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Company

R	A	T	I	N	G
			C
			C
			C
			C

ADPT-Corp-fka-Adaptec
Ticker symbol:	”ADPT”		SIC Code:	3576	Computer Communications Equipment
(Amounts in thousands, except share amounts)			Consolidated Balance sheet
			For fiscal year ending:			$ Dollar	$ Dollar	Percent	Percent
Assets			FYE 2009	FYE 2008	FYE 2007	Change	Change	Change%	Change%
1-Cash and cash equivalents			63,948	111,724	239,911	-47,776	-128,187	-42.76%	-53.43%
2-Short-term investments OR Marketable securities			311,399	264,868	386,305	46,531	-121,437	14.94%	-31.44%
3-Accounts receivable, net			7,528	11,735	23,204	-4,207	-11,469	-35.85%	-49.43%
4-Inventories, net			2,342	4,095	9,926	-1,753	-5,831	-42.81%	-58.74%
5-Total current assets			398,840	409,472	681,423	-10,632	-271,951	-2.60%	-39.91%
6-Property and equipment (net)			11,353	11,664	13,284	-311	-1,620	-2.67%	-12.20%
7-Goodwill			0	0	0	0	0	0.00%	0.00%
8-Total assets			429,076	450,107	700,087	-21,031	-249,980	-4.67%	-35.71%
Liabilities & stockholder's equity			0		0
9-Accounts payable			9,188	10,528	12,311	-1,340	-1,783	-12.73%	-14.48%
10-Total current liabilities			21,805	24,253	256,760	-2,448	-232,507	-10.09%	-90.55%
11-Other long term debt other liabilities, etc			4,755	7,310	9,335	-2,555	-2,025	-34.95%	-21.69%
13-Total liabilities			31,373	39,227	275,991	-7,854	-236,764	-20.02%	-85.79%
14-Total stockholders’ equity			397,703	410,880	424,096	-13,177	-13,216	-3.21%	-3.12%
14-Total liabilities stockholders’ equity			429,076	450,107	700,087	-21,031	-249,980	-4.67%	-35.71%
						$ Dollar	$ Dollar	Percent	Percent
		Consolidated Income Statement				Change	Change	Change %	Change %
1-Sales			73,682	114,774	145,501	-41,092	-30,727	-35.80%	-21.12%
2-Cost of sales			40,288	65,413	88,925	-25,125	-23,512	-38.41%	-26.44%
3-Gross profit			33,394	49,361	56,576	-15,967	-7,215	-32.35%	-12.75%
4-Selling, general and administrative			32,600	34,995	50,432	-2,395	-15,437	-6.84%	-30.61%
5-Depreciation and amortization OR R & D			29,486	26,929	33,966	2,557	-7,037	8.67%	-20.72%
6-Operating Profit			-31,600	-36,360	-33,036	4,760	-3,324	-15.06%	10.06%
7-Interest expenses			6	1,229	3,646	-1,223	-2,417	-99.51%	-66.29%
8-Earning before income taxes			-21,145	-16,581	-5,347	-4,564	-11,234	-27.53%	-210.10%
9-Tax Provision (- Benefit)			-2,475	-2,605	25	130	-2,630	-5.25%	-10520.00%
10-Net income (–loss) (After taxes)			-17,434	-10,190	-9,615	-7,244	-575	-71.09%	-5.98%
11-Earnings Per Share (Basic)			-0.15	-0.09	-0.08	0.06	0	66.67%	12.50%
12-Market price low			2.97			2.97	0	100.00%	0.00%
						$ Dollar	$ Dollar	Percent	Percent
		Consolidated Cash Flow				Change	Change	Change %	Change %
1-Net cash provided by operating activities			3,413	13,650	22,794	-10,237	-9,144	-75.00%	-40.12%
2-Net cash provided (used) in investing activities:			-50,449	85,397	115,076	-135,846	-29,679	-159.08%	-25.79%
3-Dividend			0	0	0	0	0	0.00%	0.00%
4-Net cash provided (used) in financing activities:			-1,436	-223,640	3,179	222,204	-226,819	-15473.82%	-7134.92%
