10-Q/A 1 e10qa.htm <SUBMISSION>

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q/A

 

(Mark One)

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 1, 2000

or

[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________________ to __________________________.

Commission File No._____________________________________________________________

 

EXABYTE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

84-0988566

(State of Incorporation)

(I.R.S. Employer Identification No.)

1685 38th Street
Boulder, Colorado 80301
(Address of principal executive offices, including zip code)

(303) 442-4333
(Registrant's Telephone Number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past ninety days. [X] Yes [ ] No

As of May 11, 2000, there were 22,942,893 shares outstanding of the Registrant's Common Stock (par value $0.001 per share).

 

EXABYTE CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS

 

 

PART I. FINANCIAL INFORMATION

Page

Item 1. Financial Statements (Unaudited)

 

Consolidated Balance Sheets--April 1, 2000 and January 1, 2000 (Unaudited)

3

Consolidated Statements of Operations--Three Months Ended April 1, 2000 and April 3, 1999 (Unaudited)

4

Consolidated Statements of Cash Flows--Three Months Ended April 1, 2000 and April 3, 1999 (Unaudited)

5-6

Notes to Consolidated Financial Statements (Unaudited)

7-9

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

10-15

Item 3. Quantitative and Qualitative Disclosures About Market Risk

16

PART II. OTHER INFORMATION

 

Item 6. Exhibits and Reports on Form 8-K

17-18

 

PART I Item 1. Financial Statements

EXABYTE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)
(Unaudited)

 

April 1,
2000
(Restated)


January 1,
2000

ASSETS

 

 

Current assets:

 

 

Cash and cash equivalents

$ 20,658 

$25,610

Short-term investments

2,571 

7,039

Accounts receivable, less allowance for doubtful accounts and reserves for customer returns and credits of $7,998 and $7,855, respectively

 

24,695 

 

37,163

Inventories, net

32,368 

26,805

Other current assets

4,768 

4,927

Total current assets

85,060 

101,544

Property and equipment, net

24,323 

24,708

Other assets

795 

1,024

 

$110,178 

$127,276

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

Current liabilities:

 

 

Accounts payable

$ 18,978 

$ 23,327

Accruals and other liabilities

12,948 

13,815

Accrued income taxes

1,965 

1,877

Current portion of long-term obligations

3,294 

2,931

Total current liabilities

37,185 

41,950

Long-term obligations

7,464 

6,570

Stockholders' equity:

 

 

Preferred stock, $.001 par value; 14,000 shares authorized; no shares issued

-- 

-- 

Common stock, $.001 par value; 50,000 shares authorized; 22,942 and 22,886 shares issued, respectively

23 

23 

Capital in excess of par value

67,938 

67,584 

Treasury stock, at cost, 455 shares

(2,742)

(2,742)

Retained earnings

310 

13,891 

Total stockholders' equity

65,529 

78,756 

 

$110,178 

$127,276 

The accompanying notes are an integral part of the consolidated financial statements.

EXABYTE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 

 

Three Months Ended

 

April 1, 2000

April 3, 1999

Net sales

$49,576 

$62,650 

Cost of goods sold

39,363 

47,111 

 

 

 

Gross profit

10,213 

15,539 

 

 

 

Operating expenses:

 

 

     Selling, general and administrative

13,436 

13,250 

     Research and development

10,360 

7,784 

 

 

 

Loss from operations

(13,583)

(5,495) 

Other income, net

45 

192  

 

 

 

Loss before income taxes

(13,538)

(5,303) 

 

 

 

(Provision) benefit for income taxes

(42)

1,803 

 

 

 

Net loss

$(13,580)

$(3,500)

 

 

 

Basic and diluted net loss per share

$(0.60)

$(0.16) 

 

 

 

Common shares used in the calculation of basic and diluted net
          loss per share


22,454 


22,193 

The accompanying notes are an integral part of the consolidated financial statements.

