Mr. Waddington: JNI is a supplier of host bus adapters and OS driver technology that allow or facilitate the connection of server systems to storage systems across storage area networks. So to connect a Sun, IBM or HP server to a Symmetrix or HDS, Compaq StorageWorks RAID system or a storage technology tape system, you would use JNI technology. JNI has been public since October 1999. This past year, we grew from 40 million the previous year to 103 million, and our earnings per share grew from 0.11 a share to 0.6 a share. We've been growing very quickly in this marketplace as we've seen the fast adoption of storage area networking technology.
TWST: Your stock price has declined somewhat in recent months.
Mr. Waddington: That's the case, along with many other companies.
Certainly there are challenging underlying economic conditions and
uncertainty with respect to storage growth rates going forward. I think
at one time, storage was thought to be somewhat immune to the economic
downturn, but that is no longer the thinking. In fact, the prevailing
wisdom is that while storage is likely to lead the recovery as it
occurs, there will be some impact to IT spending, even in the storage
arena.
Tickers included in this excerpt: JNIC
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