Seagate Technology Announces Selected Preliminary Fiscal Second Quarter 2013 Financial Results

Tue Jan 8, 2013 4:07pm EST

* Reuters is not responsible for the content in this press release.

CUPERTINO, Calif.--(Business Wire)--
Seagate Technology plc (NASDAQ:STX) today announced selected preliminary
financial results for its fiscal second quarter of 2013, which ended on December
28, 2012. 

Seagate expects to report fiscal second quarter 2013 revenue of at least $3.6
billion and gross margin of more than 27%, reflecting unit shipments of
approximately 58 million and maintaining market share. These preliminary results
compare to the Company`s previous expectations for revenue of approximately $3.5
billion and gross margin at the lower end of the Company`s long-term non-GAAP
gross margin range of 27% to 32%. 

During the quarter the company paid $1.1 billion in share redemptions and
dividend payments that included a one-time acceleration of the December 2012
quarter dividend payment. The Company redeemed approximately 30 million ordinary
shares and exited December 2012 with 358 million ordinary shares outstanding.
Cash, cash equivalents, restricted cash and short term investments totaled
approximately $2.0 billion on December 28, 2012. 

Full Fiscal Second Quarter 2013 Financial Results

Seagate will report full fiscal second quarter 2013 financial results on Monday,
January 28, 2013 after the close of the market. A conference call for the
investment community will take place at 2:00 p.m. Pacific Time. The conference
call can be accessed online at 

A replay will be available beginning January 28, 2013 at 4:00 p.m. Pacific Time.
The replay can be accessed through Seagate`s website at 

About Seagate

Seagate is a world leader in hard disk drives and storage solutions. Learn more

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, each as amended, including, in particular, statements
about our plans, strategies and prospects and estimates of industry growth for
the fiscal quarter ending December 28, 2012 and beyond. These statements
identify prospective information and include words such as "expects," "plans,"
"anticipates," "believes," "estimates," "predicts," "projects" and similar
expressions. These forward-looking statements are based on information available
to Seagate as of the date of this press release and are based on management`s
current views and assumptions. These forward-looking statements are conditioned
upon and also involve a number of known and unknown risks, uncertainties, and
other factors that could cause actual results, performance or events to differ
materially from those anticipated by these forward-looking statements. Such
risks, uncertainties, and other factors may be beyond Seagate`s control and may
pose a risk to our operating and financial condition. Such risks and
uncertainties include, but are not limited to; the uncertainty in global
economic conditions as consumers and businesses may defer purchases in response
to tighter credit and financial news, the impact of the variable demand and the
adverse pricing environment for disk drives, particularly in view of current
business and economic conditions; dependence on Seagate`s ability to
successfully qualify, manufacture and sell its disk drive products in increasing
volumes on a cost-effective basis and with acceptable quality, particularly the
new disk drive products with lower cost structures; the impact of competitive
product announcements; and possible excess industry supply with respect to
particular disk drive products; Seagate`s ability to achieve projected cost
savings in connection with restructuring plans. Information concerning risks,
uncertainties and other factors that could cause results to differ materially
from those projected in the forward-looking statements is contained in Seagate`s
Annual Report on Form 10-K filed with the U.S. Securities and Exchange
Commission on August 8, 2012, which statements are incorporated into this press
release by reference. These forward-looking statements should not be relied upon
as representing Seagate`s views as of any subsequent date and Seagate undertakes
no obligation to update forward-looking statements to reflect events or
circumstances after the date they were made.

Brian Ziel, 408-658-1540

Copyright Business Wire 2013
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