 

EXABYTE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
(In thousands)

 

Three Months Ended

 

April 1, 2000

April 3,
1999

Cash flows from operating activities:

 

 

     Cash received from customers

$62,115 

$62,117 

     Cash paid to suppliers and employees

(68,971)

(65,812)

     Interest received

474 

763 

     Interest paid

(87)

(138)

     Income taxes paid

(64)

(120)

     Income tax refund received

149 

526 

          Net cash used by operating activities

(6,384)

(2,664) 

 

 

 

Cash flows from investing activities:

 

 

     Purchase of short-term investments

(2,050)

(17,104)

     Maturities of short-term investments

6,518 

13,131 

     Capital expenditures

(2,936)

(3,214) 

          Net cash provided (used) by investing activities

1,532 

(7,187) 

 

 

 

Cash flows from financing activities:

 

 

     Net proceeds from issuance of common stock

354 

1 

     Principal payments under long-term obligations

(454) 

(389) 

          Net cash used by financing activities

(100) 

(388) 

 

 

 

Net decrease in cash and cash equivalents

(4,952) 

(10,239) 

Cash and cash equivalents at beginning of period

25,610 

56,571 

 

 

 

Cash and cash equivalents at end of period

$20,658 

$46,332 

The accompanying notes are an integral part of the consolidated financial statements.

 

EXABYTE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
(In thousands)

 

Three Months Ended

 

April 1, 2000

April 3, 1999

Reconciliation of net loss to net cash used by operating activities:

 

 

     Net loss

$(13,580)

$(3,500) 

     Adjustments to reconcile net loss to net cash used by
                operating activities:

 

 

     Depreciation, amortization and other

3,794 

3,978 

     Deferred income tax benefit

-- 

(1,776)

     Provision for losses and reserves on accounts receivable

2,193 

1,065 

 

 

 

Change in assets and liabilities:

 

 

     Accounts receivable

10,275 

(1,558) 

     Inventories, net

(5,563)

(3,205) 

     Income tax receivable

40 

544 

     Other current assets

119 

(469) 

     Other assets

229 

80 

     Accounts payable

(4,349)

1,612 

     Accrued liabilities

(867)

1,134 

     Accrued income taxes

88 

(166) 

     Other long-term obligations

1,237 

(403) 

 

 

 

          Net cash used by operating activities

$(6,384)

$(2,664)

 

 

 

 

 

 

Supplemental schedule of non-cash investing and financing activities:

 

 

          Capital lease obligations

$473 

$-- 


The accompanying notes are an integral part of the consolidated financial statements.

 

EXABYTE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1--ACCOUNTING PRINCIPLES

The consolidated balance sheet as of April 1, 2000, the consolidated statements of operations for the three months ended April 1, 2000 and April 3, 1999, as well as the consolidated statements of cash flows for the three months ended April 1, 2000 and April 3, 1999, have been prepared by Exabyte Corporation (the "Company") without an audit. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation thereof, have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's January 1, 2000 annual report to stockholders heretofore filed with the Commission as Part II to the Company's Annual Report on Form 10-K. The results of operations for interim periods presented are not necessarily indicative of the operating results for the full year.

Note 2--INVENTORIES

Inventories, net of reserves for excess quantities and obsolescense, consist of the following:

(In thousands)

 

April 1,
2000

January 1,
2000

Raw materials and component parts

$18,971 

$15,694 

Work-in-process

1,369 

1,874 

Finished goods

12,028 

9,237 

 

$32,368 

$26,805 

 

Note 3--ACCRUED LIABILITIES

Accrued liabilities consist of the following:

(In thousands)

 

April 1,
2000

January 1,
2000

Wages and employee benefits

$6,582 

$6,083

Warranty and other related costs

1,842 

3,536

Other

4,524 

4,196

 

$12,948 

$13,815 

 

Note 4--BASIC AND DILUTED EARNINGS PER SHARE

The calculation of basic and diluted earnings per share ("EPS") is as follows:

(In thousands, except per share data)

 

Three Months Ended

 

April 1,
2000

April 3,
1999

Basic and diluted EPS computation:

 

 

     Net loss

$(13,580)

$(3,500)

 

 

 

     Common shares outstanding

22,454 

22,193 

 

 

 

     Basic and diluted EPS

$(0.60)

$(0.16)

Options to purchase 2,032,000 and 4,811,000 shares of common stock were excluded from dilutive stock option calculations for the first quarter of 2000 and 1999, respectively, because their exercise prices were greater than the average fair market value of the Company's stock for the period and as such, they would be anti-dilutive.

