October 24, 2012 at 16:05 PM EDT
Quantum Corporation Reports Fiscal Second Quarter Results

SAN JOSE, CA -- (Marketwire) -- 10/24/12 -- Quantum Corp. (NYSE: QTM)

Highlights:

  • Total revenue of $147 million, up 5% sequentially
  • Record disk systems and software revenue of $42 million, up 18% year-over-year
  • Record DXi revenue driven by 30% year-over-year increase in enterprise sales
  • Record StorNext revenue, up 27% year-over-year and reflecting continued StorNext appliances momentum

Quantum Corp. (NYSE: QTM), a proven global expert in data protection and big data management, today reported results for the second quarter of fiscal 2013 (FQ2'13), ended Sept. 30, 2012. Revenue for the quarter totaled $147 million, down 11 percent from the second quarter of fiscal 2012 (FQ2'12) primarily due to lower-than-expected OEM and branded tape automation revenue. However, total revenue was up $6 million, or 5 percent, sequentially. In addition, Quantum reported record revenue of $42 million from disk system and software sales (including related service), which increased 18 percent from FQ2'12 and 38 percent sequentially. Both DXi® and StorNext® revenues were also the highest they have ever been for a quarter, growing 14 percent and 27 percent, respectively, over FQ2'12.

Quantum reported a GAAP net loss of $12 million, or 5 cents per share, for FQ2'13, compared to GAAP net income of $4 million in FQ2'12. On a non-GAAP basis, the company had a net loss of $5 million, or 2 cents per share, down from net income of $14 million in the same quarter last year. The year-over-year declines were largely driven by the lower overall revenue.

"We are very pleased with our record results in disk systems and software, as these products are key to driving higher revenue growth and profit," said Jon Gacek, president and CEO of Quantum. "In the September quarter, we also continued to expand and enhance our product portfolio to build on this momentum moving forward, launching our Q-Cloud™ backup and disaster recovery subscription service, shipping the next generation of our vmPRO virtual data protection software, adding 3 TB drives to our DXi8500 enterprise deduplication line and releasing a new version of our StorNext big data management software.

"We believe the shortfall in tape revenue and impact on profits was largely due to the industry transitioning to the latest LTO generation technology. Nevertheless, as we begin the second half of the fiscal year, we are taking actions to reduce spending in certain areas so that we can continue to make the investments that best support our growth strategy."

Outlook
For the third quarter of fiscal 2013, Quantum expects:

  • Revenue of approximately $160 million.
  • GAAP gross margin rate of approximately 41 percent and non-GAAP gross margin rate of
    42 percent.
  • GAAP operating expenses of $67 million to $69 million and non-GAAP operating expenses of $62 million to $64 million.
  • Interest expense of $2 million and taxes of $500,000.

For the full fiscal year, the company now expects:

  • Revenue of approximately $600 million.
  • GAAP gross margin rate of approximately 41 percent and non-GAAP gross margin rate of 42 percent.
  • GAAP operating expenses of approximately $273 million and non-GAAP operating expenses of approximately $250 million.

Business Highlights
Key business highlights for the September quarter include the following:

  • Quantum introduced Q-Cloud, a new cloud-based backup and disaster recovery subscription service incorporating Quantum's DXi and vmPRO technology and delivering business-class data protection for as little as 1 cent/GB/month. Q-Cloud provides backup of both physical and virtual infrastructures for capacities ranging from 1 TB up to 1 PB of protected data. With an on-premise DXi appliance, Q-Cloud customers can benefit from the speed and convenience of local recovery with the security of cloud-based backup.
  • The company increased the storage density and power savings in its DXi8500 appliances, creating the industry's most efficient disk backup and deduplication solution for enterprise customers. The DXi8500 now incorporates 3 TB disk drives to deliver 50 percent greater storage density, 42 percent more power savings and 25 percent higher performance, offering the smallest footprint and the highest value of any enterprise disk backup solution available.
  • Shipments of the DXi6700 appliance family surpassed 1,000 units, reflecting the broad adoption of the DXi6701 and DXi6702 during its first year in the market. Designed to eliminate the trade-offs customers have to make with other deduplication solutions, the DXi6701/02 has received several product of the year honors and other industry recognition. (See separate press release issued today titled, "Quantum Ships 1,000th DXi6701/02 Midrange Deduplication Appliance.")
  • Quantum released StorNext 4.3 software, which brings new intelligence features, greater performance and increased scale to managing big data, including support for up to one billion files and dozens of petabytes of tiered storage. This latest generation StorNext software also includes unique capabilities for emerging needs, such as archive on ingest, active vaulting and project-based capacity management -- all designed to help customers extract maximum value from their data.
  • StorNext File System shipments surpassed 70,000, representing an increase of nearly 20 percent in less than nine months. In addition, the unique value StorNext provides in helping customers manage big data was reflected in two other announcements made during the quarter. First, a NASCAR video project in which StorNext played a central role won a prestigious Innovation Award at IBC 2012, a leading international conference for the media and entertainment industry. Second, in research sponsored by Quantum and conducted by IDC, the industry analyst firm found that StorNext customers experienced a return of nearly $6.50 for every $1 invested over three years, with payback in just over four months.
  • Teradata, the leading analytic data solutions company, selected Quantum's Scalar® tape libraries and Scalar Key Manager™ encryption software as standard elements in its enterprise data protection solution offerings for customers. This partnership speaks to Quantum's worldwide market share leadership in open systems tape automation and enables the company to extend its customer reach even further.

Conference Call and Audio Webcast Notification
Quantum will hold a conference call today, Oct. 24, 2012, at 2:00 p.m. PDT, to discuss its fiscal second quarter results. Press and industry analysts are invited to attend in listen-only mode. Dial-in number: (480) 629-9818 (U.S. & International). Quantum will provide a live audio webcast of the conference call beginning today, Oct. 24, 2012, at 2:00 p.m. PDT. Site for the webcast and related information: http://www.quantum.com/investors.

About Quantum
Quantum is a proven global expert in data protection and big data management, providing specialized storage solutions for physical, virtual and cloud environments. From small businesses to major enterprises, more than 50,000 customers trust Quantum to help maximize the value of their data by protecting and preserving it over its entire lifecycle. With Quantum, customers can Be Certain™ they're able to adapt in a changing world -- keeping more data longer, bridging from today to tomorrow, and reducing costs. See how at www.quantum.com/BeCertain.

Quantum, the Quantum logo, Be Certain, Q-Cloud, DXi, StorNext, Scalar and Scalar Key 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, our statements regarding taking actions to reduce spending so that we can continue to make the investments that best support our growth strategy, that the Teradata relationship enables us to extend our customer reach and 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 "Risk Factors" in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 14, 2012 and in Quantum's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2012. 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 acquisition expenses, amortization of intangibles, restructuring charges and share-based compensation expense for the following reasons:

Acquisition Expenses
The acquisition expenses were those expenses incurred to acquire Pancetera, Inc. and are not part of Quantum's future core operations.

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.

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.

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.

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         Six Months Ended
                         ------------------------  ------------------------
                          September    September    September    September
                           30, 2012     30, 2011     30, 2012     30, 2011
                         -----------  -----------  -----------  -----------

Revenue:
  Product                $   100,067  $   115,126  $   193,878  $   217,394
  Service                     35,711       35,898       71,798       72,594
  Royalty                     11,562       14,015       22,543       28,586
                         -----------  -----------  -----------  -----------
    Total revenue            147,340      165,039      288,219      318,574
Cost of revenue:
  Product                     67,884       72,299      132,634      140,806
  Service                     20,232       21,129       40,566       43,195
  Restructuring benefit
   related to cost of
   revenue                        --           --           --         (300)
                         -----------  -----------  -----------  -----------
    Total cost of
     revenue                  88,116       93,428      173,200      183,701
                         -----------  -----------  -----------  -----------
      Gross margin            59,224       71,611      115,019      134,873

  Operating expenses:
    Research and
     development              19,475       19,003       38,024       37,583
    Sales and marketing       34,441       31,115       69,719       61,640
    General and
     administrative           15,279       15,230       32,059       31,232
    Restructuring
     charges                      --          863           --          699
                         -----------  -----------  -----------  -----------
                              69,195       66,211      139,802      131,154
  Gain on sale of
   patents                        --        1,500           --        1,500
                         -----------  -----------  -----------  -----------
      Income (loss) from
       operations             (9,971)       6,900      (24,783)       5,219