Cash flow w/o questionable items			3,413	13,650	22,794
		© 2010	A Andrew	Harrison	CPA PC	Love	a	Challenge

	Harrifin Data Company
					Ratio evaluation of financials
			Industry	SIC	Code:	3576	Computer Communications Equipment
					For fiscal year ending:
					2009	2008	2007	$ Dollar	$ Dollar	Percent	Percent
Company name					Depreciation & amortize (or R & D) /Total assets			Change	Change	Change%	Change%
ADPT-Corp-fka-Adaptec					0.07	0.06	0.05	0.01	0.01	12.94%	18.91%
BLACK-BOX-CORP					0.02	0.02	0.02	0.00	0.00	10.49%	9.41%
CISCO-SYSTEMS-INC					0.06	0.08	0.09	-0.01	-0.01	-14.98%	-15.68%
DIGI-INTERNATIONAL-INC					0.10	0.10	0.10	0.00	0.00	2.21%	3.64%
ELECTRONICS-FOR-IMAGING-INC					0.17	0.19	0.12	-0.02	0.07	-10.25%	35.04%
Group Average					0.08	0.09	0.07	0.00	0.01	-3.93%	15.39%
Industry Average					0.15
					Assets to Sales
ADPT-Corp-fka-Adaptec					5.82	3.92	4.81	1.90	-0.89	32.66%	-18.49%
BLACK-BOX-CORP					1.17	1.14	1.06	0.03	0.08	2.87%	7.11%
CISCO-SYSTEMS-INC					2.03	1.89	1.49	0.14	0.40	6.90%	21.25%
DIGI-INTERNATIONAL-INC					1.56	1.47	1.45	0.09	0.01	6.02%	0.90%
ELECTRONICS-FOR-IMAGING-INC					1.65	1.34	1.87	0.31	-0.52	18.60%	-28.07%
Group Average					2.45	1.95	2.13	0.50	-0.18	20.24%	-8.61%
Industry Average					1.75
					Depreciation & amortize (or R & D)/Sales
ADPT-Corp-fka-Adaptec					0.40	0.23	0.23	0.17	0.00	41.37%	0.50%
BLACK-BOX-CORP					0.02	0.02	0.02	0.00	0.00	13.05%	15.85%
CISCO-SYSTEMS-INC					0.13	0.14	0.13	-0.01	0.01	-8.67%	6.60%
DIGI-INTERNATIONAL-INC					0.16	0.15	0.14	0.01	0.01	8.10%	4.51%
ELECTRONICS-FOR-IMAGING-INC					0.28	0.25	0.23	0.03	0.02	9.29%	9.68%
Group Average					0.20	0.16	0.15	0.04	0.01	19.65%	5.63%
Industry Average					0.24
					Current ratio
ADPT-Corp-fka-Adaptec					18.29	16.88	2.65	1.408	14.229	7.70%	84.28%
BLACK-BOX-CORP					1.63	1.62	1.77	0.010	-0.15	0.61%	-8.48%
CISCO-SYSTEMS-INC					2.67	3.24	2.58	-0.562	0.659	-17.36%	20.37%
DIGI-INTERNATIONAL-INC					7.42	6.36	6.28	1.057	0.077	14.24%	1.22%
ELECTRONICS-FOR-IMAGING-INC					3.42	3.51	1.70	-0.089	1.812	-2.53%	51.61%
Group Average					6.69	6.32	3.00
Industry Average					4.17
					Cash + Securities/Total assets
ADPT-Corp-fka-Adaptec					0.87	0.84	0.89	0.04	-0.058	4.36%	-6.46%
BLACK-BOX-CORP					0.02	0.02	0.02	0.00	-0.004	-11.08%	-15.91%
CISCO-SYSTEMS-INC					0.49	0.51	0.45	-0.02	0.067	-4.37%	13.06%
DIGI-INTERNATIONAL-INC					0.27	0.27	0.34	0.00	-0.069	0.86%	-20.21%
ELECTRONICS-FOR-IMAGING-INC					0.31	0.25	0.43	0.06	-0.180	18.47%	-41.68%
Group Average					0.39	0.38	0.43	0.01	-0.049	3.70%	-11.38%
Industry Average					0.43
					Rating calculation on financial statements
				SIC	Code:	3576	Computer Communications Equipment
Depreciation & amortize (or R & D) /Total assets									Maximum
							Score%	Assigned	to minimum		Risk
Company name								Points	Points		Name
ADPT-Corp-fka-Adaptec					0.07		45.43%	2	1	0 to 25	Very Low
BLACK-BOX-CORP					0.02		13.46%	1	2	26 to 50	Low
