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01.21.2009 - Seagate Technology Reports Fiscal Second Quarter 2009 Preliminary Results

View Seagate-Technology related news. SCOTTS VALLEY, Calif. - January 21, 2009 - Seagate Technology (NASDAQ: STX) today reported preliminary results for the quarter ended January 2, 2009 of 37 million disk drive unit shipments, revenue of $2.3 billion, a net loss of $496 million, and net loss per share of $1.02 for the quarter ended January 2, 2009. Net loss and net loss per share for the quarter include $18 million of purchased intangibles amortization and other charges associated with acquisitions, restructuring and related accelerated depreciation charges of $94 million, and a charge of $271 million that reflects an unfavorable adjustment to the valuation allowance related to the company’s deferred tax assets. The aggregate impact of these items is a $383 million loss or approximately $0.79 per share loss. Of the $94 million restructuring and related charges, $16 million was for accelerated depreciation charges recorded in cost of revenue ($2 million) and product development expense ($14 million) with the majority of the balance related to the recently disclosed global headcount reduction.

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NID: 26571 / Submitted by: TACKtech Team
Categories: Press Release
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