662 28,381 Share-based Compensation 1,768 10,421 Restructuring Charges 602 3,644 Loss on Debt Extinguishment 1,186 Senior Debt Amendment Fees 861 --------- -------- Non-GAAP $ 300,014 44.6% $ 49,034 $ 0.22 $ 0.21 Computation of basic and diluted net income per share: GAAP Non-GAAP -------- -------- Net income $ 4,541 $ 49,034 Interest on dilutive convertible notes -- 1,761 -------- -------- Income for purposes of computing income per diluted share $ 4,541 $ 50,795 ======== ======== Weighted average shares: Basic 220,888 220,888 Dilutive shares from stock plans 8,850 8,850 Dilutive shares from convertible notes -- 11,610 -------- -------- Diluted 229,738 241,348 ======== ======== The non-GAAP financial information set forth in this table is not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial information used by other companies. QUANTUM CORPORATION GAAP TO NON-GAAP RECONCILIATION (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2010 ------------------------------------------------- Per Per Share Share Net Net Gross Net Income Income Gross Margin Income (Loss), (Loss), Margin Rate (Loss) Basic Diluted --------- -------- -------- -------- -------- GAAP $ 67,049 40.8% $ (4,365) $ (0.02) $ (0.02) Non-GAAP Reconciling Items: Amortization of Intangibles 5,547 9,066 Share-based Compensation 414 2,634 Restructuring Charges 11 --------- -------- Non-GAAP $ 73,010 44.4% $ 7,346 $ 0.04 $ 0.03 Computation of basic and diluted net income (loss) per share: GAAP Non-GAAP -------- -------- Net income (loss) $ (4,365) $ 7,346 Interest on dilutive convertible notes -- -- -------- -------- Income (loss) for purposes of computing income (loss) per diluted share $ (4,365) $ 7,346 ======== ======== Weighted average shares: Basic 214,442 214,442 Dilutive shares from stock plans -- 10,956 Dilutive shares from convertible notes -- -- -------- -------- Diluted 214,442 225,398 ======== ======== Twelve Months Ended March 31, 2010 ------------------------------------------------- Per Per Share Share Gross Net Net Gross Margin Net Income, Income, Margin Rate Income Basic Diluted --------- -------- -------- -------- -------- GAAP $ 280,037 41.1% $ 16,634 $ 0.08 $ 0.02 Non-GAAP Reconciling Items: Amortization of Intangibles 22,069 36,144 Share-based Compensation 1,366 9,789 Restructuring Charges 4,795 Gain on Debt Extinguishment, Net of Costs (12,859) --------- -------- Non-GAAP $ 303,472 44.5% $ 54,503 $ 0.26 $ 0.25 Computation of basic and diluted net income per share: GAAP Non-GAAP -------- -------- Net income $ 16,634 $ 54,503 Interest on dilutive convertible notes 1,249 -- Gain on debt extinguishme- nt, net of costs (12,859) -- -------- -------- Income for purposes of computing income per diluted share $ 5,024 $ 54,503 ======== ======== Weighted average shares: Basic 212,672 212,672 Dilutive shares from stock plans 4,527 4,527 Dilutive shares from convertible notes 6,562 -- -------- -------- Diluted 223,761 217,199 ======== ======== The non-GAAP financial information set forth in this table is not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial information used by other companies. QUANTUM CORPORATION FORECAST FIRST QUARTER FISCAL 2012 GAAP TO NON-GAAP RECONCILIATION (In millions) ---------------------------- Percentage range ---------------------------- Forecast gross margin rates on a GAAP basis 41.1% -- 42.1% Forecast amortization of intangibles 1.6% Forecast share-based compensation 0.3% ---------------------------- Forecast gross margin rates on a non-GAAP basis 43.0% -- 44.0% ============================ ---------------------------- Dollar range ---------------------------- Forecast operating expense on a GAAP basis $ 63.7 -- $ 65.7 Forecast amortization of intangibles 3.3 Forecast share-based compensation 2.4 ---------------------------- Forecast operating expense on a non-GAAP basis $ 58.0 -- $ 60.0 ============================ Estimates based on current (May 17, 2011) projections. The projected GAAP and non-GAAP financial information set forth in this table represent forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For risk factors that could impact these projections, see our Annual Report on Form 10-K as filed with the SEC on June 11, 2010. We disclaim any obligation to update information in any forward-looking statement. The non-GAAP financial information set forth in this table is not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial information used by other companies.

Contact:
Brad Cohen
Public Relations
Quantum Corp.
(408) 944-4044
Email Contact

Christi Lee
Investor Relations
Quantum Corp.
(408) 944-4450
Email Contact


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