Adaptec 2001 Annual Report Download - page 18

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18
ITEM 7. M anagement's Discussi on and Analysis of Financial Condition and Results of
Operations.
The following discussion of the financial condition and results of our operations should be read
in conjunction with the consolidated financial statements and notes thereto included elsew here
in this Annual Report. This discussion contains forward-looking statements that are subject to
known and unknown risks, uncertainties and other factors that may cause our actual results,
levels of activity, performance, achievements and prospects to be materially different from
those expressed or implied by such forw ard-looking statements. These risks, uncertainties and
other factors include, among others, those identified under “ Factors That You Should Consider
Before Investing In PMC-Sierra” and elsewhere in this Annual Report.
These forw ard-looking statements apply only as of the date of this Annual Report. We
undertake no obligation to publicly update or revise any forward-looking statements, w hether
as a result of new information, future events or otherw ise. In light of these risks, uncertainties,
and assumptions, the forward-looking events discussed in this report might not occur. Our
actual results could differ materially from those anticipated in these forward-looking
statements for many reasons, including the risks we face as described in this Annual Report
and readers are cautioned not to place undue reliance on these forward-looking statements,
which reflect management’s analysis only as of the date hereof. Such forward-looking
statements include statements as to, among others:
• customer networking product inventory levels, needs and order levels;
• revenues;
• the degree to which our future revenues are booked and shipped within the same reporting
period, or “ turns business” ;
• gross profit;
• research and development expenses;
• marketing, general and administrative expenditures;
• interest and other income;
• capital resources sufficiency;
• capital expenditures;
• restructuring activities, expenses and associated annualized savings; and
• our business outlook.
PMC releases earnings at regularly scheduled times after the end of each reporting period.
Typically within one hour of the release, w e will hold a conference call to discuss our
performance during the period. We welcome all PM C stockholders to listen to these calls either
by phone or over the Internet by accessing our website at ww w.pmc-sierra.com.