Western Digital 1997 Annual Report Download - page 7

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Thus, the Western Digital of today is quite unlike the company we knew in
1992. We have become a full-line hard drive supplier to the world’s leading
computer makers. Hard drive revenues have grown more than sixfold and, with
financial disciplines in place, the Company is now solidly profitable. Long-term
debt has been reduced from $243 million to zero, and cash reserves have grown
from $34 million to more than $200 million. In recognition of these accom-
plishments, the Company’s market value grew from $142 million in 1992 to
more than $2.7 billion by the end of fiscal 1997.
A point of pride for the people of Western Digital is the attainment of special
recognition for the Company’s brand name. The Western Digital brand has
come to mean quality, reliability and exceptional security for the information
that people create and collect in their professional and personal lives.
Western Digital’s success over these five years could not have been accomplished
without the able leadership of Kathy Braun, President and Chief Operating
Officer of our Personal Storage Division, Marc Nussbaum, Senior Vice President
of Engineering for Personal Storage, Matt Massengill, Senior Vice President and
General Manager of our Enterprise Storage Group, David Schafer, Senior Vice
President of Worldwide Sales, and Duston Williams, Senior Vice President and
Chief Financial Officer. These leaders and the more than 13,000 associates we
have at Western Digital are dedicated to increasing shareholder value. That’s our
true measure.
We look forward to bringing you a $10 billion company within the next five
years.
Sincerely,
Charles A. Haggerty
Chairman, President and
Chief Executive Officer
September 12, 1997
...record unit volume, revenues, net income and earnings per share as well as
record shareholders’ equity.
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