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16.04.2009 - Seagate annuncia i risultati finanziari del terzo trimestre del 2009 | ||
Milano, 15 Aprile 2009 - Seagate (NASDAQ: STX), leader mondiale nella produzione e distribuzione
di soluzioni di storage, rende noti i risulati finanziari preliminari del terzo trimestre 2009 conclusosi il 3
Aprile 2009 e una previsione preliminare del quarto trimestre che si concluderà il 3 Luglio 2009.
SCOTTS VALLEY, Calif. - April 13, 2009 - Seagate Technology (NASDAQ: STX) today announced selected preliminary financial results for its third fiscal quarter which ended on April 3, 2009 and an initial business outlook for its fourth fiscal quarter ending July 3, 2009. Preliminary Fiscal Third Quarter 2009 Results Gross margin as a percent of revenue ("gross margins") is expected to be approximately 7 – 7.5%, which is better than the company anticipated due to higher volumes and effective spending controls. Compared to the prior quarter, gross margins decreased by approximately 700 basis points due to like-for-like product price declines, an estimated 20% reduction in the TAM for enterprise class products, and lower factory utilization and fixed cost absorption as the company continues to aggressively manage inventory and align production with demand. "I’m encouraged by our progress during the quarter in identifying and addressing a number of key strategic issues that are critical to the success of our business model," said Steve Luczo, Seagate chairman and chief executive officer. "Specifically, we are realigning our business processes and optimizing our product portfolio to maximize profitability. These actions allow us to more effectively fund our technology development, drive product leadership and create value for our customers by delivering the industry’s best products. We expect to see the effects of these actions in our product transitions, resulting in an ongoing improved margin profile. We’re encouraged with the ramp of our new 250GB and 500GB 2.5-inch products and 500GB and 1TB 3.5-inch products as they transitioned to volume this quarter. Additionally, we are addressing the near- to mid-term liquidity requirements through the recently announced amendment to our credit agreement and the announcement today of our anticipated financing." Initial Fiscal Fourth Quarter 2009 Outlook For the June quarter, the company expects the TAM, on a unit basis, to be flat as compared to the March quarter in contrast to the historical norms of a slight decrease, with pricing consistent with historical June quarters. The company sees no significant increase in the TAM for the enterprise market and expects to maintain its leading share position in this market in the June quarter. Accordingly, the company expects revenue to be in the range of $1.9 - 2.2 billion and gross margins to improve by 300 - 400 basis points as products based on the 2.5-inch 250GB/disk and 3.5-inch 500GB/disk product platforms continue to ramp and replace less cost-efficient product platforms. The company believes the ongoing transition to these new product platforms, coupled with targeted cost structure reductions, provides the foundation for the continued improvement of gross margins into its fiscal year 2010. Product development and marketing/ administrative costs are expected to be approximately $340 million for the June quarter, with the targeted run rate being less than $300 million per quarter which is expected to be achieved during fiscal year 2010. 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. The estimated cost of any additional restructuring activities has yet to be determined. 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. The company is continuing to evaluate various financing options to manage the retirement and replacement of existing debt and associated obligations, including the issuance of new straight debt securities, exchanging existing debt securities for new equity or other debt securities and retiring existing debt securities pursuant to privately negotiated transactions, open market purchases or otherwise. Liquidity To further enhance liquidity, management has recommended and the board has adopted a policy of not paying a quarterly dividend. This action is expected to reduce cash outflows by approximately $60 million annually. As disclosed on April 6, 2009, the company has amended the terms and financial covenants relating to the existing revolving credit facility. The company believes the new financial covenants provide adequate flexibility for the remaining term of the credit facility. Full Fiscal Third Quarter 2009 Financial Results A replay will be available beginning April 21 at 6:00 p.m. Pacific Time through April 28 at 8:59 p.m. Pacific Time. The replay can be accessed through Seagate’s website at www.seagate.com or by telephone as follows: News Source: Seagate Press Release Links | ||
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