CISCO-SYSTEMS-INC					0.06		42.96%	2	3	51 to 100	Moderate
DIGI-INTERNATIONAL-INC					0.10		67.34%	3	4	101 to 150	High
ELECTRONICS-FOR-IMAGING-INC					0.17		110.80%	4	5	151 & up	Very High
Group Average					0.08			Rational: Lowest
Industry Average					0.15				is best
Assets to Sales									Maximum
							Score%	Assigned	to minimum		Risk
Company name								Points	Points		Name
ADPT-Corp-fka-Adaptec					5.82		332.77%	5	5	0 to 25	Very high
BLACK-BOX-CORP					1.17		66.89%	3	4	26 to 50	High
CISCO-SYSTEMS-INC					2.03		115.79%	4	1,2,3	51 to 110	Moderate
DIGI-INTERNATIONAL-INC					1.56		89.18%	2	4	111 to 150	High
ELECTRONICS-FOR-IMAGING-INC					1.65		94.20%	2	5	150 & up	Very high
Group Average					2.45			Rational: Closer to the average
Industry Average					1.75				is best
Depreciation & amortize (or R & D)/Sales									Maximum
							Score%	Assigned	to minimum		Risk
Company name								Points	Points		Name
ADPT-Corp-fka-Adaptec					0.40		166.89%	5	1	0 to 25	Very Low
BLACK-BOX-CORP					0.02		9.94%	1	2	26 to 50	Low
CISCO-SYSTEMS-INC					0.13		54.92%	3	3	51 to 100	Moderate
DIGI-INTERNATIONAL-INC					0.16		66.31%	3	4	101 to 150	High
ELECTRONICS-FOR-IMAGING-INC					0.28		115.23%	4	5	151 & up	Very High
Group Average					0.20			Rational: Lowest
Industry Average					0.24				is best
Current ratio									Maximum
							Score%	Assigned	to minimum		Risk
Company name								Points	Points		Name
ADPT-Corp-fka-Adaptec					18.29		438.82%	1	5	0 to 25	Very high
BLACK-BOX-CORP					1.63		39.09%	4	4	26 to 50	High
CISCO-SYSTEMS-INC					2.67		64.14%	3	3	51 to 100	Moderate
DIGI-INTERNATIONAL-INC					7.42		177.97%	1	2	101 to 150	Low
ELECTRONICS-FOR-IMAGING-INC					3.42		82.12%	3	1	151 & up	Very low
Group Average					6.69			Rational: Higher
Industry Average					4.17				is best
Cash + Securities/Total assets									Maximum
							Score%	Assigned	to minimum		Risk
Company name								Points	Points		Name
ADPT-Corp-fka-Adaptec					0.87		204.59%	5	5	0 to 25	Very high
BLACK-BOX-CORP					0.02		4.34%	5	4	26 to 50	High
CISCO-SYSTEMS-INC					0.49		114.91%	4	1,2,3	51 to 110	Moderate
DIGI-INTERNATIONAL-INC					0.27		63.90%	3	4	111 to 150	High
ELECTRONICS-FOR-IMAGING-INC					0.31		72.23%	3	5	150 & up	Very high
Group Average					0.39			Rational: Closer to the average
Industry Average					0.43				is best
					Final Rating
						Maximum 25 points
					Final		Total		Final
Company name					Score:		points:		Score%:
ADPT-Corp-fka-Adaptec					C		18		72%
BLACK-BOX-CORP					C		14		56%
CISCO-SYSTEMS-INC					C		16		64%
DIGI-INTERNATIONAL-INC					B		12		48%
ELECTRONICS-FOR-IMAGING-INC					C		16		64%
Very low risk A+ >>0 to 20 % Low risk A >>21 to 25 %
Low risk B+ >>26 to 31 % Low risk B >>32 to 45 % Low risk B- >>46 to 50 %
Moderate risk C+ >>51 to 57 % C >>58 to 67 % Moderate risk C- >>68 to 75 %
High risk D+ >>76 to 78 % High risk D >>79 to 82 % High risk D- >>83 to 85 %
Very risk E+ >>86 to 91 % E >>92 to 95 % Very high risk E- >>96 to 100 %
		© 2010	A	Andrew	Harrison	CPA	PC	Love	a	Challenge!