Exhibit 99.1

 

 

 

Media Relations Contact:

 

Brian Ziel (831.439.5429)

brian.ziel@seagate.com

 

Investor Relations Contact:

 

Rod Cooper (831.439.2371)

 

rod.j.cooper@seagate.com

 

SEAGATE TECHNOLOGY REPORTS FISCAL FOURTH QUARTER
AND YEAR-END 2010 FINANCIAL RESULTS

 

-    Record fiscal year profit of $1.61 billion and earnings per share of $3.14

-    Record fiscal year shipments of 193 million disk drives

-    Record fourth quarter operating results

 

SCOTTS VALLEY, CA — July 20, 2010 — Seagate Technology plc (NASDAQ: STX) today reported financial results for the quarter ended July 2, 2010 of 46.8 million disk drive unit shipments, revenue of $2.66 billion, gross margin of 27.4%, net income of $379 million and diluted earnings per share of $0.76. The financial results for the quarter include $6 million of purchased intangibles amortization expense, $16 million of restructuring charges, $3 million expense (Other income/expense) for the May 2010 termination of Seagate’s revolving credit facility offset by a $6 million recovery of previously impaired long-lived assets and a $50 million income tax benefit due principally to valuation allowance adjustments related to deferred tax assets. The aggregate impact of these items was a $31 million increase to net income or approximately $0.06 per diluted share.

 

For the fiscal year ended July 2, 2010 the company reported 193.2 million disk drive unit shipments, revenue of $11.4 billion, gross margin of 28.1%, net income of $1.61 billion and diluted earnings per share of $3.14. The financial results for the fiscal year ended July 2, 2010 include $35 million of purchased intangibles amortization expense, $66 million of restructuring costs, $3 million expense (Other income/expense) related to the May 2010 termination of the revolving credit line, a net write down of long-lived assets of $57 million offset by a $50 million income tax benefit due principally to valuation allowance adjustments related to deferred tax assets. The aggregate impact of these items was a $111 million reduction of net income or approximately $0.22 per diluted share.

 

1


The following information was filed by Seagate Technology Plc (STX) on Tuesday, July 20, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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