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.

Risultati preliminari del terzo trimestre 2009
Seagate stima di poter annunciare una quantità di circa 39 milioni di dischi immessi sul mercato e un ricavo di circa 2,1 miliardi di dollari, superiore alle aspettative dell’azienda di circa 1,6 – 2,0 miliardi di dollari. Secondo Seagate, il Total Available Market (TAM) è stimato in un range tra 110 – 112 milioni di unità per il terzo trimestre di Marzo. Migliore, rispetto alle aspettative, la domanda di unità Seagate da 2,5 pollici e 3,5 pollici con interfaccia ATA e l’azienda ha acquisito una quota significativa in entrambi i mercati. La posizione di leadership di Seagate nel mercato enterprise resta sostanzialmente invariata rispetto al trimestre precedente; tuttavia, il mercato totale disponibile per i prodotti di classe enterprise è diminuito di circa il 20 %.Inoltre è aumentata la distribuzione di dischi sia per notebook che desktop di bassa capienza rispetto alle previsioni. Liquidità, disponibilità in liquidità e investimenti a breve termine sono aumentati di 200 milioni di dollari a circa 1,5 miliardi di dollari.

Le aspettative per il margine lordo come una percentuale di guadagno ("gross margins") sono di circa 7 – 7,5%. Tale previsione è migliore rispetto alle aspettative dell’azienda a fronte di maggiori volumi e controlli effettivi della spesa. Rispetto al trimestre precedente, il margine lordo è diminuito di circa 700 punti base a causa del declino dei prezzi dei prodotti, della riduzione stimata del 20% nel mercato disponibile (TAM) dei prodotti di classe enterprise, dell’utilizzo ridotto dei siti produttivi e dei costi invariati, mentre l’azienda continua a gestire l’inventario e ad alineare i volumi di produzione alla domanda di mercato.

Sviluppo del prodotto e costi amministrativi e di marketing dovrebbero essere di circa 380 milioni di dollari, di cui circa 10 milioni di dollari di ammortamento accelerato, che è favorevole rispetto alla previsione fatta in origine di 395 milioni di dollari.

"Sono incoraggiato dal nostro progresso nel corso del trimestre nell’ individuare e affrontare una serie di questioni strategiche che sono cruciali per il successo del nostro modello di business", ha detto Steve Luczo, Seagate Chairman e Chief Executive Officer. "In particolare, stiamo riallineando i nostri processi di business e ottimizzando il nostro portafolio prodotti al fine di massimizzare la redditività. Queste azioni ci consentono di finanziare in modo più efficace lo sviluppo di tecnologie, mantenere la leadership di prodotto e creare valore per i nostri clienti con la consegna dei prodotti migliori del settore. Ci aspettiamo di vedere gli effetti di queste azioni nella trasizione dei nostri prodotti , con un profilo di margine migliorato. Siamo incoraggiati dalla vendita in grandi volumi dei nostri nuovi prodotti da 250GB e 500GB da 2,5 pollici e 500 GB e 1 TB da 3,5-pollici. Inoltre, stiamo gestendo le condizioni di liquidità a breve e medio termine attraverso la rielaborazione del nostro contratto di credito e l'annuncio di oggi dei nostri risultati finanziari previsti. "

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
Seagate expects to report unit shipments of approximately 39 million and revenue of approximately $2.1 billion, exceeding the company’s original outlook of $1.6 – 2.0 billion. The company believes the total available market (TAM) for hard disk drives was in the range of 110-112 million units for the March quarter. Unit demand for Seagate’s 2.5-inch and 3.5-inch ATA products was better than planned and the company gained significant share in each of these markets. The company’s leadership position in the enterprise market remained substantially unchanged from the prior quarter; however, the TAM for enterprise class products decreased by an estimated 20%, sequentially. In addition, the company shipped a higher mix of lower capacity desktop and notebook products than planned. Cash, cash equivalents and short-term investments increased by $200 million to approximately $1.5 billion.

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.
Product development and marketing/administrative costs are expected to be approximately $380 million, including approximately $10 million of accelerated depreciation, which is favorable compared to the original outlook of $395 million.

"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
Current uncertainty in global economic conditions makes it particularly difficult to predict product demand and other related matters and makes it more likely that Seagate’s actual results could differ materially from current expectations.

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
Cash, cash equivalents and short–term investments as of April 3, 2009 totaled approximately $1.5 billion compared to $1.3 billion in the prior quarter. Approximately $90 million of cash restructuring payments were made during the March quarter.

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
Seagate will report full fiscal third quarter financial results on Tuesday, April 21, 2009 after the close of the market. A subsequent conference call for the investment community will take place at 2:00 p.m. Pacific Time. The conference call can be accessed online at www.seagate.com or by telephone as follows:
USA: (877) 223-6202
International: (706) 679-3742
Conference ID: 90458329

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:
USA: (800) 642-1687
International: (706) 645-9291
Conference ID: 90458329

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