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

To: William Epstein who wrote (638)	3/8/1999 2:46:00 PM
From: LK2	Read Replies (1) \| Respond to of 1989

Seagate expects 3Q restructuring charge between $50 million and $60 million cnnfn.com For Personal Use Only >>>>>>>>>>>>>>>>>>>>>>> March 8, 1999: 12:32 p.m. ET NEW YORK (CNNfn) - Seagate Technology said Monday it expects to take a one-time charge totaling $50 million to $60 million in the fiscal third quarter in connection with the restructuring of some of its worldwide operations. Those restructuring efforts include the previously announced closure of its microelectronics manufacturing facility in Livingston, Scotland, consolidation of global customer-service facilities, and various other actions to boost productivity and efficiency, Seagate (SEG) said. The leading disk-drive maker did not specify how much the charge would exact on a per-share basis. Before the announcement, analysts polled by research firm First Call expected the Scotts Valley, Calif.-based company to post a gain of 46 cents per share in the fiscal third quarter. Seagate also said its sale of Seagate Software NSMG operation to Veritas (VRTS) would close in the fiscal fourth quarter. The company's restructuring was undertaken to help Seagate deal more effectively with the increased competition and significant price cuts in the storage-drive sector, factors with which it has been struggling over financially in the past two years. One of its most notable actions was the ouster of Alan Shugart as chief executive in July 1998. He was replaced by the company's COO, Stephen Luzco. By late Monday morning, shares in Seagate were trading down 3/16 at 29-11/16. Copyright © 1999 CNN America, Inc. <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<