10.294.2004 - Maxtor Corporation Reports Third Quarter 2004 Results

MILPITAS, Calif., October 20, 2004 -- Maxtor Corporation (NYSE: MXO) today announced its financial results for the third quarter ended September 25, 2004. Revenue for the quarter was $927.2 million. The Company reported a net loss on a GAAP basis in the third quarter of 2004 of $90.6 million, or $(0.36) per share. Included in the GAAP net loss was $27.2 million of severance and facilities-related restructuring charges and a $5.1 million charge for the amortization of intangible assets. On a non-GAAP basis, excluding these charges, Maxtor reported a net loss of $58.3 million, or $(0.23) per share. In the third quarter of 2003, revenue totaled $1.066 billion. Net income on a GAAP basis in the third quarter of 2003 was $29.9 million, or $0.12 per diluted share. The GAAP net income included a charge for the amortization of intangible assets and stock-based compensation expense totaling $20.7 million. On a non-GAAP basis, excluding these charges, net income in the third quarter of 2003 was $50.6 million, or $0.20 per diluted share. - View Press Release - Visit Maxtor Corporation