Oct 10, 2002
Excluding one-time net restructuring charges of $7 million, the Company reported net income of $117 million and EBITDA of $226 million for the quarter ended September 27, 2002.
"Seagate delivered excellent first quarter results as we continued to strengthen our competitive position through time-to-market product leadership and operational efficiencies. Our leadership position is a result of our continuing commitment to investing in technology and the success of a wide variety of process improvement programs during the last few years, including Six Sigma, Supply Chain Management and advanced manufacturing through our Factory of the Future initiative," said Steve Luczo, chief executive officer.
For the year-ago quarter ended September 28, 2001, consolidated revenue was $1.294 billion, net income was $34 million and EBITDA was $132 million.
For the immediately preceding quarter ended June 28, 2002, the Company reported revenue of $1.473 billion and a net loss, on a GAAP basis, of $198 million. Excluding one-time charges, net income was $94 million and EBITDA was $223 million. The one-time charges consisted of deferred compensation charges of $179 million and debt refinancing charges of $93 million.
A conference call will take place on Thursday, October 10, 2002 at 2:00 PM
Pacific Time, to discuss the first quarter results.
The conference call can be accessed as follows:
Dial-in numbers:
888-276-9995 (domestic)
612-288-0337 (international)
A digital replay will be available from 45 minutes after the end of the conference call through October 14, 2002 at 5:00 p.m. The replay numbers and access code are as follows:
800-475-6701 (domestic)
320-365-3844 (international)
Access code: 652102
The Company will broadcast the conference call live over the Internet. A replay will be available from the web site from 45 minutes after the end of the webcast through October 14, 2002 at 5:00 p.m. To access the webcast go to www.seagate.com.
A copy of this press release and related attachments are available here.
Seagate Technology Holdings ("Seagate") is a worldwide leader in the design, manufacturing, and marketing of hard disc drives. Seagate owns the hard disc drive and storage area networks businesses of New SAC, a company formed in November 2000 to acquire the these businesses, the tape drive business, the software business and other assets of Seagate Technology, Inc. Seagate can be found around the globe at www.seagate.com.
SEAGATE TECHNOLOGY HOLDINGS
|
||||||
Three Months Ended |
|
|||||
Statement of Operations Data
|
September 27,
|
September 28,
|
|
|
||
 |
|
|
|
|
||
Revenue |
$ |
1,579 |
$ |
1,294 |
||
Gross profit |
$ |
372 |
$ |
298 |
||
As a percent of revenue |
23.6% |
23.0% |
||||
Income before income taxes |
$ |
113 |
$ |
40 |
||
Provision for income taxes |
$ |
3 |
$ |
6 |
||
Net Income: |
||||||
Amount |
$ |
110 |
$ |
34 |
||
As a percent of revenue |
7.0% |
2.6% |
||||
SEAGATE TECHNOLOGY HOLDINGS
|
||||||
Balance Sheet Data
|
September 27,
|
September 28,
|
||||
|
||||||
Cash, Cash Equivalents and Short-term Investments |
$ |
801 |
$ |
880 |
||
Accounts Receivable, net |
$ |
668 |
$ |
601 |
||
Days Sales Outstanding |
38 |
42 |
||||
Inventories |
$ |
291 |
$ |
324 |
||
Inventory Turns |
16.6 |
12.3 |
||||
Capital Expenditures (3 months) |
$ |
98 |
$ |
103 |
||
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