  Other income and
   expense                      (110)        (182)        (448)        (280)
  Interest expense            (1,817)      (2,852)      (3,666)      (5,661)
                         -----------  -----------  -----------  -----------
        Income (loss)
         before income
         taxes               (11,898)       3,866      (28,897)        (722)
  Income tax provision           370          305          869          943
                         -----------  -----------  -----------  -----------
        Net income
         (loss)          $   (12,268) $     3,561  $   (29,766) $    (1,665)
                         ===========  ===========  ===========  ===========


  Basic and diluted net
   income (loss) per
   share:                $     (0.05) $      0.01  $     (0.12) $     (0.01)

  Weighted average
   common and common
   equivalent shares:
        Basic                239,856      232,712      238,251      230,579
        Diluted              239,856      238,459      238,251      230,579


  Included in the above
   Statements of
   Operations:

  Amortization of
   intangibles:
      Cost of revenue    $     1,134  $     2,101  $     2,496  $     4,676
      Sales and
       marketing               2,556        3,285        5,812        6,616
      General and
       administrative             --            7           --           32
                         -----------  -----------  -----------  -----------
                               3,690        5,393        8,308       11,324
  Share-based
   compensation:
      Cost of revenue            642          568        1,213        1,023
      Research and
       development               947        1,031        1,847        1,671
      Sales and
       marketing               1,246        1,213        2,330        1,932
      General and
       administrative            891          993        2,623        2,196
                         -----------  -----------  -----------  -----------
                               3,726        3,805        8,013        6,822

  Acquisition expenses            --           93           --          325


                            QUANTUM CORPORATION
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                               (In thousands)
                                (Unaudited)

                                               September 30,    March 31,
                                                    2012          2012*
                                               -------------  -------------

                    Assets
  Current assets:
    Cash and cash equivalents                  $      28,972  $      51,261
    Restricted cash                                    3,981          4,230
    Accounts receivable, net                          99,564        110,840
    Manufacturing inventories                         54,794         61,111
    Service parts inventories                         37,149         39,050
    Deferred income taxes                              4,950          5,295
    Other current assets                               8,918          9,434
                                               -------------  -------------
      Total current assets                           238,328        281,221

  Long-term assets:
    Property and equipment, net                       25,945         25,440
    Intangible assets and goodwill                    73,417         81,725
    Other long-term assets                             8,077          6,962
                                               -------------  -------------
      Total long-term assets                         107,439        114,127

                                               -------------  -------------
                                               $     345,767  $     395,348
                                               =============  =============

     Liabilities and Stockholders' Deficit
  Current liabilities:
    Accounts payable                           $      42,930  $      56,304
    Accrued warranty                                   7,904          7,586
    Deferred revenue, current                         82,520         93,441
    Accrued restructuring charges                        924          1,752
    Accrued compensation                              28,223         31,971
    Income taxes payable                                 351          1,133
    Other accrued liabilities                         19,023         17,866
                                               -------------  -------------
      Total current liabilities                      181,875        210,053

  Long-term liabilities:
    Deferred revenue, long-term                       36,293         36,430
    Deferred income taxes                              4,476          4,564
    Long-term debt                                    49,495         49,495
    Convertible subordinated debt                    135,000        135,000
    Other long-term liabilities                        6,313          6,486
                                               -------------  -------------
      Total long-term liabilities                    231,577        231,975

    Stockholders' deficit                            (67,685)       (46,680)

                                               -------------  -------------
                                               $     345,767  $     395,348
                                               =============  =============


------------------------------------------------------------
* Derived from the March 31, 2012 audited Consolidated
 Financial Statements.


                            QUANTUM CORPORATION
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (In thousands)
                                (Unaudited)

                                                     Six Months Ended
                                               ----------------------------
                                               September 30,  September 30,
                                                    2012           2011
                                               -------------  -------------
Cash flows from operating activities:
  Net loss                                     $     (29,766) $      (1,665)
  Adjustments to reconcile net loss to net
   cash provided by (used in) operating
   activities:
    Depreciation                                       6,151          5,928
    Amortization                                       8,895         12,521
    Service parts lower of cost or market
     adjustment                                        4,700          3,851
    Deferred income taxes                                274           (713)
    Share-based compensation                           8,013          6,822
    Changes in assets and liabilities, net of
     effect of acquisition:
      Accounts receivable                             11,276          6,330
      Manufacturing inventories                        1,499         (5,992)
      Service parts inventories                        2,019          2,166
      Accounts payable                               (13,347)         1,189
      Accrued warranty                                   318             79
      Deferred revenue                               (11,058)        (5,578)
      Accrued restructuring charges                     (828)        (2,761)
      Accrued compensation                            (3,682)        (4,506)
      Income taxes payable                              (765)           248
      Other assets and liabilities                     1,779           (913)
                                               -------------  -------------
Net cash provided by (used in) operating
 activities                                          (14,522)        17,006

