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Seagate reports loss of US$3.1 billion
Posted on 22-Jul-2009 09:36. | Tags Filed under: News.

Seagate Technology has reported results for the quarter ended 3rd July 2009 of 40.6 million disk drive unit shipments, revenue of US$2.35 billion, a net loss of US$81 million and net loss per share of $0.16.

The financial results for the quarter include US$21 million of purchased intangibles amortization and other charges associated with acquisitions, and US$85 million of restructuring and related accelerated depreciation charges. The aggregate impact of these items is US$106 million or approximately US$0.22 per share.

"The overall organizational, operational, technical and product progress we have made during the last six months is reflected in our financial results for the June quarter and demonstrates meaningful progress toward the goal of returning to sustained GAAP profitability as soon as possible," said Steve Luczo, Seagate CEO. "We are also seeing signs that the storage markets are improving and are providing better visibility into the demand environment. Our approach to the September quarter with respect to our production volumes and product mix is to continue to manage our factories with an intense focus on maximizing our return on invested capital while satisfying our customers' requirements."

For the fiscal year ended 3rd July 2009, the company reported disk drive unit shipments of 163.8 million, revenue of US$9.8 billion, a net loss of US$3.1 billion, and net loss per share of US$6.32.

The company says it's difficult to predict future performance, because of the ongoing uncertainty in global economic conditions that makes it difficult to predict product demand and other related matters.

For the September quarter, the company is planning for the overall industry demand for disk drives to be 135-140 million units. Consequently, the company expects revenue to be approximately US$2.4 - US$2.6 billion and gross margin as a percent of revenue to improve by 200-350 basis points as compared to the June quarter.

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