Seagate Reports Financial Results for Quarter and Year

Everything Goes Fine

by Grigoriy Gubankov
07/17/2003 | 08:02 AM

Seagate Technology reported revenue of $1.55 billion, net income of $160 million, and diluted earnings per share of $0.33 for the quarter ended June 27, 2003, compared to revenue of $1.47 billion, a net loss of $198 million, and a loss per share of $0.49 in the year-ago quarter. The year-ago quarter results include a pre-tax charge for deferred compensation of $179 million and costs related to debt refinancing of $93 million.

 

For the fiscal year ended June 27, 2003, Seagate reported revenue of $6.49 billion, net income of $641 million, and diluted earnings per share of $1.36, compared to $6.09 billion, $153 million and $0.36, respectively, for the fiscal year ended June 28, 2002.

Seagate especially noted increased demand for its enterprise-level hard drives, namely Cheetah 10K and 15K models of the 6th and the 3rd generation, respectively. Additionally, the company said that it is very satisfied with the sales of Barracuda consumer-level hard drives and said that majority (66 %) of these HDDs shipped during this quarter were made on 80GB platters.

Financial Review

Dividend Information

The company has declared a quarterly cash distribution of $0.04 per share to be paid on or before August 22, 2003 to all common shareholders of record as of August 8, 2003.