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April 9, 1997updated 05 Sep 2016 12:52pm

SEAGATE TECHNOLOGIES REPORTS STRONG Q3

By CBR Staff Writer

Seagate Technology Inc reported third-quarter results that far exceeded analysts’ expectations. The company reported net income of $256.8m, or $1.01 per share, on revenue which increased 19.5% to $2.5bn, compared to a loss of $157.5m for the same period a year ago. These results include one-time charges of $24.3m associated with the acquisitions of Holistic Systems Ltd (CI No 2,938) and other software businesses and write-offs of in-process research and development. Without these charges, net income would have been $1.07 per share. Wall Street expectations for the quarter were roughly $0.88 per share. The rosy results come on the heels of Seagate chief executive Alan Shugart’s predictions that the company would see recouped market share in desktop systems and continued strength in high-end servers (CI No 3,111). For the nine months ended March 28, 1997, the company reported net income of $599m on revenue up 6% at $6.96bn. Also during the quarter, Seagate issued senior debt securities totaling $700m, which it says will be used for general corporate purposes, including repurchasing shares and acquisitions.

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