Western Digital 1998 Annual Report Download - page 50

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WESTERN DIGITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 10. Quarterly Results of Operations (unaudited)
First Second* Third Fourth**
(in thousands, except per share amounts)
1997
Revenues, net .............................................................$ 883,115 $1,118,647 $1,096,212 $1,079,883
Gross profit................................................................ 112,889 163,389 184,855 189,150
Operating income....................................................... 35,769 71,835 4,062 99,930
Net income................................................................. 32,878 64,229 2,595 87,894
Basic earnings per share ............................................ .38 .73 95 1.02
Diluted earnings per share..........................................$ .36 $ .68 $ .88 $ .95
1998
Revenues, net .............................................................$1,090,164 $ 969,564 $ 831,294 $ 650,503
Gross profit (loss)...................................................... 161,059 (55,548) 6,279 (41,740)
Operating income (loss)............................................. 72,063 (147,198) (58,221) (162,469)
Net income (loss)....................................................... 62,707 (145,183) (45,022) (162,719)
Basic earnings (loss) per share.................................. .72 (1.66) (.51) (1.84)
Diluted earnings (loss) per share ...............................$ .67 $ (1.66) $ (.51) $ (1.84)
__________
* Second quarter 1998 results include special charges of $148 million recorded primarily to cost of sales.
** Fourth quarter 1998 results include $22 million of costs recorded to research and development principally related
to the start-up of the IBM Agreement.