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Adaptec misses earnings targets

Shares of Adaptec Inc. (Nasdaq: ADPT) slipped Thursday after the company fell short of earnings and revenue estimates for its third quarter.

The computer storage products maker's stock fell almost 3 percent, or 0.38 to 12.75, in pre-session trading on the Island ECN electronic trading network. The stock had traded at a 52-week high of 62.125 before slipping to a low of 8.

For the quarter, the company reported earnings of $25.46 million, or 26 cents per diluted share, on revenues of $186.26 million.

Earnings were a penny shy of the 27 cents a share First Call analysts' consensus forecast, while revenues missed the $193.3 million estimate.

Adaptec's numbers also fell short of the $57.55 million, or 52 cents per diluted share, earned on revenues of $211.45 million registered in the same period a year ago.

In a release, President and CEO Bob Stephens noted that the company's revenues were up slightly sequentially, despite the industry-wide economic slowdown that resulted in slower-than-anticipated seasonal sales.

Also in the quarter, the company postponed and later withdrew its IPO application for its subsidiary Roxio, and said it is now exploring other funding options.