Seagate Technology Provides Preliminary Fiscal Second Quarter 2012 Financial Results
04 Gennaio 2012 - 11:10PM
Business Wire
Seagate Technology plc (NASDAQ: STX) today provided preliminary
financial results for its fiscal second quarter ended December 30,
2011. The acquisition of Samsung Electronics Co., Ltd’s (“Samsung”)
hard disk drive business closed on December 19, 2011 and these
preliminary financial results include Samsung operating activity
from that date.
The company shipped approximately 47 million disk drives, which
included approximately 700,000 Samsung disk drives, and expects to
report revenue for its fiscal second quarter 2012 of $3.1 - $3.2
billion. Before giving effect to charges related to the acquisition
of Samsung’s hard disk drive business that are not yet
determinable, the company expects gross margin as a percent of
revenue to be at least 30.5%, operating expenses (Product
Development, Marketing and Administrative) to be approximately $390
million, and diluted outstanding shares to be 440 million.
“The better than expected results for the December quarter are
attributed to the company’s outstanding operational performance and
overall strong execution,” said Steve Luczo, Seagate CEO and
chairman. “Due to our best-in-class operations, diversified
supply-chain and differentiated manufacturing footprint, we
continuously optimized our builds for customers during the quarter.
This is best evidenced by our company’s ability to increase the
average capacity per drive shipped quarter-over-quarter to a record
653 gigabytes, despite the significant supply chain disruption.
These results also reflect the hard work and resiliency of the
Seagate teams and our strategic suppliers who are working to help
the industry recover from the massive disruption caused by the
flooding in Thailand.”
Cash, cash equivalents, and marketable securities at the end of
the December quarter totaled more than $2.1 billion, inclusive of
substantial outflows of approximately $1.2 billion during the
quarter for matured debt and cash consideration for the Samsung
transaction.
Update to Fiscal Third Quarter 2012
Financial Outlook
The company continues to believe that during calendar 2012 unit
demand will exceed supply and combined with the high growth rate in
the demand for raw storage, the exabyte shortage will be more
pronounced than the unit shortage, and as a result pricing is
expected to remain stable.
The company’s outlook for the March 2012 quarter excludes
certain costs related to integration activities, transition support
services and acquisition related costs associated with the
acquisition of Samsung’s hard disk drive operations as they are not
yet determinable. Specifically for the March 2012 quarter, and
before giving effect to the acquisition related charges referenced
above, the company expects unit shipments to increase as compared
to the December quarter, revenue of $4.2-$4.5 billion, gross margin
as a percent of revenue of at least 33%, and operating expenses
(Product Development, Marketing and Administrative) to be
approximately $415 million. Based on the shares outstanding at the
beginning of the March 2012 quarter, diluted outstanding shares are
expected to be approximately 480 million.
Arbitration Award
These preliminary results and fiscal third quarter outlook
provided do not include the arbitration award disclosed on November
21, 2011.
Investor Communications
Due to the closing of the Samsung transaction in late December
2011 and the associated reporting requirements of the acquisition,
Seagate will report its full results for its fiscal second quarter
on January 31, 2012, followed by a conference call with the
company’s executive management team.
About Seagate
Seagate is a 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 and
Section 21E of the Securities Exchange Act of 1934, each as
amended, including, in particular, statements about our plans,
strategies and prospects and estimates of industry growth for the
fiscal quarter ending March 30, 2012 (the “March 2012 quarter”) and
beyond, including, but not limited to, statements related to the
Company’s operating and financial performance in the March 2012
quarter and thereafter, and statements regarding customer demand
for disk drives, industry pricing, the Company’s product mix and
general market conditions. The announced preliminary results for
the fiscal quarter ended December 30, 2011 are preliminary, have
not been reviewed by external auditors, and are subject to change.
These statements identify prospective information and include words
such as expects, plans, anticipates, believes, estimates, predicts,
projects, and similar expressions. These forward-looking statements
are based on information available to the Company 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, the uncertainty in global economic
conditions continues to pose a risk to the Company’s operating and
financial performance as consumers and businesses may defer
purchases in response to tighter credit and negative financial
news. Such risks and uncertainties also include, but are not
limited to, the impact of the variable demand and the adverse
pricing environment for disk drives, particularly in view of
current business and economic conditions; dependence on the
Company’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 possible excess industry supply with
respect to particular disk drive products; the Company’s ability to
achieve projected cost savings in connection with restructuring
plans and the risk that the Company will incur significant costs in
connection with the transaction with Samsung; and significant
disruption to the industry supply chain due to the severe flooding
throughout parts of Thailand and the industry’s ability to recover
from such disruption, which may pose a risk to the Company’s
operating and financial performance. 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 and
Quarterly Report on Form 10-Q as filed with the U.S. Securities and
Exchange Commission on August 17, 2011 and October 27, 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 the Company undertakes no obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made.
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