MILANO, Italia - 22 Gennaio 2009 - Seagate Technology (NYSE: STX) rende noti i risultati finanziari del secondo trimestre 2009: circa 37 milioni i dischi immessi sul mercato, con ricavi per 2,3 miliardi di dollari, una perdita netta di 496 milioni di dollari, e una perdita netta diluita per azione di 1,02 dollari, per il trimestre conclusosi il 2 Gennaio 2009.

Perdita netta e perdita netta per azione comprendono circa 18 milioni di dollari per l’ammortamento di beni immateriali e altre spese collegate alle acquisizioni, alla ristrutturazione e relative quote di ammortamento accellerato di 94 milioni di dollari, e un costo di 271 milioni di dollari che riflette un adeguamento sfavorevole alla valutazione dell’indennità relativa alle attività fiscali differite dell’azienda.

L’impatto di tutto ciò ha causato una perdita di 383 milioni di dollari, ossia una perdita per azione di circa 0,79 dollari. Tra i 94 milioni di dollari per ristrutturazione e relativi oneri, 16 milioni di dollari sono relativi agli oneri connessi all’ammortamento accellerato registrati nei costi di reddito ( 2 milioni di dollari) e spese per lo sviluppo del prodotto (14 milioni di dollari) con la maggior parte del saldo relativo ai recenti effetti globali di riduzione.

Facendo riferimento ad un periodo di sei mesi conclusosi il 2 gennio 2009, la società ha comunicato i dischi immessi sul mercato pari a 85 milioni di unità, ricavi di 5,3 miliardi di dollari, una perdita netta di 436 milioni di dollari e una perdita netta diluita per azione di 0,90 dollari. Perdita netta e perdita netta per azione comprendono 37 milioni di dollari per l’ammortamento di beni beni immateriali e gli altri oneri connessi alle acquisizioni della società e le spese relative alla ristrutturazione delle attività pari a 145 milioni di euro e spese pari a 271 milioni di dollari che riflettono un adeguamento sfavorevole alla valutazione dell’indennità relativa alle attività fiscali differite dell’azienda.

L’impatto globale di questi elementi fa registrare una riduzione del reddito pari a 453 milioni di dollari, pari a una diminuzione di circa 0,93 dollari per azione. Dei 145 milioni di dollari relativi alla ristrutturazione, 44 milioni di dollari sono relativi all’ammortamento accellerato registrati nei costi di reddito (30 milioni di dollari) e spese relative allo sviluppo del prodotto (14 milioni di dollari) con la maggior parte del saldo relativo ai recenti effetti globali di riduzione.

Steve Luczo, Chairman, Presidente e Chief Executive Officer di Seagate, ha così commentato i risultati finanziari: " Continuiamo a credere che Seagate possa avere un futuro solido e che le prospettive per il mercato dello storage, nel lungo periodo, saranno positive; nonostante ciò, ci saranno nel breve periodo sfide che Seagate dovrà affrontare fino alla fine del 2009 e nel 2010. Il Consiglio di amministrazione e di gestione del team sta cercando di organizzare le nostre attività in relazione a questo periodo, organizzare la liquidità e rafforzare la costruzione dello stato patrimoniale al fine di assicurare la competitività dell’azienda in condizioni macroeconomiche sfavorevoli. Il nostro asset tecnologico, gli investimenti e le nostre capacità restano intatte. Continuiamo a credere che il punto di forza di Seagate, se pienamente sfruttato, si tradurrà in un incremento del nostro business".

SCOTTS VALLEY, Calif. - January 21, 2009 - Seagate Technology (NASDAQ: STX) today reported preliminary results for the quarter ended January 2, 2009 of 37 million disk drive unit shipments, revenue of $2.3 billion, a net loss of $496 million, and net loss per share of $1.02 for the quarter ended January 2, 2009. Net loss and net loss per share for the quarter include $18 million of purchased intangibles amortization and other charges associated with acquisitions, restructuring and related accelerated depreciation charges of $94 million, and a charge of $271 million that reflects an unfavorable adjustment to the valuation allowance related to the company's deferred tax assets. The aggregate impact of these items is a $383 million loss or approximately $0.79 per share loss. Of the $94 million restructuring and related charges, $16 million was for accelerated depreciation charges recorded in cost of revenue ($2 million) and product development expense ($14 million) with the majority of the balance related to the recently disclosed global headcount reduction.

