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Notiziario Marketpress di
Giovedì 23 Gennaio 2003 |
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MAXTOR CORPORATION ANNOUNCES PROFITABLE FOURTH QUARTER 2002 POSITIVE RESULTS DRIVEN BY SOLID EXECUTION
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Milpitas, Calif., January 23, 2003 - Maxtor Corporation (Nyse: Mxo) today announced its financial results for the fourth quarter ended December 28, 2002. Revenue for the quarter was $1.038 billion. The Company reported net income on a Gaap basis of $3.6 million, or $0.01 per share. Included in the Gaap net income was a charge of $20.6 million for the amortization of intangible assets, $0.9 million in stock compensation expense and $12.3 million in severance expense related to a reduction in force announced in December 2002. On a pro forma basis, excluding these charges, Maxtor reported net income of $37.3 million, or $0.15 per share. During the third quarter of 2002, the Company exited its network attached storage business and as a result, net income in prior periods has been restated to reflect both continuing and discontinued operations. In the fourth quarter of 2001, Maxtor reported revenue of $1.071 billion from continuing operations, a net loss from continuing operations on a Gaap basis of $149.3 million, or $(0.63) per share, and a pro forma net loss from continuing operations of $34.2 million, or $(0.15) per share. "We are extremely pleased with our return to profitability in the fourth quarter," said Paul Tufano, acting president and chief executive officer. "These results were driven by solid execution on the initiatives that we established in early 2002, coupled with a favorable demand environment." "We completed the transition of desktop manufacturing to Maxtor facilities in Singapore by the end of the third quarter. We experienced steady improvements in the yields on our new products throughout the fourth quarter, providing us with an improved mix of higher margin 60 and 80 Gb per platter drives. These were primary drivers in the increase in our gross profit margin from 7.0% in the third quarter to 16.2% in the fourth. "Fourth quarter shipments of server drives grew to 570,000 units. Operating expenses continued to decline in the fourth quarter. In December, we announced a reduction in force of approximately 500 employees, however we do not expect to see the full benefits from this reduction until the first half of 2003. Looking ahead, there are many opportunities for Maxtor to grow and further improve its profitability. We look forward to continued momentum, as we expand our product lines, enhance manufacturing efficiencies, and extend our technology leadership," Mr. Tufano concluded. For the fiscal year 2002, revenue totaled $3.780 billion. The Company reported a net loss from continuing operations on a Gaap basis of $260.6 million, or $(1.09) per share. In 2001, Maxtor reported revenue from continuing operations of $3.766 billion and a net loss from continuing operations on a Gaap basis of $598.2 million, or $(2.89) per share. |
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