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SAN JOSE, CA -- (Marketwire) -- 07/31/12 -- Quantum Corp. (NYSE: QTM)

Highlights:

• Record first quarter disk systems and software revenue of $31 million, up 11% year-over-year
• StorNext software and appliances revenue up nearly 50% year-over-year, reflecting continued momentum in meeting customers' big data needs

Quantum Corp. (NYSE: QTM), a proven global expert in data protection and big data management, today reported results for the first quarter of fiscal 2013 (FQ1'13), ended June 30, 2012. Revenue for the quarter totaled $141 million, down 8 percent from the first quarter of fiscal 2012 (FQ1'12) primarily due to lower-than-expected revenue in Europe and challenges closing large deals in the last few weeks of the quarter. Despite the overall revenue decline, disk systems and software sales (including related service revenue) grew 11 percent year-over-year to $31 million, the highest level in a fiscal first quarter to date. The primary drivers of this growth were StorNext® software and appliances for big data environments, which increased nearly 50 percent over FQ1'12, and midrange DXi® disk-based data protection appliances, which increased 10 percent year-over-year.

Due largely to the overall revenue shortfall, Quantum reported a GAAP net loss of $17 million, or 7 cents per share, for FQ1'13, compared to a GAAP net loss of $5 million in FQ1'12. On a non-GAAP basis, the company had a net loss of $9 million, or 4 cents per share, down from net income of $3 million in the same quarter last year.

"Our overall June quarter results were not what we planned for and not what we expected when we started the fiscal year, and they were clearly disappointing," said Jon Gacek, president and CEO of Quantum. "Although we can't do anything about the macroeconomic conditions that impacted Quantum and many other companies, we know we must adjust the business and improve our execution around what we can control to drive better financial performance, including revenue growth and profitability -- and that is our focus.

"We are continuing to enhance and expand our already strong product portfolio in both data protection and big data management. In addition, we are driving increased brand awareness and end user marketing and engaging more closely with key channel partners. As a result, we believe we are still well-positioned to capitalize on market opportunities."

Outlook
For the second quarter of fiscal 2013, the company expects:

• Revenue of approximately $150 million to $155 million.
• GAAP gross margin rate of approximately 41 percent and non-GAAP gross margin rate of
  42 percent.
• GAAP operating expenses of $70 million to $72 million and non-GAAP operating expenses of $64 million to $66 million.
• Interest expense of $2 million and taxes of $1 million.

Business Highlights
Key business highlights for the June quarter include the following:

• Quantum announced the Scalar LTFS (Linear Tape File System) appliance, offering new modes of portability and user accessibility for archived content on LTO tape. Because the appliance works with existing application and file system tools, it enables LTFS-based content to be easily managed and transported for long-term data protection and archival storage and accessed when needed. The Scalar LTFS appliance can also be used to import and export LTFS open-standard media into a StorNext File System, providing a cost-effective content distribution alternative for cloud services and applications.
• Building on its leadership in helping customers manage and extract maximum value from big data content, the company announced that it will offer new solutions incorporating next generation object storage technology, which Quantum refers to as "wide area storage." These new solutions will enable both big data content and analytics customers to overcome current challenges in maintaining, protecting and accessing their data on disk over the long term.
• Quantum unveiled the StorNext M660 metadata appliance which is built to provide centralized control of up to eight StorNext file systems and to manage large-scale, fast-growing datasets, including up to petabytes of economical, tiered content archives. By combining this extended scalability with the industry's leading streaming performance, the StorNext M660 delivers the power and flexibility required for data-intensive environments, ranging from digital media and life science research to surveillance and energy exploration.
• Quantum's DXi6000 family received its third Product of the Year Award in the past year. The DXi6700 Series of disk backup, deduplication and replication appliances was named "Disk-Based Product of the Year - Enterprise" at the 2012 Storage Awards: The Storries IX in London. This award was the latest validation of Quantum's worldwide leadership in simplifying data protection across distributed sites and different environments.

Conference Call and Audio Webcast Notification
Quantum will hold a conference call today, July 31, 2012, at 2:00 p.m. PDT, to discuss its fiscal first quarter results. Press and industry analysts are invited to attend in listen-only mode. Dial-in number: (480) 629-9835 (U.S. & International). Quantum will provide a live audio webcast of the conference call beginning today, July 31, 2012, at 2:00 p.m. PDT. Site for the webcast and related information: http://www.quantum.com/investors.

