Seagate Posts Q2 Net Loss on Lower Revenue

Hard drive maker Seagate Technology Inc. yesterday said the disk drive business environment continues to be challenging, as it reported a net loss of US$35 million, or 16 cents per share, for its second fiscal quarter ended Dec. 31, 1999.

In the comparable quarter a year ago, ended Jan. 1, 1999, Seagate posted net income of $104 million, or 42 cents per share. Revenue, meanwhile, slid to $1.645 billion from $1.8 billion in the same period last year.

Excluding a restructuring charge of $23 million, and other one-time charges and gains, proforma diluted net income for the most recent quarter was $30 million, or 14 cents per share, the company said in a statement.

Seagate said it expects to have maintained its market share leadership position in the worldwide hard drive market during the quarter.

Seagate, in Scotts Valley, California, can be reached at +1-831-438-6550, or at http://www.seagate.com/.

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