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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 disc drive business that we now operate and the storage area networks business that we
operated through November 4, 2002, were the disc drive and storage area networks divisions of Seagate Technology, Inc., a Delaware
corporation, our predecessor corporation. Our operations prior to the sale of the storage area networks business 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 1, 2005, July 2, 2004 and June 27, 2003
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 fiscal year ended June 28, 2002 and as of June 29, 2001 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.
Year Ended July 1, 2005
•
We have derived our predecessor’s historical financial information below for the period from July 1, 2000 to November 22, 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
July 1, 2000
to Nov. 22,
2000
July 1,
2005
July 2,
2004
June 27,
2003
June 28,
2002
Nov. 23,
2000 to
June 29,
2001
(in millions, except for per share data)
$
7,553
$
6,224
$
6,486
$
6,087
$
3,656
$
2,310
Gross margin
1,673
1,459
1,727
1,593
732
275
Income (loss) from operations
722
444
691
374
(74
)
(623
)
Gain on sale of SanDisk common stock
—
—
—
—
—
102
Debt refinancing charges
—
—
—
(
93
)
—
—
Net income (loss)
707
529
641
153
(110
)
(412
)
Basic net income per share
1.51
1.17
1.53
0.38
Diluted net income per share
1.41
1.06
1.36
0.36
Total assets
5,244
3,942
3,517
3,095
2,966
Accrued deferred compensation
—
—
—
147
—
Total debt
740
743
749
751
900
Shareholders
’
equity
$
2,541
$
1,855
$
1,316
$
641
$
653
Number of shares used in per share computations: *
Basic
468
452
418
401
Diluted
502
498
470
428
Cash dividends declared per share
$
0.26
$
0.20
$
0.71
$
0.50
*
See Note 1 of the Notes to Consolidated Financial Statements included elsewhere in this report.
Includes a $14 million reduction in operating expenses related to the reduction in accrued benefit obligations associated with our post-
retirement medical plan and approximately $10 million in income from the settlement of a litigation matter.
Year Ended July 2, 2004
Includes a $125 million income tax benefit from the reversal of accrued income taxes relating to tax indemnification amounts and a $59
million restructuring charge.
20