Here's something that may be of interest:
Seagate Reports Record Revenue and Earnings
SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--April 8, 1997-- Seagate Technology Inc today reported record
revenue, net income and fully diluted net income per share of $2.50 billion, $257 million and $1.01, respectively, for
its quarter ended March 28, 1997. The results for the three months ended March 28, 1997 include charges of $16.3
million for one time write-offs of in-process research and development and compensation expense in connection with
additional amounts to be paid with respect to the acquisition of Holistic Systems Ltd., and $8.0 million for write-offs
and write-downs of certain intangible assets related to the acquisitions of certain of the Company's software
businesses. Without these charges, totaling $24.3 million, and their related tax effects, fully diluted net income per
share for the three months ended March 28, 1997 would have been $1.07.
Revenue, net income and fully diluted net income per share for the immediately preceding quarter ended December
27, 1996 were $2.40 billion, $213 million and $0.84, respectively. Revenue for the year ago quarter ended March
29, 1996 was $2.09 billion, and the net loss and net loss per share was $157 million and $0.78, respectively. Without
the restructuring charge and non-recurring charges related to the merger with Conner Peripherals, Inc., and write-offs
of in-process research and development incurred in connection with acquisitions of software companies and their
related tax effects, fully diluted net income per share for the three months ended March 29, 1996 would have been
$0.35.
For the nine months ended March 28, 1997, revenue, net income and fully diluted net income per share were $6.96
billion, $599 million and $2.36, respectively. This compares with revenue, net income and fully diluted net income per
share of $6.57 billion, $112 million and $0.53, respectively, for the nine months ended March 29, 1996.
During the quarter ended March 28, 1997, the Company issued senior debt securities totaling $700 million principal
amount with interest rates ranging from 7.125% to 7.875% and maturities ranging from seven years to 40 years. The
Company intends to use the net proceeds for general corporate purposes, including capital expenditures, and to meet
working capital needs. In addition, a portion may be used to repurchase shares of the Company's outstanding
common stock and for business acquisitions and investments.
I wonder what this might say about JTS's state of affairs? A sign of a healthy market for disk drive manufacturers, or a sign of tough competition?
Any thoughts, anyone? |
