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Technology Stocks : Disk Drive Sector Discussion Forum -- Ignore unavailable to you. Want to Upgrade?

To: Gus who wrote (4717)	10/14/1998 9:47:00 AM
From: Mark Oliver	Read Replies (1) \| Respond to of 9256

Seagate Announces First Quarter Results Business Wire - October 14, 1998 07:59 SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Oct. 14, 1998--Seagate Technology, Inc. (NYSE:SEG) today reported revenue of $1.553 billion and a net loss and net loss per share of $30 million and $0.12, respectively, for its quarter ended October 2, 1998. Excluding the $77 million charge in connection with an amendment to the purchase agreement for the August 1997 acquisition of Quinta Corporation ("Quinta") and a $7 million charge related to the separation agreement with the Company's former Chief Executive Officer and the tax effects related to these items, the pro forma net income and diluted net income per share would have been $46 million and $0.19, respectively. For the quarter ended October 3, 1997, revenue, net loss and net loss per share were $1.896 billion, $240 million and $0.98, respectively. Without certain acquisition related charges of $216 million, primarily related to Quinta, and mark-to-market adjustments of $63 million with respect to the Thai baht and the Malaysian ringgit and their related tax effects, pro forma diluted net income per share for the quarter ended October 3, 1997 would have been $0.08. For the immediately preceding quarter ended July 3, 1998, revenue was $1.575 billion with net income and diluted net income per share of $22 million and $0.09, respectively. 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 for the quarter ended July 3, 1998 would have been $0.11. The Company is discontinuing the manufacture of microchips used in its disc drive products and therefore is seeking a buyer for its Seagate Microelectronics Limited subsidiary in Livingston, Scotland. Depending upon its ability to identify a qualified buyer as well as other factors, the Company may take a charge to operations related to this facility in its fiscal quarter ending January 1, 1999. This release contains forward-looking statements relating to the Company's microchip manufacturing operation in Scotland. These forward-looking statements are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include, but are not limited to, the ability of the Company to find a qualified buyer for its Scotland facility, the amount of severance costs to be incurred, the amount of inventory write-downs and other reserve requirements. Seagate undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Seagate Technology, Inc. is a leading provider of technology and products enabling people to store, access, and manage information. The Company is committed to providing best-in-class products to help people get 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 Enterprise Information Management software. 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. From Briefing.com Seagate Technology Inc. (SEG) 25 7/8: --CORRECTION-- disk drive maker posts a fiscal Q1 pro-forma net of $0.19 a share, before charges, two cents ahead of the mean estimate for a profit of $0.17 a share; in the year-ago period, it may a profit of $0.08 a share; sales fell 18% to $1.55 bln