SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
December 15, 2005
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Date of Report
(Date of earliest event reported)
ADVANCED DIGITAL INFORMATION CORPORATION
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(Exact name of registrant as specified in its charter)
Washington 0-21103 91-1618616
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
11431 Willows Road NE, PO Box 97057, Redmond, WA 98073-9757
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(Address of Principal Executive Offices) (Zip Code)
(425) 881-8004
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d 2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On December 14, 2005, the Company's Board of Directors approved a
revised ADIC Bonus Plan which covers certain Team Members who are approved by
the Board for inclusion. Such Team Members are expected to include the Company's
executive officers, officers and certain senior Team Members, and Team Members
making exceptional contributions during the year. Bonus payments are based upon
achievement of corporate performance goals established at the beginning of the
fiscal year in the context of the Company's strategic plan for the year. For
fiscal 2006, such targets relate to operating profit, software sales goals,
specific advanced product development objectives and cash flow. Bonus payment
amounts for individual Team Members will be established at the end of the fiscal
year based on the Team Member's level of responsibility and performance.
Item 2.02 Results of Operations and Financial Condition.
On December 15, 2005, Advanced Digital Information Corporation issued a
press release announcing financial results relating to its fourth quarter and
fiscal year 2005 ended October 31, 2005. A copy of the press release is attached
hereto as Exhibit 99.1 and is incorporated herein by reference. The press
release should be read in conjunction with the note regarding forward-looking
statements, which is included in the text of the press release.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
99.1 Press release issued by Advanced Digital Information Corporation,
dated December 15, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
Date: December 15, 2005
Advanced Digital Information Corporation
By: /s/ Jon Gacek
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Jon Gacek
Chief Financial Officer and Executive
Vice President--Finance and Operations