Seagate 2003 Annual Report Download - page 105

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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
14. Supplementary Financial Data (Unaudited)
Quarterly Data
The results for the first quarter of fiscal year 2004 include an $11 million restructuring charge. The results for the second quarter include
a $4 million restructuring charge. The results for the third quarter include a $125 million income tax benefit and a $6 million restructuring
charge. The results for the fourth quarter include a $39 million restructuring charge and a $2 million write-down of an investment in a private
company.
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 include a $2 million restructuring charge and
a $2 million write-down of an investment in a private company.
15. Subsequent Events
Fiscal Year 2004
Unaudited, in millions except per share data
1st
2nd
3rd
4th
$
1,740
$
1,760
$
1,388
$
1,336
Gross margin
468
461
301
229
Income (loss) from operations
210
218
53
(37
)
Net income (loss)
198
205
159
(33
)
Net income (loss) per share:
Basic
$
0.44
$
0.46
$
0.35
$
(0.07
)
Diluted
0.40
0.41
0.32
(0.07
)
Fiscal Year 2003
Unaudited, in millions except per share data
1st
2nd
3rd
4th
$
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
Registration of Common Shares
On July 20, 2004, the Company filed a registration statement on Form S-3 with respect to 60,000,000 common shares of the Company
owned by New SAC. After this registration statement is declared effective by the SEC, New SAC may sell all 60,000,000 of these shares to the
public. The Company will not receive any of the proceeds from the potential sale of these shares. After such sale or sales of these common
shares is completed, New SAC will own 222,500,000 shares, or approximately 48.4% of the Company’s outstanding common stock (based
upon the Company’s outstanding common shares as of July 2, 2004).
103