Oct 03, 1998
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
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
http://www.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.