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Technology Stocks : Seagate Technology - Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Duker who wrote (947)	6/28/1999 5:48:00 PM
From: LK2	Read Replies (1) \| Respond to of 1989

SEG earnings warning, after market close-- For Personal Use Only >>>>>>>>> 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. <<<<<<<<<<<<