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Table of Contents
SEAGATE TECHNOLOGY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
See notes to consolidated financial statements.
63
Fiscal
Year Ended
July 2,
2004
Fiscal
Year Ended
June 27,
2003
Fiscal
Year Ended
June 28,
2002
$
6,224
$
6,486
$
6,087
Cost of revenue
4,765
4,759
4,494
Product development
666
670
698
Marketing and administrative
290
357
498
Amortization of intangibles
—
—
19
Restructuring, net
59
9
4
Total operating expenses
5,780
5,795
5,713
Income from operations
444
691
374
Interest income
17
16
25
Interest expense
(45
)
(47
)
(77
)
Debt refinancing charges
—
—
(
93
)
Other, net
12
—
10
Other (expense), net
(16
)
(31
)
(135
)
Income before income taxes
428
660
239
Provision for (benefit from) income taxes
(101
)
19
86
Net income
$
529
$
641
$
153
Net income per share:
Basic
$
1.17
$
1.53
$
0.38
Diluted
1.06
1.36
0.36
Number of shares used in per share calculations:
Basic
452
418
401
Diluted
498
470
428
Dividends per share (1)
$
0.20
$
0.71
$
0.50
(1)
During the fiscal year ended July 2, 2004, the Company paid distributions of approximately $90 million, or $0.20 per share in the
aggregate, to all its common shareholders, including New SAC. During the six months ended June 27, 2003, the Company paid
distributions of approximately $26 million, or $0.06 per share in the aggregate, to all its common shareholders, including New SAC.
Additionally, during the quarter ended December 27, 2002, immediately prior to the closing of its initial public offering, the Company
paid a distribution of approximately $262 million, or $0.65 per share, to the holders of its then-outstanding shares, including New SAC.
During the fiscal year ended June 28, 2002, the Company paid distributions of approximately $200 million, or $0.50 per share in the
aggregate, to the holders of its then
-
outstanding shares, including New SAC.