Seagate Technology reports fiscal second quarter 2012 financial results

Seagate Technology reported financial results for the quarter ended December 30, 2011. The company shipped 47 million disk drives and reported revenue of $3.2 billion, gross margin of 31.6%, net income of $563 million and diluted earnings per share of $1.28. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported net income of $581 million and diluted earnings per share of $1.32 for the quarter ended December 30, 2011.

For the six months ended December 30, 2011, the company reported revenue of $6.0 billion, gross margin of 26.0%, net income of $703 million and diluted earnings per share of $1.61. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported net income of $727 million and diluted earnings per share of $1.67. Seagate returned $151 million to shareholders in the form of a dividend and repurchased $191 million of Seagate ordinary shares which equates to approximately 13 million ordinary shares.

 

Seagate to Showcase 4G LTE Storage, Solid-state Hybrid Hard Drives and More Industry Firsts

GoFlex Satellite Mobile Wireless Storage

Seagate Technology, the worldwide leader in hard disk drives and storage solution, will be showcasing its full breadth of consumer, desktop and enterprise solutions at the 2012 International Consumer Electronics Show at Las Vegas, USA.

A Consumer Electronics Association Innovations Honoree, the GoFlex Satellite mobile wireless storage will be on display in the Innovations Hall located in the Venetian Ballroom of the Venetian Hotel. Seagate will demonstrate during CES new enhancements and added features that improve on the popular award-winning product. First introduced in May of 2011, the GoFlex Satellite drive is Wi-Fi enabled storage to wirelessly stream media to multiple mobile devices such as smartphones and tablets simultaneously.

 

Seagate Technology updates financial outlook for fiscal third quarter 2012

Seagate Technology recently provided preliminary financial results for its fiscal second quarter ended December 30, 2011. The acquisition of Samsung Electronics Co., Ltd’s (“Samsung”) hard disk drive business closed on December 19, 2011 and these preliminary financial results include Samsung operating activity from that date.

The company shipped approximately 47 million disk drives, which included approximately 700,000 Samsung disk drives, and expects to report revenue for its fiscal second quarter 2012 of $3.1 – $3.2 billion. Before giving effect to charges related to the acquisition of Samsung’s hard disk drive business that are not yet determinable, the company expects gross margin as a percent of revenue to be at least 30.5%, operating expenses (Product Development, Marketing and Administrative) to be approximately $390 million, and diluted outstanding shares to be 440 million.

 

Seagate completes acquisition of Samsung’s Hard Disk Drive business

Seagate Technology plc, a world leader in hard disk drives and storage solutions, today announced the closing of the transaction to acquire the hard disk drive (HDD) business of Samsung Electronics Co., Ltd., a world leader in digital consumer electronics and information technology.

Under the terms of the transaction, Seagate has gained select elements of Samsung’s HDD business, including assets, infrastructure and employees that enable Seagate to drive scale and innovation. These assets include Samsung’s leading M8 product line of high-capacity, 2.5-inch HDDs. Samsung employees joining Seagate include a number of senior managers and design-engineering employees from Samsung’s Korea facility, who will focus on development of small form-factor products for the mobile compute market. N.Y. Park, senior vice president and general manager, will oversee Seagate’s product development activities in Korea and serve as country manager of the Korea design center, reporting to Bob Whitmore, Seagate’s executive vice president and CTO.

 

Seagate GoFlex Satellite named as CES Innovation 2012 Design and Engineering Award Honoree

Seagate recently announced that it has been named an International CES Innovations 2012 Design and Engineering Awards Honoree for GoFlex Satellite™ wireless mobile storage. Products entered in this prestigious program are judged by a preeminent panel of independent industrial designers, engineers and members of the media to honor outstanding design and engineering in cutting edge consumer electronics products across 32 product categories.

“We are pleased to be recognized by the CEA with such an esteemed award to acknowledge innovation in engineering and design. With GoFlex Satellite™ mobile wireless storage, we wished to address a need in the market that had as of yet not been addressed,” said Patrick Connolly, vice president and general manager of Seagate Branded Solutions. “A first for the industry, the GoFlex Satellite drive extends the limited capacity of mobile devices by wirelessly streaming media without the use of an external power source. We are proud of this successful accomplishment and strongly believe that this product is an example of how Seagate will continue to lead with innovative ways to address current market needs for storage products.”

 

Seagate Ships 1 million Solid State Hybrid Drives

Seagate has shipped its one millionth solid state hybrid drive for laptop PCs after launching the product – Momentus XT – in spring 2010. Major computer makers including Alienware, ASUS, Dell, Sony and Toshiba now offer laptops powered by the 2.5-inch drive that blends performance rivaling solid state drives with the enormous capacity and much lower cost of hard disk drives.

The Momentus XT solid state hybrid drive, a 7200RPM drive with up to 500GB of capacity, boots up to 50 percent faster than traditional 5400RPM drives and sets new benchmarks for real-world system performance for laptops and gaming systems. Seagate’s Adaptive Memory technology is key to the drive’s speed, optimizing its performance by moving frequently used information into the 4GB of onboard solid state memory for faster bootup and application access.

 

Seagates Announces First Concept Store in the Philippines

Seagate Technology, the worldwide leader in hard drives and storage solutions, announced the first concept store in Metro Manila, Philippines.

 

Millennium and Seagate – 17 years of Partnership

In the recently concluded Seagate APAC (Asia Pacific) Conference for its distributors in Beijing, China; Seagate took the opportunity to recognize its partnership with Millennium Computer Tech Corp. The partnership has lasted 17 years and is one of the longest in the region.

“Seagate appointed us as a distributor when Millennium was just a start-up because we outlined a bold and aggressive business plan to double their existing market in 1991; we did so in six months. Over the years, we helped to establish Seagate in the Philippines as a premium storage brand associated with the best in quality, reliability and performance,” remarked Edison Tan, President and founder of Millennium.

Millennium has consistently been recognized for its excellent distribution performance, winning marketing and sales awards from Seagate through the years. But in 1996, Millennium was awarded the highest recognition of “Distributor of the Year” for the whole of Asia Pacific, brining honor to the country by besting distributors from countries such as Singapore, China, HK, Australia and others.

Asked why he thought the partnership has lasted so long and has worked so well, Mr. Tan seems to let off a guess “I’d say Seagate values its relationships with distributors who have proven their loyalty thru ups and downs. It helps that we have given the brand the focus needed to grow from the traditional desktop to the enterprise and now to the digital home space.”

“Going forward, we expect to continue Seagate’s dominance in the market with their market-leading external storage solutions, their trendsetting 5-year warranty and their relentless focus on finding new applications for digital storage,” Mr. Tan concludes.