In addition, for the first quarter of 2000 and 1999, options to purchase 3,339,000 and 36,000 shares of common stock, respectively, were excluded from the diluted computation above because of their anti-dilutive effect on net loss per share. Inclusion of these shares would have resulted in additional dilutive stock options outstanding of 578,000 and 2,000, respectively.

Note 5--RESTRUCTURING

During the third quarter of 1999, management determined that the division of the Company into three operating segments was no longer appropriate due to the amount of overhead required to maintain this structure. The Company incurred $2,446,000 in pre-tax restructuring charges to combine its three operating segments under common management. These costs included severance, outplacement and benefits for the resulting workforce reduction of approximately 143 employees. All areas of the Company were impacted by the workforce reduction.

Approximately, $664,000 of these costs were included in cost of sales, $1,454,000 were included in selling, general and administrative costs and $328,000 were included in research and development costs. Severance and related costs of $2,154,000 and $285,000 were paid in cash during 1999 and the first quarter of 2000, respectively. The remaining severance and related cost accruals are expected to be paid during the second quarter of 2000.

The following table summarized the activity related to the 1999 restructuring reserve:

 

Severance and Related

(In thousands)

 

 

 

Restructuring charges

$ 2,446 

Cash payments

(2,154)

 

 

Balance, January 1, 2000

292 

Cash payments

(285)

Balance April 1, 2000

$       7 

 

Note 6--RECENT ACCOUNTING PRONOUNCEMENTS

In June 1998, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities" ("SFAS 133"). SFAS 133 prescribes accounting for changes in the fair value of derivatives. In July 1999, the FASB delayed the implementation date of this standard to all fiscal quarters of all fiscal years beginning after June 15, 2000. This delay was published as Statement of Financial Accounting Standards No. 137 ("SFAS 137"). The Company is in the process of assessing the effects of application of this statement, and believes it will not have a material impact on the Company's consolidated results of operations. Application may result in the recognition of components of comprehensive income which is discussed in Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income".

NOTE 7 -- INCOME TAXES

As of the second quarter of 1999, the Company recorded a deferred tax valuation allowance equal to 100% of total deferred tax assets. Management considered a number of factors, including the Company's cumulative operating losses over the prior three years, short-term projected losses due to the impact of delays in the release of the M2Ô produce, as well as, certain offsetting positive factors. Management concluded that a valuation allowance was required for 100% of the total deferred tax assets as it is more likely than not that the deferred tax assets will not be realized.

NOTE 8 -- RESTATEMENT

The consolidated financial statements presented herein have been restated to reflect the recording of a full valuation allowance on deferred tax assets as of July 3, 1999. The Company originally recorded a partial valuation allowance on its deferred tax assets as of July 3, 1999 due to the significant deterioration in operating results incurred in the quarter then ended. Based on a re-evaluation of the situation subsequent to the issuance of the 1999 financial statements, the Company increased that partial valuation allowance to a full valuation allowance resulting in increase to income tax expense in the second quarter of 1999 and for the year 1999 of $38,620,000. This restatement had no effect on the Company's net cash flows from operating, investing or financing activities. The April 1, 2000 financial statements have been restated below.