About Quantum
Quantum is a proven global expert in data protection and big data management, providing specialized storage solutions for physical, virtual and cloud environments. From small businesses to major enterprises, more than 50,000 customers trust Quantum to help maximize the value of their data by protecting and preserving it over its entire lifecycle. With Quantum, customers can Be Certain™ they're able to adapt in a changing world -- keeping more data longer, bridging from today to tomorrow, and reducing costs. See how at www.quantum.com/BeCertain.

Quantum, the Quantum logo, Be Certain, DXi and StorNext are either registered trademarks or trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

"Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995: This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Specifically, without limitation, our statements regarding driving improved financial performance, expanding our product portfolio, driving increased brand awareness, end-user marketing and channel partner engagement, capitalizing on market opportunities and all of our statements under the "Outlook" section are forward-looking statements within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to Quantum on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Quantum's actual results to differ materially from those implied by the forward-looking statement. More detailed information about these risk factors, and additional risk factors, are set forth in Quantum's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Item 1A. Risk Factors," in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 14, 2012. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

Quantum believes that the non-GAAP financial measures disclosed above provide useful and supplemental information to investors regarding its quarterly financial performance. Quantum management uses these non-GAAP financial measures internally to understand, manage and evaluate the company's business results and make operating decisions. For instance, Quantum management often makes decisions regarding staffing, future management priorities and how the company will direct future operating expenses on the basis of non-GAAP financial measures. In addition, compensation of our employees is based in part on the performance of our business based on non-GAAP operating income.

The non-GAAP financial measures used in this press release exclude the impact of acquisition expenses, amortization of intangibles, restructuring charges and share-based compensation expense for the following reasons:

Acquisition Expenses
The acquisition expenses were those expenses incurred to acquire Pancetera, Inc. and are not part of Quantum's future core operations.

Amortization of Intangible Assets
This includes acquired intangibles such as purchased technology and customer relationships in connection with prior acquisitions. These expenses are not factored into management's evaluation of potential acquisitions or Quantum's performance after completion of the acquisitions because they are not related to Quantum's core operating performance. In addition, the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding acquisition-related charges from non-GAAP measures provides investors with a basis to compare Quantum against the performance of other companies without the variability caused by purchase accounting.

Restructuring Charges
Restructuring charges primarily relate to expenses associated with changes to Quantum's operating structure. Restructuring charges are excluded from non-GAAP financial measures because they are not considered core operating activities. Although Quantum has engaged in various restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. Management believes that it is appropriate to exclude restructuring charges from Quantum's non-GAAP financial measures, as it enhances the ability of investors to compare Quantum's period-over-period operating results from continuing operations.

Share-Based Compensation Expense
Share-based compensation expense relates primarily to equity awards such as stock options and restricted stock units. Share-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond Quantum's control. As a result, management excludes this item from Quantum's internal operating forecasts and models. Management believes that non-GAAP measures adjusted for share-based compensation provide investors with a basis to measure Quantum's core performance against the performance of other companies without the variability created by share-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material impact on the company's reported financial results and, therefore, should not be relied upon as the sole financial measures to evaluate the company. The non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.

                             QUANTUM CORPORATION
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                  (In thousands, except per share amounts)
                                 (Unaudited)

                                                        Three Months Ended
                                                       --------------------
                                                        June 30,   June 30,
                                                          2012       2011
                                                       ---------  ---------

Revenue:
  Product                                              $  93,811  $ 102,268
  Service                                                 36,087     36,696
  Royalty                                                 10,981     14,571
                                                       ---------  ---------
    Total revenue                                        140,879    153,535
Cost of revenue:
  Product                                                 64,750     68,507
  Service                                                 20,334     22,066
  Restructuring benefit related to cost of revenue            --       (300)
                                                       ---------  ---------
    Total cost of revenue                                 85,084     90,273
                                                       ---------  ---------
      Gross margin                                        55,795     63,262

  Operating expenses:
    Research and development                              18,549     18,580
    Sales and marketing                                   35,278     30,525
    General and administrative                            16,780     16,002
    Restructuring benefit                                     --       (164)
                                                       ---------  ---------
                                                          70,607     64,943
                                                       ---------  ---------
      Loss from operations                               (14,812)    (1,681)
  Other income and expense                                  (338)       (98)
  Interest expense                                        (1,849)    (2,809)
                                                       ---------  ---------
      Loss before income taxes                           (16,999)    (4,588)
  Income tax provision                                       499        638
                                                       ---------  ---------
      Net loss                                         $ (17,498) $  (5,226)
                                                       =========  =========

