Yep, that's for real. $0.05 above consensus estimates. Even revenues came in well above the estimates I've seen.
Seagate Announces First Quarter 2001 Results
SCOTTS VALLEY, Calif., Oct. 10 /PRNewswire/ -- Seagate Technology, Inc. (NYSE: SEG - news) today reported revenue of $1.748 billion, pro forma net income of $62 million and pro forma diluted net income per share of $0.26 for its quarter ended September 29, 2000.
For the same period, on a GAAP basis, Seagate reported net income of $75 million and diluted net income per share of $0.31. The primary items included in GAAP net income but excluded from pro forma results were gains on sales of certain investments in equity securities including SanDisk Corporation and Veeco Instruments, Inc., all items related to the Company's investment in Veritas Software Corporation (``Veritas''), and restructuring charges.
For the quarter ended October 1, 1999, pro forma diluted net income per share, which excluded restructuring charges and all items related to the Company's investment in Veritas, was $0.07. For the same period, on a GAAP basis, revenue, net income and diluted net income per share were $1.682 billion, $2 million and $0.01, respectively.
For the immediately preceding quarter ended June 30, 2000, pro forma diluted net income per share, which excluded the gains on exchange of certain equity investments and sales of investments in equity securities, all items related to the Company's investment in Veritas, compensation expense related to employee separation costs, restructuring charges and unusual items, was $0.22. For the same period, on a GAAP basis, revenue, net income and diluted net income per share were $1.548 billion, $231 million and $0.96, respectively.
On March 29, 2000, Seagate announced the proposed transaction with Veritas and an investor group led by Silver Lake Partners (``Silver Lake'') which, if consummated, would result in Seagate's stockholders receiving shares of Veritas common stock and cash for their shares of Seagate common stock. We believe that while this transaction is pending, the value of Seagate common stock will depend primarily on the value of Veritas common stock. |