 

As Originally
Reported

Restated

(In thousands, except per share data)

 

 

Balance Sheet Data as of April 1, 2000:

 

 

   Deferred income taxes (current)

$ 8,136

$--

   Total current assets

93,196

85,060

   Deferred income taxes (noncurrent)

30,484

--

   Retained earnings

38,930

310

   Total stockholders' equity

104,149

65,529

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

This Form 10-Q contains forward-looking statements within the context of Section 21E of the Securities Exchange Act of 1934, as amended. They are identified by bold face. Our actual results may differ materially from our forward-looking statements due to risks and uncertainties. To see some of the risks and uncertainties that we are exposed to, you should read Part 1, Item 1 of the Company's 1999 Form

10-K, filed April 6, 2000. We use words like "believes," "anticipates," "expects," "intends," and similar expressions to identify forward-looking statements, but these words are not the exclusive means of identifying such statements. We will not revise forward-looking statements as a result of changes in events or circumstances that arise after this report is filed.

RESULTS OF OPERATIONS

The following table sets forth our operating results as a percentage of sales for each period presented.

 

Three Months Ended

 

April 1, 2000

April 3, 1999

Net sales

100.0% 

100.0% 

Cost of goods sold

79.4    

75.2    

 

 

 

Gross profit

20.6    

24.8    

Operating expenses:

 

 

     Selling, general and administrative

27.1    

21.2    

     Research and development

20.9    

12.4    

 

 

 

Loss from operations

(27.4)   

(8.8)   

Other income, net

0.1    

0.3    

 

 

 

Loss before income taxes

(27.3)   

(8.5)   

(Provision) benefit for income taxes

(0.1)   

2.9    

 

 

 

Net loss

(27.4)%

(5.6)%

 

NET SALES

Our products are marketed primarily through two sales channels, original equipment manufacturers ("OEMs") and resellers. OEM customers incorporate Exabyte products as part of their own systems. We work closely with them during early product development stages to help ensure our products will readily integrate into their systems. Reseller channel customers purchase our products for resale. In addition, they may provide their own value-added products/services to their customers. We support authorized key account reseller channel customers by providing marketing and technical support directly to them and their consumers.

Our net sales decreased by 20.9% to $49.6 million in the first quarter of 2000 from $62.7 million for the first quarter of 1999. In comparing net sales in the first quarter of 2000 to the first quarter of 1999, there were several significant differences:

     -     Sales of older generation 8mm tape drives (Eliant™820, Mammoth-LT and Mammoth) decreased by $12.8 million, primarily in the OEM channel.

     -     Sales of Mammoth-2 tape drives were $7.9 million in 2000 with no comparable amount in 1999.

     -     Sales of tape media decreased by $8.2 million. Sales in the first quarter of 1999 were higher as media supply constraints were resolved and media backlog orders were filled.

     -     Sales of 8mm libraries increased $3.8 million, primarily due to increasing sales of EZ17™, 220, X80 and X200 libraries.

The following tables present our revenue by product in absolute dollars and as a percentage of sales for each period presented:

PRODUCT MIX TABLES

Dollars in thousands:

 

Three Months Ended

 

April 1, 2000

April 3, 1999

8mm drives:

 

 

     Eliant™820, Mammoth- LT, Mammoth
           and Mammoth-2


$23,314 


$28,217 

8mm libraries:

 

 

     EZ17™, 210, 220, 440, 480, X80
           and X200


10,059 


6,290 

DLTtape™ Libraries:

 

 

     17D, 230D and 690D

1,572 

2,549 

Media

12,857 

21,077 

Service, spares and other

3,996 

4,501 

End-of-life drives and libraries(x)

218 

1,402 

Sales allowances

(2,440)

(1,386) 

 

$49,576 

$62,650 

 

As a percentage of net sales:

 

Three Months Ended

 

April 1, 2000

April 3, 1999

8mm drives:

 

 

     Eliant™820, Mammoth LT, Mammoth
           and Mammoth-2


47.0%


45.0%

8mm libraries:

 

 

     EZ17™, 210, 220, 440, 480, X80
           and X200


20.3   


10.0   

DLTtape™ Libraries:

 

 

     17D, 230D and 690D

3.2   

4.1   

Media

25.9   

33.7   

Service, spares and other

8.1   

7.2   

End-of-life drives and libraries(x)

0.4   

2.2   

Sales allowances

(4.9)  

(2.2)  

 

100.0%

100.0%

(x) Prior year percentages reflect current year classifications of end-of-life products.

