Seagate 2009 Annual Report Download - page 126

Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
on the Friday closest to December 31, March 31, and June 30 for each of the remaining quarters of fiscal year 2009.
18. Subsequent Events
On July 3, 2010, the Company consummated its previously announced reorganization pursuant to which Seagate-Ireland became the
publicly traded parent of the Seagate corporate family. In connection with the reorganization, all issued and outstanding Seagate-Cayman
common shares were cancelled and ceased to exist, Seagate-Ireland issued ordinary shares on a one-for-one basis to the holders of Seagate-
Cayman common shares for each Seagate-Cayman common share that was cancelled. In addition, Seagate-Ireland assumed Seagate-Cayman's
equity incentive related plans, sub-plans and agreements, including, but not limited to, the Seagate Technology 2001 Share Option Plan, the
Amended Seagate Technology 2004 Stock Compensation Plan, the Seagate Technology Employee Stock Purchase Plan, the Maxtor Corporation
2005 Performance Incentive Plan, the Maxtor Corporation Amended and Restated 1996 Stock Option Plan, and the Quantum Corporation
Supplemental Stock Option Plan.
Also on July 3, 2010, Seagate-Cayman entered into a Supplemental Indenture (the "Supplemental Indenture") with Seagate HDD Cayman
("HDD"), Seagate-Ireland, and Wells Fargo Bank, National Association, as trustee (the "Trustee"). The Supplemental Indenture supplemented
the Indenture dated May 13, 2010 (the "Indenture") among Seagate-Cayman, HDD and the Trustee whereby HDD issued and Seagate-Cayman
fully and unconditionally guaranteed the 2020 Notes. Pursuant to the Supplemental Indenture, Seagate-Ireland succeeded to, was substituted for,
and assumed all of the obligations of, Seagate-Cayman as guarantor under the Indenture and the 2020 Notes and Seagate-Cayman was released
from all obligations and covenants thereunder, as contemplated under Section 10.05(b) of the Indenture.
On July 27, 2010, the Company redeemed its 5.75% Debentures for cash at 100% of their principal amount, plus accrued and unpaid
interest to the redemption date for approximately $34 million.
On August 20, 2010, the Company redeemed its 2.375% Notes for cash at 100.68% of their principal amount, plus accrued and unpaid
interest to the redemption date for approximately $328 million.
119
Fiscal Year 2009 Quarters Ended
(In millions, except per share data)
October 3, 2008
(1)
January 2, 2009
(1)
April 3, 2009
(1)
July 3, 2009
(1)
Revenue
$
3,033
$
2,270
$
2,150
$
2,353
Gross margin
526
316
153
415
Income (loss) from operations
81
(2,473)
(2)
(262
)
(11
)
Net income (loss)
57
(2,824)
(2)
(275
)
(83
)
Net income (loss) per share:
Basic
$
0.12
$
(5.80)
(2)
$
(0.56
)
$
(0.17
)
Diluted
0.12
(5.80)
(2)
(0.56
)
(0.17
)
(1)
As adjusted due to changes to a required change in the accounting for convertible debt instruments implemented in the first
quarter of fiscal year 2010, applied on a retrospective basis.
(2)
Includes impairment charges to goodwill and other long
-
lived assets aggregating $2.3 billion.