Cash flows from investing activities:
  Purchases of property and equipment                 (6,691)        (6,036)
  (Increase) decrease in restricted cash                 169         (1,245)
  Purchases of other investments                      (2,169)            --
  Return of principal from other investments             208             --
  Payment for business acquisition, net of
   cash acquired                                          --         (8,152)
                                               -------------  -------------
Net cash used in investing activities                 (8,483)       (15,433)

Cash flows from financing activities:
  Repayments of long-term debt                            --        (35,521)
  Payment of taxes due upon vesting of
   restricted stock                                   (1,882)        (2,544)
  Proceeds from issuance of common stock               2,599          6,975
                                               -------------  -------------
Net cash provided by (used in) financing
 activities                                              717        (31,090)

Effect of exchange rate changes on cash and
 cash equivalents                                         (1)           (33)

Net decrease in cash and cash equivalents            (22,289)       (29,550)
Cash and cash equivalents at beginning of
 period                                               51,261         76,010
                                               -------------  -------------
Cash and cash equivalents at end of period     $      28,972  $      46,460
                                               =============  =============


                            QUANTUM CORPORATION
                      GAAP TO NON-GAAP RECONCILIATION
                  (In thousands, except per share amounts)
                                (Unaudited)

                                Three Months Ended September 30, 2012
                         --------------------------------------------------
                                     Gross             Per Share  Per Share
                           Gross    Margin             Net Loss,  Net Loss,
                           Margin    Rate    Net Loss    Basic     Diluted
                         ---------  ------  ---------  ---------  ---------
GAAP                     $  59,224    40.2% $ (12,268) $   (0.05) $   (0.05)
Non-GAAP Reconciling
 Items:
  Amortization of
   intangibles               1,134              3,690
  Share-based
   compensation                642              3,726
                         ---------          ---------
Non-GAAP                 $  61,000    41.4% $  (4,852) $   (0.02) $   (0.02)

    Computation of basic
     and diluted net
     loss per share:                                      GAAP     Non-GAAP
                                                       ---------  ---------
      Net loss                                         $ (12,268) $  (4,852)

    Weighted average
     shares:
      Basic and diluted                                  239,856    239,856

                                 Six Months Ended September 30, 2012
                         --------------------------------------------------
                                     Gross             Per Share  Per Share
                           Gross    Margin             Net Loss,  Net Loss,
                           Margin    Rate    Net Loss    Basic     Diluted
                         ---------  ------  ---------  ---------  ---------
GAAP                     $ 115,019    39.9% $ (29,766) $   (0.12) $   (0.12)
Non-GAAP Reconciling
 Items:
  Amortization of
   intangibles               2,496              8,308
  Share-based
   compensation              1,213              8,013
                         ---------          ---------
Non-GAAP                 $ 118,728    41.2% $ (13,445) $   (0.06) $   (0.06)

    Computation of basic
     and diluted net
     loss per share:                                      GAAP     Non-GAAP
                                                       ---------  ---------
      Net loss                                         $ (29,766) $ (13,445)

    Weighted average
     shares:
      Basic and diluted                                  238,251    238,251


                                Three Months Ended September 30, 2011
                         --------------------------------------------------
                                                       Per Share  Per Share
                                     Gross                Net        Net
                           Gross    Margin     Net      Income,    Income,
                           Margin    Rate     Income     Basic     Diluted
                         ---------  ------  ---------  ---------  ---------
GAAP                     $  71,611    43.4% $   3,561  $    0.01  $    0.01
Non-GAAP Reconciling
 Items:
  Amortization of
   intangibles               2,101              5,393
  Share-based
   compensation                568              3,805
  Restructuring charges         --                863
  Acquisition expenses          --                 93
                         ---------          ---------
Non-GAAP                 $  74,280    45.0% $  13,715  $    0.06  $    0.06

