Seagate 2002 Annual Report Download - page 110

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SEAGATE TECHNOLOGY AND ITS PREDECESSOR
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS—(CONTINUED)
17. Subsequent Events
Consummation of Secondary Public Offering
Under the Seagate Technology shareholders agreement among New SAC, the Company’s financial sponsors and the Company, New
SAC has demand registration rights to request from time to time that the Company register and sell shares of its common stock held by New
SAC. New SAC exercised this right and on July 30, 2003, the Company completed the secondary public offering of 69,000,000 of its common
shares, including 9,000,000 shares subject to the over-allotment option, all of which were sold by New SAC, as selling shareholder, at a price
of $18.75 per share. New SAC received proceeds of approximately $1.3 billion, after deducting underwriting discounts and commissions of
approximately $39 million. Direct expenses of the offering were borne by the Company aggregating approximately $1 million. New SAC
distributed its net proceeds to holders of its ordinary shares including approximately $245 million distributed to officers and employees of the
Company who hold ordinary shares of New SAC.
18. Supplementary Financial Data (Unaudited)
Quarterly Data
The results for the first quarter of fiscal year 2003 include a $7 million net restructuring charge. The results for the second quarter include
an $8 million write-down of an investment in a private company. The results for the fourth quarter of fiscal year 2003 include a $2 million
restructuring charge and a $2 million write-down of an investment in a private company.
The results for the third quarter of fiscal year 2002 include a $32 million charge related to obligations under the deferred compensation
plan, and a net restructuring charge of $4 million. The results for the fourth quarter of fiscal year 2002 include a $147 million charge related to
obligations under the deferred compensation plan, and a $93 million charge related to the debt refinancing.
103
Fiscal Year 2003
Unaudited, in millions except per share data
1st
2nd
3rd
4th
Revenue
$
1,579
$
1,734
$
1,620
$
1,553
Gross margin
372
493
434
428
Income from operations
119
219
182
171
Net income
110
198
174
160
Net income per share:
Basic
$
0.27
$
0.49
$
0.41
$
0.37
Diluted
0.24
0.43
0.37
0.33
Fiscal Year 2002
Unaudited, in millions except per share data
1st
2nd
3rd
4th
Revenue
$
1,294
$
1,629
$
1,691
$
1,473
Gross margin
298
437
511
348
Income (loss) from operations
46
159
228
(59
)
Net income (loss)
34
124
193
(198
)
Net income (loss) per share:
Basic
$
0.09
$
0.31
$
0.48
$
(0.49
)
Diluted
0.09
0.31
0.45
(0.49
)