Maxtor Corporation (NYSE: MXO) today announced its financial results for
the first quarter ended March 29, 2003. Revenue for the quarter was $938.9
million. The Company reported net income on a GAAP basis of $27.4 million,
or $0.11 per share. Included in the GAAP net income was a charge of $20.6
million for the amortization of intangible assets and $0.3 million in stock
compensation expense. On a pro forma basis, excluding these charges,
Maxtor reported net income of $48.2 million, or $0.20 per share. During
the third quarter of 2002, the Company shut down its network attached
storage business and, as a result, net income in prior periods has been
reclassified to reflect both continuing and discontinued operations. In
the first quarter of 2002, Maxtor reported revenue of $1.036 billion from
continuing operations, a loss from continuing operations on a GAAP basis of
$55.4 million, or $(0.23) per share, and a pro forma loss from continuing
operations of $29.9 million, or $(0.12) per share.
"We are very pleased with our first quarter financial results and the
progress that the company made during the quarter," said Paul Tufano,
president and chief executive officer. "Our pro forma gross profit margin
increased over two percentage points to 18.3% compared with 16.2% in the
fourth quarter. Our operating expenses on a pro forma basis declined to
$118.3 million. Our pro forma net income increased to $48.2 million, and
we generated cash from continuing operations of $44.2 million.
"During the course of the quarter, we continued our progress on the ramp of
our 80 GB areal density products. Unit shipments of hard drives into
consumer electronics applications, primarily PVR, DVR and set-top boxes,
grew sequentially. Our new Atlas 10K IV 36 GB per platter server drive was
qualified at our major server OEM customers and is shipping in volume.
Finally, we broke ground on an 800,000 square foot manufacturing facility
in Suzhou, China, which we believe will provide Maxtor with a low-cost
option to accommodate the expected growth of our hard drive business over
the next decade."
Over Maxtor
Maxtor Corporation (www.maxtor.com) is een van 's werelds meest
vooraanstaande leveranciers van oplossingen voor informatie-opslag. Het
bedrijf voert een breed spectrum opslagproducten voor PC's, servers met
Intel-processoren en consumenten-elektronica-producten. Maxtor heeft een
degelijke reputatie als marktleider opgebouwd door haar afnemers sinds jaar
en dag hoogwaardige producten en ondersteuning te bieden. Kijk voor meer
informatie over Maxtor en haar producten op www.maxtor.com. Maxtor is
genoteerd aan de effectenbeurs van New York.
Fleishman-Hillard Nederland
Marion Beishuizen
Tel: 020 346 08 80
info@fleishman.nl
Maxtor
Annie Bernard
Tel: 0033 (0)1 64 53 24 18
annie_bernard@maxtor.com