Seagate Announces Fourth Quarter Results
Business Wire - July 14, 1998 16:20
SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--July 14, 1998--Seagate Technology, Inc. (NYSE:SEG) today reported revenue of $1.575 billion and net income and diluted net income per share of $22 million and $0.09 respectively, for its quarter ended July 3, 1998. Excluding the charge of $7 million for the write-off of in-process research and development in connection with the acquisition of Eastman Software's Storage Management Group and the tax effects related to this charge, the pro forma diluted net income per share would have been $0.11 for the quarter, bringing the pro forma diluted net income per share to $0.01 for the fiscal year ended July 3, 1998.
For the quarter ended June 27, 1997, revenue, net income and diluted net income per share were $1.977 billion, $59 million and $0.23 respectively. Excluding the Amstrad PLC litigation charge of $153 million and $2 million for restructuring costs and the tax effects related to these items, pro forma diluted net income per share for the three months ended June 27, 1997 would have been $0.61. For the immediately preceding quarter ended April 3, 1998, revenue was $1.675 billion with a net loss and net loss per share of $129 million and $0.53, respectively. Excluding the restructuring charge of $142 million and special charges of $24 million and the tax effects related to these items, the pro forma net loss for the quarter ended April 3, 1998 would have been $0.10 per share.
For the year ended July 3, 1998, revenue was $6.819 billion and net loss and net loss per share were $530 million and $2.17, respectively. This compares with revenue, net income and diluted net income per share of $8.940 billion, $658 million and $2.62, respectively, for the year ended June 27, 1997.
In the quarter ended January 2, 1998, the Company adopted Statement of Financial Accounting Standards No. 128, "Earnings per Share." All prior periods have been restated accordingly.
Seagate Technology, Inc. (NYSE:SEG) is a leading provider of technology and products enabling people to store, access and manage information. Seagate is committed to providing best-in-class products to help people get their information when, where and how they want it. Seagate is the world's largest manufacturer of disc drives, magnetic discs and read-write heads, an innovator in tape drives and a leading developer of software for information availability, access and analysis. Seagate can be found around the globe and on the World Wide Web at seagate.com. For automated news, stock and financial information by phone, dial toll-free 877/SEG-NYSE. Outside the U.S. and Canada, dial 760/704-4368.
SEAGATE TECHNOLOGY, INC.
FINANCIAL HIGHLIGHTS
(In Millions Except Per Share and Percent Data)
Three Months Ended Year Ended
---------------------- ----------------------
July 3, June 27, July 3, June 27,
1998 1997 (1) 1998 1997 (1)
---------- ---------- --------- ----------
Revenue $1,575 $1,977 $6,819 $8,940
Gross profit 298 457 989 2,022
As a percent
of revenue 18.9% 23.1% 14.5% 22.6%
Income(loss) before
income taxes $ 30 $ 60 $ (704) $ 891
Provision(benefit)
for income taxes 8 1 (174) 233
Net income(loss):
Amount $ 22 $ 59 $ (530) $ 658
As a percent
of revenue 1.4% 3.0% (7.8%) 7.4%
Net income(loss)
per share:
Basic $ 0.09 $ 0.24 $(2.17) $ 2.82
Diluted 0.09 0.23 (2.17) 2.62
Number of shares
used in per share
computations:
Basic 244.2 247.6 243.6 233.6
Diluted 247.1 255.2 243.6 257.9
(1) The three months and year ended June 27, 1997 have been restated
to reflect per share information in accordance with Statement of
Financial Accounting Standards No. 128, "Earnings per Share," which
was required to be adopted by the Company during its fiscal quarter
ended January 2, 1998.
CONTACT: SEAGATE
Alan F. Shugart, CEO
Charles C. Pope, CFO
Julie Still, Press Relations
Nancy Hamm, Investor Relations
831/438-6550 |
