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Seagate Technology Reports Fiscal Second Quarter 2011 Financial Results

Seagate Technology Reports Fiscal Second Quarter 2011 Financial Results

 

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SCOTTS VALLEY, Calif. - January 19, 2011 -

 

Seagate Technology plc (NASDAQ: STX) today reported financial results for the quarter ended December 31, 2010. The company shipped 48.9 million disk drives and on a GAAP basis reported revenue of $2.7 billion, gross margin of 19.5%, net income of $150 million and diluted earnings per share of $0.31. On a non-GAAP basis, which excludes the net impact of purchased intangibles amortization and restructuring, Seagate reported net income of $159 million and diluted earnings per share of $0.33 for the quarter ended December 31, 2010.

 

For the six months ended December 31, 2010, the company reported on a GAAP basis revenue of $5.4 billion, gross margin of 19.9%, net income of $299 million and diluted earnings per share of $0.61. On a non-GAAP basis, which excludes the impact of purchased intangibles amortization and restructuring, Seagate reported net income of $339 million and diluted earnings per share of $0.70.

 

For reconciliation of non-GAAP to GAAP results, see accompanying financial tables.

 

Establishment of Revolving Credit Facility

 

On January 18, 2011 the company and its subsidiary Seagate HDD Cayman ("the Borrower") entered into a Credit Agreement which provides for a $350 million senior secured revolving credit facility. The revolving credit facility is currently undrawn and provides the company with flexibility to meet its business needs. Additional details regarding the Credit Agreement can be found in the Form 8-K filed today.

 

Investor Communications

 

Seagate will hold a conference call to review its second fiscal quarter results today at 2:00 p.m. Pacific Time. The conference call will consist of opening comments from Steve Luczo, CEO, followed by a question and answer session with the executive management team. During today's conference call, the company will provide an outlook for its third fiscal quarter of 2011, including key underlying assumptions.

 

Seagate has issued a Supplemental Commentary document. The Supplemental Commentary will not be read during today's call, but rather it is available in the investor relations section of seagate.com.

 

Conference Call

 

The conference call can be accessed online at seagate.com or by phone as follows: USA: (866) 770-7051 International: (617) 213-8064 Participant Passcode: 69764926

 

Replay

 

A replay will be available beginning today at 6:00 p.m. Pacific Time. The replay can be accessed from seagate.com.

 

 

About Seagate

 

Seagate is the world leader in hard disk drives and storage solutions. Learn more at seagate.com.

 

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