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

To: Mozingo who wrote (7298)	7/15/1999 4:25:00 PM
From: DJBEINO	Read Replies (1) \| Respond to of 7841

Seagate Announces FY99 Fourth Quarter Results SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--July 15, 1999--Seagate Technology, Inc. (NYSE:SEG - news) today reported net income and diluted net income per share of $1.02 billion and $4.11, respectively, for the quarter ended ended July 2, 1999. Excluding all items related to the May 28, 1999 transaction whereby Seagate contributed its NSMG business to a newly formed company combining NSMG with Veritas Software Corporation, net income and diluted net income per share were $69 million and $0.30, respectively for the quarter ended July 2, 1999. Revenue for the quarter ended July 2, 1999 was $1.643 billion compared with $1.805 billion for the immediately preceding quarter ended April 2, 1999 and $1.575 billion for the comparable year ago period ended July 3, 1998. Revenue for the years ended July 2, 1999 and July 3, 1998 was $6.8 billion for each of the two years. On May 28, 1999, the Company contributed its NSMG business and related assets and liabilities to a newly formed company combining this business with that of Veritas Software Corporation in exchange for approximately 69.1 million shares, adjusted for the recent two-for-one stock split, or forty-two percent (42%) of the new Company. As a result of this transaction, the Company received shares having a then market value of $3.05 billion and recorded a pre-tax gain of $1.67 billion, net of certain related one-time charges of $136 million. Net income and diluted net income per share for the comparable year-ago quarter were $22 million and $0.09, respectively, and $82 million and $0.34, respectively, for the immediately preceding quarter. For the year ended July 2, 1999, net income and diluted net income per share were $1.176 billion and $4.53, respectively, compared with a loss of $530 million or $2.17 per share, respectively, for the year ago period ended July 3, 1998. biz.yahoo.com