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April 28, 2009

Western Digital Q3 earnings plummet

Approximately 31.6 million units were shipped during the quarter

By CBR Staff Writer

Storage company Western Digital has reported an 82% decline in net income to $50m for the third quarter 2009, compared to net income of $280m in the year-ago quarter, on revenue down 25% at $1.59 billion.

Operating income for the quarter fell 79% to $298m, while diluted EPS fell 82% to $0.22. The company generated cash from operations of $355m and shipped approximately 31.6 million units during the quarter. Geographically, Asia accounted for 46% of total revenue, Americas 26%, and Europe 28%.

For the nine-month period, the company reported a 58% decline in net income to $274m compared to net income of $654m a year ago, on revenue down 9% at $5.52 billion.

John Coyne, president and chief executive at WD, said: We are pleased with our financial performance in the March quarter, reflecting continued profitability and cash generation. We managed our market segment participation, product mix and costs to optimize our returns in a challenging environment. We have taken a series of actions to resize and restructure the business to remain profitable and cash flow positive at a $1.5 billion quarterly revenue level.

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