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Follow UsBANGALORE: Seagate Technology, Inc. has reported revenue of $1.645 billion
and pro forma net income and pro forma diluted net income per share of $30
million and $0.14, respectively, for its quarter ended December 31, 1999.
On a GAAP basis, Seagate reported a net loss and net loss per share of $35
million and $0.16, respectively, for its quarter ended December 31, 1999. This
includes a restructuring charge of $23 million, charges related to the Company's
investment in Veritas Software Corporation of $374 million and gains on sales of
portions of the Company's investments in Veritas and SanDisk Corporation of $344
million and $62 million, respectively. Excluding these items, the pro forma
diluted net income per share was $0.14, a release said.
For the quarter ended January 1, 1999, revenue, net income and diluted net
income per share were $1.801 billion, $104 million and $0.42, respectively. For
the immediately preceding quarter ended October 1, 1999, revenue was $1.682
billion and net income and diluted net income per share were $2 million and
$0.01, respectively.
Seagate President and Chief Executive Officer Stephen Luczo said, "In
what continues to be a challenging business environment, Seagate posted its
seventh consecutive quarter of pro forma profitability while reaching the
highest productivity and efficiency in our Company's history. Our performance is
attributable to our wide range of product offerings, increased key OEM market
share and the benefits we have begun to realize from our Supply Chain Management
and Six Sigma initiatives.
Since the inception of these initiatives in Q1FY99, manufacturing throughput
time has been reduced more than 55 per cent, product per employee has increased
more than 40 per cent, and inventory turns have increased to 14.5. We believe
Seagate maintained market share leadership in both the Personal and Enterprise
product groups, as well as overall worldwide disc drive market share. Further,
Seagate has established market share leadership in the Consumer arena with
shipments approaching 1 million units to date."