07.203.2004 - Maxtor Corporation Reports Second Quarter 2004 Results

MILPITAS, Calif., July 21, 2004 -- Maxtor Corporation (NYSE: MXO) today announced its financial results for the second quarter ended June 26, 2004. Revenue for the quarter was $818.3 million. The Company reported a net loss on a GAAP basis of $26.1 million, or $(0.11) per share. Included in the GAAP net loss was a charge of $5.1 million for the amortization of intangible assets. Also included in the quarter was income of $24.8 million from the settlement of a lawsuit brought by Maxtor against Koninklijke Philips Electronics N.V. related to a quality issue on a legacy Quantum product. On a non-GAAP basis, excluding the amortization charge and this income from the lawsuit settlement, Maxtor reported a net loss of $45.8 million, or $(0.19) per share. In the second quarter of 2003, revenue was $910.9 million. Net income on a GAAP basis was $6.2 million, or $0.03 per diluted share. The GAAP net income included a charge for the amortization of intangible assets and stock-based compensation expense, totaling $20.8 million. On a non-GAAP basis, excluding these charges, net income in the second quarter of 2003 was $27.0 million, or $0.11 per diluted share. - View Press Release - Visit Maxtor Corporation