  Basic and diluted net loss per share                 $   (0.07) $   (0.02)

  Basic and diluted weighted average common and common
   equivalent shares                                     236,628    228,423

----------------------------------------------------------------------------

Included in the above Statements of Operations:

Amortization of intangibles:
      Cost of revenue                                  $   1,362  $   2,575
      Sales and marketing                                  3,256      3,331
      General and administrative                              --         25
                                                       ---------  ---------
                                                           4,618      5,931
Share-based compensation:
      Cost of revenue                                        571        455
      Research and development                               900        640
      Sales and marketing                                  1,084        719
      General and administrative                           1,732      1,203
                                                       ---------  ---------
                                                           4,287      3,017

Acquisition expenses                                          --        232



                            QUANTUM CORPORATION
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                               (In thousands)
                                (Unaudited)


                                                        June 30,  March 31,
                                                          2012      2012*
                                                       ---------  ---------

                        Assets
Current assets:
  Cash and cash equivalents                            $  46,270  $  51,261
  Restricted cash                                          3,958      4,230
  Accounts receivable, net                                86,857    110,840
  Manufacturing inventories                               63,575     61,111
  Service parts inventories                               38,438     39,050
  Deferred income taxes                                    4,891      5,295
  Other current assets                                    12,059      9,434
                                                       ---------  ---------
    Total current assets                                 256,048    281,221

Long-term assets:
  Property and equipment, net                             25,287     25,440
  Intangible assets and goodwill                          77,107     81,725
  Other long-term assets                                   6,086      6,962
                                                       ---------  ---------
    Total long-term assets                               108,480    114,127

                                                       ---------  ---------
                                                       $ 364,528  $ 395,348
                                                       =========  =========

         Liabilities and Stockholders' Deficit
Current liabilities:
  Accounts payable                                     $  47,367  $  56,304
  Accrued warranty                                         7,797      7,586
  Deferred revenue, current                               86,131     93,441
  Accrued restructuring charges                            1,268      1,752
  Accrued compensation                                    31,451     31,971
  Income taxes payable                                       618      1,133
  Other accrued liabilities                               18,598     17,866
                                                       ---------  ---------
    Total current liabilities                            193,230    210,053

Long-term liabilities:
  Deferred revenue, long-term                             36,389     36,430
  Deferred income taxes                                    4,530      4,564
  Long-term debt                                          49,495     49,495
  Convertible subordinated debt                          135,000    135,000
  Other long-term liabilities                              6,438      6,486
                                                       ---------  ---------
    Total long-term liabilities                          231,852    231,975

Stockholders' deficit                                    (60,554)   (46,680)

                                                       ---------  ---------
                                                       $ 364,528  $ 395,348
                                                       =========  =========

* Derived from the March 31, 2012 audited Consolidated Financial
 Statements.



                            QUANTUM CORPORATION
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (In thousands)
                                (Unaudited)

                                                        Three Months Ended
                                                       --------------------
                                                        June 30,   June 30,
                                                          2012       2011
                                                       ---------  ---------

Cash flows from operating activities:
  Net loss                                             $ (17,498) $  (5,226)
  Adjustments to reconcile net loss to net cash
   provided by (used in) operating activities:
    Depreciation                                           3,021      2,982
    Amortization                                           4,912      6,482
    Service parts lower of cost or market adjustment       2,029      1,735
    Deferred income taxes                                    382       (493)
    Share-based compensation                               4,287      3,017
    Changes in assets and liabilities, net of effect of
     acquisition:
      Accounts receivable                                 23,983     18,150
      Manufacturing inventories                           (4,603)    (2,564)
      Service parts inventories                              722      1,328
      Accounts payable                                    (8,891)    (1,364)
      Accrued warranty                                       211        123
      Deferred revenue                                    (7,351)    (7,055)
      Accrued restructuring charges                         (484)    (2,486)
      Accrued compensation                                  (274)    (1,019)
      Income taxes payable                                  (474)       303
      Other assets and liabilities                        (1,081)    (2,545)
                                                       ---------  ---------
Net cash provided by (used in) operating activities       (1,109)    11,368

Cash flows from investing activities:
  Purchases of property and equipment                     (3,984)    (3,413)
  Decrease in restricted cash                                109        300
  Return of principal from other investments                 208         --
  Payment for business acquisition, net of cash
   acquired                                                   --     (8,152)
                                                       ---------  ---------
Net cash used in investing activities                     (3,667)   (11,265)

