SEG earnings warning, after market close--
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Monday June 28, 5:19 pm Eastern Time
Company Press Release
SOURCE: Seagate Technology, Inc.
Seagate Lowers Q4FY99 Earnings Expectations
SCOTTS VALLEY, Calif., June 28 /PRNewswire/ -- Seagate Technology, Inc. (NYSE: SEG - news) today announced that
due to weaker than anticipated demand for its disc drive products together with price deterioration for its desktop disc drive
products that has exceeded expectations, it will not meet its earnings estimate for its fourth fiscal quarter ending July 2, 1999.
Prior to these events, the Company had anticipated earnings of $0.45 per share on a pro forma basis, adjusting for its sale of
Seagate Software NSMG to VERITAS Software Corporation. The company currently expects earnings per share excluding all
of the effects of the sale of Seagate Software NSMG to be in the range of $0.32 to $0.37. Revenues from all disc drive
products may be approximately $100 million or 6 percent below fiscal third quarter results. Furthermore, the extremely
aggressive pricing environment for desktop disc drive products will adversely impact results for its quarter ending October 1,
1999.
Seagate expects to report its fourth fiscal 1999 quarter results on Thursday, July 15, 1999, after the close of the market.
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