    Computation of basic
     and diluted net
     income per share:                                    GAAP     Non-GAAP
                                                       ---------  ---------
      Net income                                       $   3,561  $  13,715
        Interest on
         dilutive
         convertible
         notes                                                --      1,191
                                                       ---------  ---------
      Income for
       purposes of
       computing income
       per diluted share                               $   3,561  $  14,906
                                                       =========  =========

    Weighted average
     shares:
      Basic                                              232,712    232,712
        Dilutive shares
         from stock
         plans                                             5,747      5,747
        Dilutive shares
         from
         convertible
         notes                                                --     31,158
                                                       ---------  ---------
      Diluted                                            238,459    269,617
                                                       =========  =========

                                 Six Months Ended September 30, 2011
                         --------------------------------------------------
                                                       Per Share  Per Share
                                                          Net        Net
                                     Gross     Net       Income     Income
                           Gross    Margin    Income    (Loss),    (Loss),
                           Margin    Rate     (Loss)     Basic     Diluted
                         ---------  ------  ---------  ---------  ---------
GAAP                     $ 134,873    42.3% $  (1,665) $   (0.01) $   (0.01)
Non-GAAP Reconciling
 Items:
  Amortization of
   intangibles               4,676             11,324
  Share-based
   compensation              1,023              6,822
  Restructuring charges       (300)               399
  Acquisition expenses          --                325
                         ---------          ---------
Non-GAAP                 $ 140,272    44.0% $  17,205  $    0.07  $    0.07

    Computation of basic
     and diluted net
     income (loss) per
     share:                                               GAAP     Non-GAAP
                                                       ---------  ---------
      Net income (loss)                                $  (1,665) $  17,205
        Interest on
         dilutive
         convertible
         notes                                                --         --
                                                       ---------  ---------
      Income (loss) for
       purposes of
       computing income
       (loss) per
       diluted share                                   $  (1,665) $  17,205
                                                       =========  =========


    Weighted average
     shares:
      Basic                                              230,579    230,579
        Dilutive shares
         from stock
         plans                                                --      7,835
        Dilutive shares
         from
         convertible
         notes                                                --         --
                                                       ---------  ---------
      Diluted                                            230,579    238,414
                                                       =========  =========

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 THIRD QUARTER AND FULL YEAR FISCAL 2013
                       GAAP TO NON-GAAP RECONCILIATION
                            (Dollars in millions)


                     FORECAST THIRD QUARTER FISCAL 2013


                                                            ----------------
                                                               Percentage
                                                            ----------------
Forecast third quarter gross margin rate on a GAAP basis          41.0%

Forecast amortization of intangibles                              0.6%
Forecast share-based compensation                                 0.4%

                                                            ----------------
Forecast third quarter gross margin rate on a non-GAAP basis      42.0%
                                                            ================


                                                            ----------------
                                                              Dollar Range
                                                            ----------------
Forecast third quarter operating expense on a GAAP basis      $67.2 - $69.2

Forecast amortization of intangibles                               1.9
Forecast share-based compensation                                  3.3

                                                            ----------------
Forecast third quarter operating expense on a non-GAAP basis  $62.0 - $64.0
                                                            ================



                       FORECAST FULL YEAR FISCAL 2013



                                                            ----------------
                                                               Percentage
                                                            ----------------
Forecast fiscal 2013 gross margin rate on a GAAP basis            41.0%

Forecast amortization of intangibles                              0.6%
Forecast share-based compensation                                 0.4%

                                                            ----------------
Forecast fiscal 2013 gross margin rate on a non-GAAP basis        42.0%
                                                            ================


                                                            ----------------
                                                                 Dollars
                                                            ----------------
Forecast fiscal 2013 operating expense on a GAAP basis           $272.7

Forecast amortization of intangibles                               9.5
Forecast share-based compensation                                 13.2

                                                            ----------------
Forecast fiscal 2013 operating expense on a non-GAAP basis       $250.0
                                                            ================


Estimates based on current (October 24, 2012) 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 14, 2012. 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
brad.cohen@quantum.com

Christi Lee
Investor Relations
Quantum Corp.
(408) 944-4450
ir@quantum.com

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