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News Breaks
July 29, 2014
08:25 EDTQTMQuantum, Starboard reach agreement on board composition
Quantum announced that it has entered into an agreement with Starboard Value LP and its affiliates regarding the membership and composition of Quantum's board. Under the agreement, Quantum will renominate Jeffrey Smith, CEO of Starboard, and two other current Starboard-recommended directors -- Louis DiNardo, president and CEO of Exar Corp., and Philip Black, former president and CEO of Nexsan Technologies -- for election at Quantum's 2014 Annual Meeting of Stockholders. Quantum will also nominate an additional Starboard-recommended director -- Dale Fuller, chairman of AVG Technologies N.V. -- for election as a successor to Michael Brown, who, as previously announced, is retiring from the board. Also as part of the agreement, Starboard -- which beneficially owns approximately 17% of the outstanding shares of Quantum's common stock, including shares underlying Quantum's convertible senior subordinated notes -- will vote all of its shares in favor of each of the Quantum board's nominees at the 2014 Annual Meeting and in accordance with the board's recommendation with respect to any other proposals being voted on at the Annual Meeting, unless Institutional Shareholder Services Inc. recommends otherwise regarding any such proposal. Starboard will also be subject to certain standstill provisions for a period ending prior to the 2015 Annual Meeting of Stockholders. If Quantum does not achieve certain agreed upon objectives in its FY15 business plan, Starboard will have the right to add two additional directors to the board. Alternatively, if Quantum achieves all the agreed upon objectives, the standstill provisions of the agreement will remain in effect for a period ending prior to the 2016 Annual Meeting of Stockholders.
News For QTM From The Last 14 Days
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October 14, 2014
09:13 EDTQTMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Johnson & Johnson (JNJ), up 1%... Dominos Pizza (DPZ), up 2.7%. ALSO HIGHER: Citigroup (C), up 2.5% following earnings report, announcement of plans to exit consumer businesses in 11 markets... MagneGas (MNGA), up 14% after signing Letter of Intent with Pioneer Recycling... Skyworks (SWKS), up 6% after raising its outlook for Q4. Shares of peers Avago (AVGO), NXP Semiconductors (NXPI) and RF Micro Devices (RFMD) are also moving higher in pre-market trading after Skyworks pointed to "broad-based strength" of its business in raising its outlook... Halcon Resources (HK), up 6% after upgraded at KLR Group... Quantum (QTM), up 8.8% after issuing Q2 earnings guidance. LOWER: Wells Fargo (WFC), down 1.4% after reporting in-line Q3 earnings... JPMorgan (JPM), down 1.8% after Q3 headline earnings miss... Las Vegas Sands (LVS), down 1% following downgrade at BofA Merrill Lynch.
October 13, 2014
16:08 EDTQTMQuantum sees Q2 revenue of approximately $135M, consensus $132.6M.
Sees total revenue of approximately $135M, at the top of Quantum's July guidance range of $130M to $135M, and a three percent increase over the same period last year; Branded revenue of approximately $107M, up six percent year-over-year driven by over 50% growth in scale-out storage revenue and 11% growth in revenue from DXi deduplication sales; and continued improvement in profitability as the result of revenue growth and greater operational efficiencies. "These strong preliminary second quarter results demonstrate the success we're seeing in the market and the increased leverage we've driven in our business over the last 18 months," said Jon Gacek, president and CEO of Quantum. "During this time we've made several strategic improvements to our operating model while continuing to invest in products that not only generate higher levels of profit and cash flow but also deliver strong revenue growth.

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