 

The following table details our sales to different customer types as a percentage of total net sales for the periods presented:


CUSTOMER MIX TABLE

(As a percentage of net sales)

 

Three Months Ended

 

April 1, 2000

April 3, 1999

Customer Type:

 

 

OEM

28.5% 

40.3% 

Reseller

66.9   

55.7   

End-user and other

4.6   

4.0   

 

100.0% 

100.0% 

We believe sales shifted to OEMs from reseller customers as a result of the release of our M2™ drive in late 1999, which has not yet been qualified by OEMs.

The following table summarizes customers who accounted for 10% or more of our sales in the periods presented:

SALES TO MAJOR CUSTOMERS

(As a percentage of net sales)

 

Three Months Ended

 

April 1, 2000

April 3, 1999

Customer:

 

 

Reseller A

16.4%

15.0%

Reseller B

14.4   

(x)   

OEM C

10.8   

14.9   

OEM D

(x)   

11.0   

(x) Sales to this customer did not meet or exceed 10% of total sales in this period.

No other customers accounted for 10% or more of sales in any of these periods. Our volume of sales to these or any other customers will vary from period to period. Sales will vary since our customers also sell competing products and continually review new technologies.

GROSS MARGIN

Our gross margin percentage decreased to 20.6% in the first quarter of 2000 from 24.8% during the first quarter of 1999. The primary factor which negatively impacted gross margins was lower revenues, which are tied to a relatively fixed manufacturing cost.

OPERATING EXPENSES

Selling, general and administrative expenses increased to $13.4 million in the first quarter of 2000 from $13.3 million for the same period in 1999. The increase results from advertising for the introduction of the Mammoth-2 drive and related automation products.

Research and development expenditures increased to $10.4 million during the first quarter of 2000 compared to $7.8 million for the same period in 1999. Spending increased in 2000 to support ongoing engineering of the Mammoth-2 product, investments in automation products and development of Mammoth-3, which is currently expected to begin shipping in 2001. Investments in automation products include the integration of Mammoth-2 drives, as well as the development of a new family of mid-sized libraries that will incorporate 8mm, LTO and SDLT technologies. The new family of mid-sized libraries is currently expected to begin shipping in the second half of 2000.

OTHER INCOME (EXPENSE), NET

Other income (expense), net consists primarily of interest income and expenses, foreign currency remeasurement and transaction gains and losses and other miscellaneous items. Other income for the first quarter of 2000 was $45,000 compared to $192,000 for the same period in 1999. This change is the result of decreased interest income due to lower invested cash balances.

TAXES

The provision for income taxes for the first quarter of 2000 was 0.3% of income before taxes compared to a benefit of 34% in the first quarter of 1999. As of the second quarter of 1999, the Company recorded a deferred tax valuation equal to 100% of total deferred tax assets. Management considered a number of factors, including the Company's cumulative operating losses due to the impact of delays in the rease of the M2ä product, as well as certain offsetting positive factors. Management concluded that a valuation allowance was required for 100% of the total deferred tax assets as it is more likely than not that the deferred tax assets wil not be realized. For additional information, see Note 8 of Notes to Consolidated Financial Statements.

LIQUIDITY AND CAPITAL RESOURCES

During the first three months of 2000, we expended $6.4 million of cash for operating activities, expended $2.9 million for capital equipment, expended $454,000 on long-term obligations and received $354,000 from the sale of common stock to company employees. Together, these activities decreased our cash and short-term investments by $9.4 million to a quarter-ending balance of $23.2 million. Our working capital decreased to $47.9 million at April 1, 2000 from $59.6 million at January 1, 2000.

In May 2000, we entered into a new bank line of credit agreement with Congress Financial Corporation, a subsidiary of First Union Bank Corporation. This agreement expires in May 2003. This agreement allows borrowings up to the lesser of 80% of eligible accounts receivable or $20.0 million. Eligible accounts receivable excludes invoices greater than 60 days past due, some foreign receivables and other items identified in the agreement. Collateral for this agreement includes accounts receivable and inventory, as well as other intangible assets.

