Milano, 22 Aprile 2009 - Seagate (NASDAQ: STX), leader mondiale nella produzione e distribuzione di soluzioni di storage, rende noti i risulati finanziari definitivi del terzo trimestre 2009 conclusosi il 3 Aprile 2009: circa 38 milioni di dischi immessi sul mercato, con ricavi per 2,1 miliardi di dollari, una perdita netta di circa 273 milioni di dollari e una perdita netta diluita per azione di 0,56 dollari. Perdita netta e perdita netta per azione relative al trimestre comprendono 18 milioni di dollari per l’ammortamento di beni immateriali e altre spese collegate alle acquisizioni, alla ristrutturazione e relative quote di ammortamento accellerato di 36 milioni di dollari. L’impatto di tutte queste voci insieme ha generato una perdita netta di 54 milioni di dollari o approssimativamente 0,11 dollari di perdita diluita per azione. Tra i 36 milioni di dollari della ristrutturazione e relativi oneri, 11 milioni di dollari sono relativi agli oneri connessi all’ammortamento accellerato registrati nelle spese per lo sviluppo del prodotto e 25 milioni di dollari sono relativi alla ristrutturazione e ai recenti effetti globali di riduzione.

Facendo riferimento ad un periodo di nove mesi conclusosi il 3 Aprile 2009, la società ha comunicato i dischi immessi sul mercato pari a 123 milioni di unità, ricavi di 7,5 miliardi di dollari, una perdita netta di 3,0 miliardi di dollari e una perdita netta diluita per azione di 6,17 dollari. Perdita netta e perdita netta per azione comprendono 56 milioni di dollari per l’ammortamento di beni immateriali e gli altri oneri connessi alle acquisizioni della società e le spese relative alla ristrutturazione delle attività pari a 181 milioni di dollari, una spesa pari a 271 milioni di dollari che riflette un adeguamento sfavorevole alla valutazione dell’indennità relativa alle attività fiscali differite dell’azienda, e 2,3 miliardi di dollari di spesa relativa agli ammortamenti relativi alla good-will e altre voci che riguardano il lungo perido. L’impatto globale di questi elementi fa registrare una riduzione del reddito di 2,8 miliardi di dollari, pari a una diminuzione di circa 5,75 dollari per azione. Dei 181 milioni di dollari relativi alla ristrutturazione, 55 milioni di dollari sono relativi all’ammortamento accellerato con con 30 milioni di dollari registrati nei costi di reddito e 25 milioni di dollari tra le spese relative allo sviluppo del prodotto, con la maggior parte del saldo relativo ai recenti effetti globali di riduzione.

Steve Luczo, Seagate chairman and chief executive officier, ha così commentato i risultati finanziari: “Sono incoraggiato dai progressi che stiamo facendo nel migliorare le nostre performance. Di conseguenza, ipotizzando la stabilizzazione dell’ambiente economico, riteniamo di poter essere in grado di migliorare i margini e raggiungere la redditività entro l’anno fiscale 2010.

SCOTTS VALLEY, Calif. - April 21, 2009 - Seagate Technology (NASDAQ: STX) today reported results for the quarter ended April 3, 2009 of 38 million disk drive unit shipments, revenue of $2.1 billion, a net loss of $273 million and net loss per share of $0.56. Net loss and net loss per share for the quarter include $18 million of purchased intangibles amortization and other charges associated with acquisitions, and restructuring and related accelerated depreciation charges of $36 million. The aggregate impact of these items is a $54 million loss or approximately $0.11 per share loss. Of the $36 million for restructuring and related accelerated depreciation charges, $11 million was for accelerated depreciation charges recorded in product development expense and $25 million was restructuring and substantially relates to global headcount reductions.

