Seagate 2002 Annual Report Download - page 22

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ITEM 6. SELECTED FINANCIAL DATA
We list in the table below selected historical consolidated and combined financial information relating to us, and our predecessor for the
periods indicated. Through November 22, 2000, the rigid disc drive business that we now operate and XIOtech Corporation (“XIOtech”), the
storage area networks business that we operated through November 4, 2002, were the rigid disc drive and storage area networks divisions of
Seagate Technology, Inc., a Delaware corporation. Those divisions are our predecessor, and our operations prior to our sale of XIOtech were
substantially identical to the operations of our predecessor before the November 2000 transactions.
•
We have derived our historical financial information as of and for the fiscal years ended June 27, 2003 and June 28, 2002 and for the
period from November 23, 2000 to June 29, 2001 from our audited consolidated financial statements and related notes included
elsewhere in this report.
•
We have derived our historical financial information as of June 29, 2001 from our audited consolidated financial statements and
related notes, which are not included in this report.
•
We have derived our predecessor’s historical financial information below for the period from July 1, 2000 through November 22,
2000 from the audited combined financial statements and related notes of our predecessor, which are included elsewhere in this
report.
Year Ended June 27, 2003
•
We have derived our predecessor’s historical financial information below as of the end of and for the fiscal years ended June 30,
2000 and July 2, 1999 from the audited combined financial statements and related notes of our predecessor, which are not included in
this report.
Seagate Technology
Predecessor
Fiscal Year Ended
Nov. 23,
2000 to
June 29,
2001
July 1,
2000 to
Nov. 22,
2000
Fiscal Year Ended
June 27,
2003
June 28,
2002
June 30,
2000
July 2,
1999
(in millions, except for per share data)
Revenue
$
6,486
$
6,087
$
3,656
$
2,310
$
6,073
$
6,180
Gross margin
1,727
1,593
732
275
1,251
1,278
Income (loss) from operations
691
374
(74
)
(623
)
(285
)
211
Gain on sale of SanDisk common stock
—
—
—
102
679
—
Gain on exchange of certain investments equity securities
—
—
—
—
199
—
Debt refinancing charges
—
(
93
)
—
—
—
—
Net income (loss)
641
153
(110
)
(412
)
366
214
Basic net income per share
1.53
0.38
Diluted net income per share
1.36
0.36
Total assets
3,517
3,095
2,966
5,818
5,122
Accrued deferred compensation
—
147
—
—
—
Total debt
749
751
900
703
704
Shareholders
’
/
Stockholders
’
equity
$
1,316
$
754
$
653
$
2,942
$
2,362
Number of shares used in per share computations:*
Basic
418
401
Diluted
470
428
Cash distributions declared per share
$
0.71
$
0.50
*
See Note 1, Basis of Presentation and Summary of Significant Accounting Policies, of notes to consolidated and combined financial
statements.
Includes a $10 million write-down in our investment in a private company and a $9 million net restructuring charge.
Year Ended June 28, 2002
Includes a $179 million charge to record $32 million paid to participants in our deferred compensation plan and $147 million to accrue
the remaining obligations under the plan, and a $4 million net restructuring charge.
19