For the six months ended January 2, 2009 the company reported preliminary results of disk drive unit shipments of 85 million, revenue of $5.3 billion, a net loss of $436 million, and net loss per share of $0.90. Net loss and net loss per share include $37 million of purchased intangibles amortization and other charges associated with acquisitions, charges related to restructuring activities of $145 million, and a charge of $271 million that reflects an unfavorable adjustment to the valuation allowance related to the company's deferred tax assets. The aggregate impact of these items is a $453 million reduction in earnings, or a decrease of approximately $0.93 per share. Of the $145 million in restructuring related charges, $44 million was for accelerated depreciation charges booked in cost of revenue ($30 million) and product development expense ($14 million) with the majority of the balance related to the previously disclosed global headcount reduction.

As disclosed on December 24, 2008 via a Form 8-K filing, the company has concluded that it is required to record an impairment charge to reduce the carrying value of its goodwill and possibly other long-lived assets. The carrying values of goodwill and other long-lived assets subject to this assessment are approximately $2.3 billion and $2.6 billion, respectively. The accompanying results for the quarter ended January 2, 2009 are preliminary, as the various valuation studies and other analyses required to determine the impairment charge(s) have not yet been completed. The company expects this analysis will be completed on a timely basis, and the impact of any impairment charge(s) and any related income tax effects will be reflected in the financial statements to be included in our Form 10-Q that will be filed for the quarter-ended January 2, 2009.

"We remain focused on executing against our business plan and on aligning the company's cost structure with the current economic reality," said Steve Luczo, chairman, president and chief executive officer. "We continue to believe that Seagate has a solid future and view the long-term prospects for storage to be positive; however, there are significant near-term challenges facing Seagate that we believe could potentially continue through the end of the calendar year and into 2010. The Board and management team are focused on structuring our business accordingly, building liquidity and strengthening the balance sheet to ensure that we are competitive throughout a period of extended macroeconomic decline. Our technology assets, investments and capabilities remain intact and we are making smarter and faster decisions to improve execution. We continue to believe that the fundamental core strengths that Seagate possesses, when fully leveraged, will result in product leadership across all markets in our industry."

Business Outlook
For the March quarter, in light of the company's view of the current market environment and the uncertainty in global economic conditions, the company is planning for the overall demand for disk drives to be approximately 110 million units. In addition, the company is assuming no significant changes in its market share, and therefore expects revenue to be approximately $1.6 - $2.0 billion. The company will continue to evaluate the demand environment to determine what further actions are necessary to properly align its cost structure with the company's current view of the macroeconomic environment. Additionally, the company expects to incur additional restructuring charges directly related to the recently announced global workforce reduction in the March quarter.

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.

Cash and Liquidity
The company continues to remain focused on building liquidity and strengthening its balance sheet by taking decisive actions to reduce capital spending, lower operating expenses and to align production with demand to limit inventory and therefore believes it will generate or obtain sources of liquidity to support the business.

• Cash and cash equivalents and short-term investments ended the quarter at $1.3 billion, an increase of $156 million compared to the previous quarter.
• During the quarter the company borrowed $350 million under its existing $500 million senior unsecured revolving credit facility. The remaining undrawn committed amount, after giving effect to the $350 million borrowing and approximately $50 million used for outstanding letters of credit, is approximately $100 million.
• Management has recommended, and the board has approved, reducing the quarterly dividend to $0.03 per share. This action is expected to reduce our cash outflows by approximately $175 million over the next 12 months.
• Compared to the prior quarter, days sales outstanding (DSO) was flat at 42 days, days payable outstanding (DPO) decreased by 6 days to 64 and days of inventory outstanding (DIO) increased by 4 days to 37. In aggregate, our cash conversion cycle increased by 10 days to 15.
• Total debt was $2.4 billion at the end of the quarter inclusive of the credit facility borrowing. Long-term debt maturities over the next 18 months consist primarily of $300 million in October of 2009 (floating rate senior notes) and $135 million in April of 2010 (6.8% convertible senior notes).
• Investment in capital equipment for the first six months of the company's fiscal year 2009 was approximately $494 million. The company currently expects fiscal 2009 investment in capital equipment to be approximately $650 million. Based on the company's current macroeconomic view it expects fiscal year 2010 capital investment to be below $500 million.

Additional information relating to the financial results for the second fiscal quarter of 2009 can be found online at seagate.com.

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