Seagate 2003 Annual Report Download - page 21

Download and view the complete annual report

Please find page 21 of the 2003 Seagate annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 123

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123

Table of Contents
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 the storage area networks business that
we operated through November 4, 2002, and which XIOtech Corporation (“XIOtech”) now operates, were the rigid disc drive and storage area
networks divisions of Seagate Technology, Inc., a Delaware corporation, our predecessor corporation. Our operations prior to the 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 July 2, 2004, June 27, 2003, and June 28,
2002 from our audited consolidated financial statements and related notes included elsewhere in this report.
•
We have derived our historical financial information as of and for the period from November 23, 2000 to June 29, 2001 from our
audited consolidated financial statements and related notes 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 not included in this report.
20
•
We have derived our predecessor’s historical financial information below as of the end of and for the fiscal year ended June 30, 2000
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 30,
2000
July 2,
2004
June 27,
2003
June 28,
2002
(in millions, except for per share data)
$
6,224
$
6,486
$
6,087
$
3,656
$
2,310
$
6,073
Gross margin
1,459
1,727
1,593
732
275
1,251
Income (loss) from operations
444
691
374
(74
)
(623
)
(285
)
Gain on sale of SanDisk common stock
—
—
—
—
102
679
Gain on exchange of certain investments in equity securities
—
—
—
—
—
199
Debt refinancing charges
—
—
(
93
)
—
—
—
Net income (loss)
529
641
153
(110
)
(412
)
366
Basic net income per share
1.17
1.53
0.38
Diluted net income per share
1.06
1.36
0.36
Total assets
3,942
3,517
3,095
2,966
5,818
Accrued deferred compensation
—
—
147
—
—
Total debt
743
749
751
900
703
Shareholders
’
/
Stockholders
’
equity
$
1,855
$
1,316
$
754
$
653
$
2,942
Number of shares used in per share computations:*
Basic
452
418
401
Diluted
498
470
428
Cash distributions declared per share
$
0.20
$
0.71
$
0.50
*
See Note 1, of the Notes to Consolidated Financial Statements included elsewhere in this report.