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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 19, 1998
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ADAPTEC, INC.
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(Exact name of registrant as specified in charter)
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DELAWARE 0-15071 94-2748530
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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691 S. MILPITAS DRIVE, MILPITAS, CALIFORNIA 95035
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(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code (408) 945-8600
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NOT APPLICABLE
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
In a press release dated October 19, 1998, Adaptec, Inc. (the
"Company") announced that it would repurchase $200 Million of its outstanding
Common Stock in open market purchases. All such purchases will be made in
compliance with Rule 10b-18 of the Securities Exchange Act of 1934. Neither this
filing nor said press release constitute an offer to purchase securities of the
Company. The information contained in said press release is incorporated herein
by reference.
In a press release dated October 20, 1998, the Company announced that
it had appointed Bob Stephens, currently Chief Operating Officer of the Company,
to the additional position of President and that it had confirmed Andy Brown as
Chief Financial Officer of the Company. The information contained in said press
release is incorporated herein by reference.
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EXHIBIT NUMBER DESCRIPTION
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99.1 PRESS RELEASE DATED OCTOBER 19, 1998.
99.2 PRESS RELEASE DATED OCTOBER 20, 1998
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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 hereunto duly authorized.
Date: October 21, 1998 ADAPTEC, INC.
/s/ Andrew J. Brown
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Andrew J. Brown,
Chief Financial Officer
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EXHIBIT INDEX
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EXHIBIT NUMBER DESCRIPTION
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99.1 PRESS RELEASE DATED OCTOBER 19, 1998.
99.2 PRESS RELEASE DATED OCTOBER 20, 1998
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EXHIBIT 99.1
PRESS RELEASE DATED OCTOBER 19, 1998
Adaptec Announces $200 Million Stock Buyback
MILPITAS, Calif., -- October 19, 1998 - The Board of Directors of Adaptec, Inc.
has authorized the repurchase of up to $200 million worth of the company's
outstanding common stock. The shares will be purchased on the open market.
Interim CEO Larry Boucher said, "The Board decision reflects my confidence in
the company's future. Both Adaptec management and the Board are committed to
building shareholder value, and an expanded stock repurchase will benefit
shareholders. Today's announcement reinforces Adaptec's intent to deliver
improved performance and profitability."
About Adaptec
Adaptec provides bandwidth management technologies for organizations building
the global information infrastructure. Its high performance I/O, connectivity,
and network products are incorporated into the systems and products of major
computer and peripheral manufacturers. Founded in 1981 and headquartered in
Milpitas, Calif., Adaptec (NASDAQ: ADPT) employs people worldwide in design,
manufacturing, sales, service and distribution. Adaptec's home page is
http://www.adaptec.com.
Adam Trunkey
Adaptec, Inc.
(408) 957-6761
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EXHIBIT 99.2
PRESS RELEASE DATED OCTOBER 20, 1998
Adaptec Appoints Bob Stephens President
Andy Brown Named CFO
Milpitas, Calif. - October 20, 1998 - Adaptec, Inc. today announced the
appointment of Bob Stephens, currently chief operating officer since 1995, to
the additional position of president. The company also confirmed Andy Brown as
chief financial officer. Mr. Brown had been serving as interim CFO since August
1998.
"Bob has been key to managing the company's day to day operations and
architecting the restructuring we completed this year," said Interim CEO Larry
Boucher. "During his three years at Adaptec, Bob has been a principal asset to
the company. His outstanding contributions have allowed Adaptec to maintain its
market leadership position."
Stephens, 53, who joined Adaptec in November 1995, is responsible for strategic
operations, worldwide sales and marketing, research and development, and
manufacturing.
Andy Brown, 39, currently Adaptec's Interim CFO, joined the company in 1988, and
has held a variety of financial and management positions including most recently
vice president and corporate controller. As CFO, Brown will be responsible for
the finance, treasury, and investor relations functions of the business.
"Andy's committed to delivering solid financial results and managing Adaptec's
strong balance sheet for our shareholders and institutional investors," said
Larry Boucher. "His keen understanding of Adaptec's history and financial
operations will be pivotal to our success in the future."
About Adaptec
Adaptec provides bandwidth management technologies for organizations building
the global information infrastructure. Its high performance I/O, connectivity,
and network products are incorporated into the systems and products of most
computer and peripheral manufacturers. Founded in 1981 and headquartered in
Milpitas, Calif., Adaptec (NASDAQ: ADPT) employs people worldwide in design,
manufacturing, sales, service and distribution. Adaptec's home page is
http://www.adaptec.com.
ADAPTEC CONTACTS:
Adam B. Trunkey
(408) 957-6761