This agreement requires that we maintain minimum levels of tangible net worth and certain other covenants. Additionally, we cannot pay dividends without prior bank approval. The agreement contains certain acceleration clauses that may cause any outstanding balance to become due in the event of default. Default includes failure to maintain required covenants and other events described in the agreement. On May 16, 2000, no borrowings were outstanding and we were in compliance with covenants.

We must pay interest on any borrowings under this agreement at the lower of the bank's prime rate + .5% or "LIBOR" + 2.5%. Offsetting the amount available under the line of credit is a series of letters of credit, which collateralize certain leasehold improvements made by our subsidiary in Germany. This letter is currently for DM 1,100,000 and decreases by DM 100,000 in August of each year until it is fully depleted.

We anticipate that our cash balance will continue to decline through 2000 and that borrowings under the line of credit may occur during 2000. We believe that our existing sources of liquidity and funds to be generated from operations will fund our anticipated working capital and other cash requirements through fiscal 2000.

RESTRUCTURING CHARGES

During the third quarter of 1999, management determined that the division of the Company into three operating segments was no longer appropriate due to the amount of overhead required to maintain this structure. The Company incurred $2,446,000 in pre-tax restructuring charges to combine its three operating segments under common management. These costs included severance, outplacement and benefits for the resulting workforce reduction of approximately 143 employees. All areas of the Company were impacted by the workforce reduction. We believe this restructuring resulted in annual savings of $11.0 million. These savings included decreased payroll and fringe benefits, as well as, savings on building rent, utilities and taxes. Expected payroll savings were a result of reductions in workforce and open positions that were not filled as a result of this restructuring.

Approximately, $664,000 of these costs were included in cost of sales, $1,454,000 were included in selling, general and administrative costs and $328,000 were included in research and development costs. At April 1, 2000 $7000 of severance and related accruals remain and are expected to be paid during the second quarter of 2000.

The following table summarized the activity related to the 1999 restructuring reserve:

 

Severance and Related

(In thousands)

 

 

 

Restructuring charges

$   2,446 

Cash payments

(2,154)

 

 

Balance, January 1, 2000

292 

Cash payments

(285)

Balance April 1, 2000

$         7 

 

 

RECENT ACCOUNTING PRONOUNCEMENTS

Information concerning recent accounting pronouncements is incorporated by reference from Item 1, "Notes to Consolidated Financial Statements," under the caption, "Note 6--Recent Accounting Pronouncement."

MARKET RISK

We may occasionally enter into foreign currency forward contracts in anticipation of movements in the dollar/yen exchange rate to hedge the purchase of certain inventory components from Japanese manufacturers. We establish contracts with maturity dates within six months of the purchase date. Contracts must be established for future purchases denominated in yen to be considered a hedge. In circumstances where the timing of hedged purchases is deferred, contract maturity dates are extended to cover the deferred purchases. There were no contracts outstanding at April 1, 2000.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Information concerning the Company's market risk is incorporated by reference from Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," under the caption, "Market Risk".

PART II.

Item 6. Exhibits and Reports on Form 8-K

(a)

Exhibit Index

 

 

 

 

 

 

 

 

     Exhibit
     Number


Description

 

 

 

 

     10.1

Loan and Security Agreement, by and between Congress Financial Corporation (Southwest) and Exabyte Corporation, dated May 16, 2000.

 

 

 

 

     27.0

Financial Data Schedule-Part I Exhibit

 

 

 

(b)

Reports on Form 8-K: There were no reports on Form 8-K for the three month period ended April 1, 2000.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant had duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

 

 

EXABYTE CORPORATION

 

 

 

 

Registrant

Date

May 15, 2001

 

By

/s/ Stephen F. Smith

 

 

 

 

Stephen F. Smith Vice President, Chief Financial Officer, General Counsel & Secretary (Principal Financial and Accounting Officer)