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Adaptec shares slide on earnings miss

Shares in the computer storage products company slip after it fell short of earnings and revenue estimates for its third quarter.

Shares of Adaptec 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.