For the nine months ended April 3, 2009 the company reported results of disk drive unit shipments of 123 million, revenue of $7.5 billion, a net loss of $3.0 billion, and net loss per share of $6.17. Net loss and net loss per share include $56 million of purchased intangibles amortization and other charges associated with acquisitions, charges related to restructuring activities of $181 million, a charge of $271 million that reflects an unfavorable adjustment to the valuation allowance related to the company’s deferred tax assets and a $2.3 billion charge relating to the write-off of goodwill and other long-lived assets. The aggregate impact of these items is a $2.8 billion reduction in earnings, or a decrease of approximately $5.75 per share. Of the $181 million in restructuring related charges, $55 million was for accelerated depreciation charges, with $30 million recorded in cost of revenue and $25 million in product development expense. The majority of the remaining balance of the restructuring charges relate to global headcount reductions.

“I am encouraged by the progress we’re making in improving our operational performance,” said Steve Luczo, Seagate chairman and chief executive officer. “As a result, assuming a relatively stable business environment, we believe we can improve margins and reach profitability within fiscal year 2010.”

Business Outlook
While there are signs of improved visibility, the ongoing uncertainty in global economic conditions makes it difficult to predict product demand and other related matters, which makes it more likely that Seagate’s actual results could differ materially from current expectations.

For the June quarter, in light of the company’s view of the current market environment, the company is planning for the overall demand for disk drives to be relatively flat as compared to the March quarter. Consequently, the company expects revenue to be approximately $1.9 - $2.2 billion and gross margin as a percent of revenue to improve by 300-400 basis points as compared to the March quarter. Product development and marketing/administrative costs are expected to decrease to approximately $340 million while other income and expense is expected to be an expense of approximately $40 million. Net loss per share is expected to be between $0.37 - $0.47, which includes approximately $41 million or $0.08 per share for restructuring, purchased intangibles amortization and other charges associated with acquisitions.

The fiscal fourth quarter 2009 outlook does not include the impact of any future mergers, acquisitions, dispositions or other business combinations, financing or potential new restructuring activities the company may undertake.

As part of the company’s ongoing cost structure alignment, additional restructuring actions are currently being addressed. The company believes opportunities exist to reduce operating costs in product development, marketing/administrative and manufacturing areas to target a cost structure that generates positive cash flow and earnings within its fiscal year 2010. Consequently, the company expects to incur restructuring charges in the June quarter of an undetermined amount.  

Cash and Liquidity
The company remains focused on building liquidity and strengthening its balance sheet over the long-term. To that end, Seagate has taken actions and obtained sources of liquidity to support the business while the current negative economic condition persists. The results of these decisions and actions include:

• On April 3, 2009, Seagate entered into a Second Amended and Restated Credit Agreement the purpose of which is to increase the company’s flexibility in meeting its obligations under its existing credit agreement, executed on September 19, 2006.
• On April 16, 2009, Seagate priced $430 million of 10% senior secured second-priority notes due 2014. The net proceeds are expected to be used for general corporate purposes, including the repayment or repurchase of all or some of the company’s $300 million aggregate principal amount of floating rate senior notes due October 1, 2009 and other indebtedness.
• Cash, cash equivalents and short-term investments increased $172 million quarter-over-quarter, to $1.5 billion.
• Compared to the prior quarter, days sales outstanding (DSO) was down five days to 37 days, days payable outstanding (DPO) decreased by one day to 63 days and days of inventory outstanding (DIO) decreased by 11 days to 26. In aggregate, our cash conversion cycle decreased by 15 days to zero. Improvement in DSO reflects the linearity of shipments during the quarter, while the improvement in DIO is a result of reducing inventory by roughly 28%.
• Investment in capital equipment during the March quarter was $59 million and for the first nine months of the company’s fiscal year 2009 was approximately $553 million. The company currently expects fiscal 2009 investment in capital equipment to be approximately $650 million. Based on the company’s current macroeconomic view it expects fiscal year 2010 capital investment to be approximately $450 million.
• Management has recommended and the board has adopted a policy of not paying a quarterly dividend. This action coupled with the reduction of the dividend in January 2009 reduces cash obligations by about $230 million annually.

Additional information relating to the financial results for the third fiscal quarter of 2009 can be found online at seagate.com.

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