Cash flows from financing activities:
  Repayments of long-term debt                                --     (5,267)
  Payment of taxes due upon vesting of restricted
   stock                                                    (321)      (424)
  Proceeds from issuance of common stock                     176      3,433
                                                       ---------  ---------
Net cash used in financing activities                       (145)    (2,258)

Effect of exchange rate changes on cash and cash
 equivalents                                                 (70)       (26)

Net decrease in cash and cash equivalents                 (4,991)    (2,181)
Cash and cash equivalents at beginning of period          51,261     76,010
                                                       ---------  ---------
Cash and cash equivalents at end of period             $  46,270  $  73,829
                                                       =========  =========



                            QUANTUM CORPORATION
                      GAAP TO NON-GAAP RECONCILIATION
                  (In thousands, except per share amounts)
                                (Unaudited)

                                     Three Months Ended June 30, 2012
                               --------------------------------------------
                                                            Per       Per
                                                           Share     Share
                                        Gross               Net       Net
                                Gross  Margin              Loss,     Loss,
                                Margin  Rate   Net Loss    Basic    Diluted
                               ------- ------  --------  --------  --------
GAAP                           $55,795   39.6% $(17,498) $  (0.07) $  (0.07)
Non-GAAP Reconciling Items:
  Amortization of intangibles    1,362            4,618
  Share-based compensation         571            4,287
                               -------         --------
Non-GAAP                       $57,728   41.0% $ (8,593) $  (0.04) $  (0.04)

      Computation of basic and
       diluted net loss per                                           Non-
       share:                                              GAAP      GAAP
                                                         --------  --------
        Net loss                                         $(17,498) $ (8,593)

      Weighted average shares:
        Basic                                             236,628   236,628
          Dilutive shares from
           stock plans                                         --        --
          Dilutive shares from
           convertible notes                                   --        --
                                                         --------  --------
        Diluted                                           236,628   236,628
                                                         ========  ========


                                     Three Months Ended June 30, 2011
                              ---------------------------------------------
                                                            Per       Per
                                                           Share     Share
                                                            Net       Net
                                        Gross     Net     Income    Income
                               Gross   Margin   Income    (Loss),   (Loss),
                               Margin   Rate    (Loss)     Basic    Diluted
                              -------  ------  --------  --------  --------
GAAP                          $63,262    41.2% $ (5,226) $  (0.02) $  (0.02)
Non-GAAP Reconciling Items:
  Amortization of intangibles   2,575             5,931
  Share-based compensation        455             3,017
  Restructuring benefit          (300)             (464)
  Acquisition expenses             --               232
                              -------          --------
Non-GAAP                      $65,992    43.0% $  3,490  $   0.02  $   0.01

      Computation of basic
       and diluted net income
       (loss) per share:                                   GAAP    Non-GAAP
                                                         --------  --------
        Net income (loss)                                $ (5,226) $  3,490

      Weighted average
       shares:
        Basic                                             228,423   228,423
          Dilutive shares
           from stock plans                                    --     9,689
          Dilutive shares
           from convertible
           notes                                               --        --
                                                         --------  --------
        Diluted                                           228,423   238,112
                                                         ========  ========

The non-GAAP financial information set forth in this table is not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial information used by other companies.

                    QUANTUM CORPORATION
            FORECAST SECOND QUARTER FISCAL 2013
              GAAP TO NON-GAAP RECONCILIATION
                   (Dollars in millions)



                                                            ----------------
                                                               Percentage
                                                            ----------------

Forecast second quarter gross margin rate on a GAAP basis         40.9%

Forecast amortization of intangibles                              0.7%
Forecast share-based compensation                                 0.4%

                                                            ----------------
Forecast second quarter gross margin rate on a non-GAAP
 basis                                                            42.0%
                                                            ================

                                                            ----------------
                                                              Dollar range
                                                            ----------------

Forecast second quarter operating expense on a GAAP basis     $69.9 - $71.9

Forecast amortization of intangibles                               2.6
Forecast share-based compensation                                  3.3

                                                            ----------------
Forecast second quarter operating expense on a non-GAAP
 basis                                                        $64.0 - $66.0
                                                            ================

Estimates based on current (July 31, 2012) projections.

The projected GAAP and non-GAAP financial information set forth in this table represent forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For risk factors that could impact these projections, see our Annual Report on Form 10-K as filed with the SEC on June 14, 2012. We disclaim any obligation to update information in any forward-looking statement.

The non-GAAP financial information set forth in this table is not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial information used by other companies.