Oct 18, 2001
For the immediately preceding quarter ended June 29, 2001, pro forma net income was $18 million and pro forma EBITDA was $102 million. The pro forma results excluded restructuring charges and a write-down of one of the Company's investments in equity securities.
For the year-ago quarter ended September 29, 2000, pro forma net income of the Company's predecessor, Seagate Technology, Inc., was $62 million and pro forma EBITDA was $235 million. The pro forma results excluded gains on sales of certain investments in equity securities, all items related to the Company's previous investment in VERITAS Software Corporation and restructuring charges.
Seagate and its affiliated companies are controlled by New SAC, a Cayman Islands limited liability company, organized in 2000 to acquire the hard disc drive and storage solutions business, the tape drive business, the software business and certain other assets of Seagate Technology, Inc. These businesses include: Seagate Technology Holdings (which includes hard disc drives and Seagate Technology SAN Holdings, which was previously XIOtech Corp.), Seagate Removable Storage Solutions Holdings, and Crystal Decisions (formerly known as Seagate Software Information Management Group Holdings, Inc.). The acquisition closed on November 22, 2000.
SEAGATE AND ITS AFFILIATED COMPANIES | ||
Three Months Ended |
||
September 28, 2001 |
September 29, 2000 (1) |
|
Statement of Operations Data |
||
Revenue |
$ 1,402 |
$ 1,756 |
Gross profit |
346 |
414 |
As a percent of revenue |
24.7% |
23.6% |
Income before income taxes |
$ 40 |
$ 112 |
Provision for income taxes |
8 |
37 |
Net Income: | ||
Amount |
$ 32 |
$ 75 (2) |
As a percent of revenue |
2.3% |
4.3% |
EBITDA (pro forma) |
$ 145 |
$ 235 |
Balance Sheet Data |
|
Cash, Cash Equivalents and Short-Term Investments$ 951$ 2,351Accounts Receivable, net659777Days Sales Outstanding4340Inventories353362Inventory Turns12.014.8Capital Expenditures (3 months)108139 |
(1) Derived from the financial statements of the Company's predecessor, Seagate Technology, Inc.
(2) On a pro forma basis, net income was $62 million. The pro forma results excluded gains on sales of certain investments in equity securities, all items related to the Company's previous investment in VERITAS Software Corporation and restructuring charges.
For Further Information Contact:
Stephen J. Luczo, CEO
Charles C. Pope, CFO
Julie Still, Media Relations
SEAGATE
920 Disc Drive
Scotts Valley, CA 95066
831-438-6550