SAN JOSE, CA, Aug 03, 2011 (MARKETWIRE via COMTEX) --Quantum Corp. (NYSE: QTM), the leading global specialist in backup, recovery and archive, today announced that Standard & Poor's Rating Services has upgraded its outlook on the company from stable to positive based on the company's ongoing debt reduction and prospects for sustained lower leverage levels. Standard & Poor's has also affirmed its "B" corporate credit rating on Quantum.
"This upgrade speaks to the ongoing improvement in Quantum's balance sheet, as we've continued to demonstrate strong cash generation and pay down debt -- 80 percent of our term debt has been paid off in the last five years," said Linda Breard, senior vice president and CFO at Quantum. "Our business model also provides significant operating leverage that will allow us to pay down additional debt this fiscal year as we capitalize on new industry-leading products, enhanced technologies and expanded partnerships to drive growth."
About Quantum Quantum Corp. (NYSE: QTM) is the leading global specialist in backup, recovery, and archive. From small businesses to multinational enterprises, more than 50,000 customers trust Quantum to solve their data protection, retention and management challenges. Quantum's best-of-breed, open systems solutions provide significant storage efficiencies and cost savings while minimizing risk and protecting prior investments. They include three market-leading, highly scalable platforms: DXi(R)-Series disk-based deduplication and replication systems for fast backup and restore, Scalar(R) tape automation products for disaster recovery and long-term data retention, and StorNext(R) data management software and appliances for high-performance file sharing and archiving. Quantum Corp., 1650 Technology Drive, Suite 800, San Jose, CA 95110, (408) 944-4000, www.quantum.com.
Quantum, the Quantum logo, DXi, Scalar and StorNext are registered 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, the statements about "ongoing improvement in Quantum's balance sheet" and that "our business model also provides significant operating leverage that will allow us to pay down additional debt this fiscal year as we capitalize on new industry-leading products, enhanced technologies and expanded partnerships to drive growth," 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 "Risk Factors," in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 14, 2011. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Quantum Corporation