Seagate Technology PLC Declares Quarterly Cash Dividend and Provides Update on Fiscal Third Quarter Results
07 Aprile 2011 - 10:33PM
Business Wire
Seagate Technology plc (“Seagate” or the “Company”) (NASDAQ:STX)
today announced that its Board of Directors (the “Board”) has
approved a quarterly cash dividend of $0.18 per share. The first
dividend will be payable on June 1, 2011 to shareholders of record
as of the close of business on May 2, 2011. This dividend
represents a quarterly payout of approximately $75 million in
aggregate, or $300 million on an annualized basis. The payment of
any future quarterly dividends will be at the discretion of the
Board and will be dependent upon Seagate’s financial position,
results of operations, available cash, cash flow, capital
requirements and other factors deemed relevant by the Board.
“The establishment of a quarterly dividend reflects the strength
of our balance sheet and the exceptional cash generation ability of
our business, as well as the confidence that the Board and the
management team have in the Company’s ability to generate free cash
flow on a sustained basis,” said Steve Luczo, Seagate chairman,
president and CEO. “We are taking this action as a part of
Seagate’s ongoing commitment to a balanced capital deployment
strategy to maximize shareholder value. We will continue to
evaluate a wide range of strategic uses for cash going
forward.”
Seagate expects to maintain a prudent cash balance that will
enable the company to respond quickly to changes in market
dynamics, take advantage of unexpected opportunities and provide
flexibility for future investments in growth.
Fiscal Third Quarter 2011 Preliminary Financial
Results
For the fiscal third quarter which ended April 1, 2011, Seagate
management expects to report revenue of approximately $2.7 billion,
unit shipments of 49 million and gross margin as a percent of
revenue near or slightly above the high-end of the original outlook
range of 18-19%. Cash, cash equivalents and short-term investments
at the end of the fiscal third quarter totaled approximately $2.5
billion. Inventory in the distribution channel of Seagate 3.5” SATA
hard disk drives is below the targeted range of 4 – 6 weeks on
hand.
The preliminary results for the fiscal third quarter do not
include the impact of any potential new restructuring activities,
future mergers, acquisitions, financing, dispositions or other
business combinations the company may undertake.
About Seagate
Seagate is the worldwide leader in hard disk drives and storage
solutions. Learn more at Seagate.com.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. When used, the words “anticipates”, “believes”, “expects”,
“may”, “should” and similar expressions are intended to identify
such forward-looking statements. Forward-looking statements
included in this press release include statements regarding our
ability to generate free cash flow on a sustained basis, our
ability to declare future quarterly dividends, our ability to
maintain a strong balance sheet and to respond quickly to changing
market dynamics. These forward-looking statements are based on
information available to Seagate as of the date of this press
release. Current expectations, forecasts and assumptions involve a
number of risks, uncertainties, and other factors that could cause
actual results to differ materially from those anticipated by these
forward-looking statements. Such risks, uncertainties, and other
factors may be beyond the company’s control. In particular, global
economic conditions may pose a risk to the company’s operating and
financial performance. Such risks and uncertainties also include
the impact of variable demand; dependence on Seagate’s ability to
successfully qualify, manufacture and sell its disk drive products
in increasing volumes on a cost-effective basis and with acceptable
quality, particularly the new disk drive products with lower cost
structures; the impact of competitive product announcements; and
the company’s ability to achieve projected cost savings.
Information concerning risks, uncertainties and other factors that
could cause results to differ materially from those projected in
the forward-looking statements is contained in the company's Annual
Report on Form 10-K, Form 10-K/A and Quarterly Reports on Form 10-Q
as filed with the U.S. Securities and Exchange Commission on August
20, 2010, October 6, 2010, November 3, 2010 and February 3, 2011,
respectively, which statements are incorporated into this press
release by reference. These forward-looking statements should not
be relied upon as representing the company’s views as of any
subsequent date and Seagate undertakes no obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made.
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